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Some time ago the only real closed-end funds managed by Finnish players were private equity and venture capital funds. Even on that front the past few years were really not labelled by active fund-raising.

Finnish special investment funds are still quite rare even though the Finnish Act on Alternative Investment Funds Managers (162/2014) allows for their establishment.

Finland has provided a good breeding ground for fintech operations for a long time. Its technological expertise, easily approachable institutions and...

The Loan Market Association (the LMA) has introduced model provisions for green loans, marking a significant advancement in sustainable finance as green loans are a consistently popular loan product.

Finland has gained a place among the richest industrial countries in the world. Today, worldwide trading in a wide variety of commodities is an integral part of the culture within the Finnish business community. In addition to being a world leader in forest based industries, Finland has an advanced metal industry and pioneering electronics and technology industry.

Institutional investors both in Finland and abroad have been highly active in making investments in private equity funds over the past few years.

According to the Finnish business weekly Talouselämä, the number of transactions characterised as being Finnish (either a Finnish target or a Finnish party as the seller or the purchaser), amounted to a total of 639 in 2003, a slight increase compared to approximately 625 - 630 transactions in 2002.

The past year has been an active year in the Finnish M&A market, which has seen, among others, several transactions in regard to Finnish listed companies (Pohjola, Saunalahti, Alma Media to mention a few), larger reorganisations in the daily goods retail field (SOK-Spar and Tradeka-Wihuri combinations) and also some increased private investor activity in regard to Finnish industry companies (Finndomo, Karelia).

During 2006 there have been a few quite large transactions involving Finnish parties, but much of the M&A activity has taken place on the mid-sized market. Last year was also exceptional in that sense that there have been changes within the legal framework, which substantially effects the M&A market.

The acquisition of public limited liability companies in Finland usually follows the classic four-step structure. The first step is for the buyer to acquire the shares of major shareholders in the target company. Next, a voluntary public tender offer ("voluntary offer") is usually launched, followed by the launch of a mandatory public tender offer ("mandatory offer") governed by the Securities Market Act (the "SMA").

There has been a good deal of leverage buyouts (LBOs), i.e. acquisitions financed with heavy reliance on debt, in Finland during the past couple of years. The emphasis has been on acquisitions of mature companies with the ability to provide stable cash flows.

In recent years, the previously rare continuation funds have become more common as a way to create liquidity