Registered AIFM
We are a registered Alternative Investment Fund Manager (AIFM), supervised by the Finnish Financial Supervisory Authority.
FVCA membership
Vendep Capital is a member of the Finnish Venture Capital Association (FVCA) and follows the association's rules and guidelines.
Reporting and valuation guidelines
We follow Invest Europe's Investor Reporting Guidelines in our investor reporting. The valuation of the portfolio is done in accordance with the International Private Equity and Venture Capital Valuation (IPEV) Guidelines.
Our funds
Vendep Startup Fund I: €5m (2013)
Vendep Capital Fund II: €36m (2017)
Vendep Capital Fund III: €70m (2021)
Vendep Capital Fund IV: €80m (2025)
Funds’ investors
(Percentages are aggregate figures across all funds)
Government agencies: 40%
Fund of Funds, Other Asset Managers: 19%
Academic Institutions, Endowments, Foundations: 13%
Pension Funds: 9%
Insurance companies: 2%
General Partners: 2%
Banks: 0%
Corporations: 0%
Other: 1%
Finland: 73%
Rest of Europe: 26%
Outside of Europe: 1%
Responsible investment policy
Vendep Capital invests responsibly. We follow our responsible investment policy which means that not only economic aspects, but also environmental, social and governance (ESG) issues are taken into consideration in investment decisions and ownership activities.
We conduct an annual ESG survey with our portfolio and publish the results.
Vendep Capital ESG Report 2024
Sustainable Finance Disclosures (SFDR)
The partnerships are constantly carefully managed and ESG risks taken into consideration in making investment decisions.
No consideration of adverse impacts of investment decisions on sustainability factors
When it comes to SFDR, for the time being Vendep Capital does not consider adverse impacts of investment decisions on sustainability factors as meant in Article 4(1) of the EU Regulation 2019/2088 on sustainability-related disclosures in the financial services sector (“SFDR”) due to the following reasons:
The burden associated with considering adverse impacts on sustainability factors is disproportionate considering the very limited relevance that such impacts could have in the context of Vendep Capital's investment strategy, as the funds managed by Vendep Capital invest in early-stage software companies in the Nordics and Baltics. Within the software economy, we do not expect adverse impacts on sustainability factors to occur regularly.
Moreover, the more detailed requirements relating to the consideration of adverse impacts of investment decisions on sustainability factors are still rather unclear due to the related regulatory incompleteness. Considering that the portfolios of the managed funds consist of minority investments in unlisted early-stage companies, it is not certain whether all data can be reliably obtained with respect to each portfolio company.
Vendep Capital’s approach is to tackle the ESG & sustainability topic in each portfolio company as per their specific situation. We search and gain this knowledge by holding board positions in the companies we invest in, and by making an annual ESG survey of our portfolio. As active owners, we understand what each company’s ESG possibilities and risks are. We believe we can also help the companies the most by focusing on those topics and thus getting the most significant impact on sustainability and responsibility.
Once there are more detailed regulations regarding measuring, considering, and reporting adverse impacts on sustainability factors, Vendep Capital intends to reconsider its approach.
Vendep Capital Fund IV (Article 8)
Vendep Capital Fund IV Ky is an Article 8 Fund under the SFDR. Products in this category promote environmental and/or social characteristics.
Further details on the Fund’s sustainability information, including our investment strategy and monitoring of environmental characteristics, can be accessed below.
Vendep Capital will publish major findings about harmful effects on sustainability factors in its annual report if those arise.
Key Information Documents (PRIIPs)
Please download the Key Information Documents (KIDs) for our funds here.
Code of Conduct
Vendep Capital promotes a diverse, ethical environment, adhering to the Code of Conduct available at: Finnish Startup Foundation: Code of Conduct (FI), Code of Conduct (EN).
Whistleblowing Channel
We encourage anyone who witnesses or experiences a violation of our Code of Conduct to report it through our whistleblowing channel. Please use this form to report Finnish Anti-Money Laundering Act matters or issues related to the well-being of employees, collaborators, and business partners. All communication is anonymous if you wish.
Contact for Media
Sakari Pihlava