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January 7, 2021

The second round of funding for the first Finnish impact fund to invest in emerging markets raised a further EUR 58 million in capital – the total fund size now stands at EUR 135 million

OP Finnfund Global Impact Fund I seeks positive impacts on, for instance, climate change, food security, gender equality and the availability of financing. The second round of funding ended at the beginning of December and raised EUR 58 million more in capital.

OP Finnfund Global Impact Fund I focuses on three main industries in developing countries: renewable energy, financial institutions and sustainable agriculture. The proposition clearly appeals to investors, as the first round of funding, which ended in the summer, raised EUR 76 million. The fund seeks an internal rate of return (IRR) of approximately 8–12 per cent.

“Impact investing is not about charity but making a positive impact, as well as competitive investment yields. Private sources of funding are crucial for solving sustainability challenges. Our success in raising capital shows that investors are keen to promote sustainable development and excited by the growth potential of emerging markets, despite the ongoing coronavirus crisis,” Head of Asset Management for Corporate and Institutional Customers Tuomas Virtala from OP Corporate Bank states.

OP Finnfund Global Impact Fund I made its first investment in the autumn. The fund contributed USD 12.5 million towards a loan package to a company called Net1 Indonesia. Net1 Indonesia is building internet connections in the world’s fourth most populous country, focusing on areas where there are either no or limited internet access alternatives available. Its goal is to provide access to fixed broadband connectivity to over 300,000 households. The importance of reliable internet access has grown especially during the coronavirus pandemic.

“Finnfund has more than 40 years of experience of investing in emerging markets, and our role is that of an advisor. The fund benefits from our expertise in identifying suitable investments born out of our long experience and extensive international networks. As someone who has been keeping a close eye on the global impact investment market, I foresee substantial growth in impact investing in the coming years,” Finnfund’s Chief Investment Officer Markus Pietikäinen avers.

Media enquiries:, +358 (0)10 252 8719

Other enquiries:
Tuomas Virtala, Head of Asset Management for Corporate and Institutional Customers, OP Corporate Bank,, +358 (0)50 549 5252
Markus Pietikäinen, Chief Investment Officer, Finnfund,, +358 (0)40 525 3024

OP Finnfund Global Impact Fund I
OP Finnfund Global Impact Fund I Ky is the first global emerging markets impact fund in Finland. The fund targets significant positive impacts in addition to financial return. The first two rounds of funding have raised a total of EUR 135 million. OP Asset Management Ltd, part of OP Financial Group, one of the largest banking groups in Finland, acts as a portfolio manager for the fund and OP Fund Management Company Ltd acts as an alternative investment fund manager of the fund. Finnfund, a Finnish development financier and impact investor acts as an anchor investor and advisor to the fund.

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