Vaakapartners

Vaaka Partners is a Helsinki-based private equity firm that invests in small and lower mid-market buyouts, taking majority positions in medium-sized companies that it describes as having strong market positions and significant growth potential at a controlled level of risk. Portfolio companies are typically Finnish firms operating both domestically and internationally. The firm's history traces back to 1989, when it began with minority stakes and gradually shifted toward buyouts, becoming an independent firm in 2010; the current legal entity, Vaaka Partners Oy, was registered in Helsinki in July 2007.

The firm manages three active private equity funds with total capital commitments of EUR 625 million, alongside a series of terminated earlier vehicles dating back to the Promotion Rahasto I fund established in 1991. Its most recent vehicle, Vaaka Partners Buyout Fund IV, closed at EUR 250 million in 2021. Investors in the funds are institutional: domestic investors account for roughly 65% and international investors 35%, with funds of funds (39%) and pension insurance companies (36%) the largest groups, followed by public sector entities, foundations, insurance companies and other companies.

Vaaka Partners had 20 employees at the end of its 2025 financial year and reported revenue of EUR 7.735 million and net profit of EUR 1.127 million for that year. The team includes managing partner Juha Peltola, COO Anne Lojamo, CICO Juha Kangas and several partners and investment professionals. Portfolio and former portfolio companies named across sources include A-Insinöörit (AINS Group), Staria, Framery, Jungle Juice Bar, Lyyti, Molok, Tietokeskus, Cloudpermit, Nordic Healthcare Group, Bolt.Works, Fysios, Unisport, Foreship, EnerKey, LTP Group, Huutokaupat.com, Fluxio, Medbase, Saltex, Lemon Tree, Aurilo, Axitare and Solita.

Business model

Vaaka Partners raises closed-end private equity funds from institutional limited partners and uses them to acquire majority stakes in medium-sized companies, working to grow the businesses over a typical holding period of around five years before exiting through sales to other private equity firms, strategic buyers or continuation vehicles. The manager entity generates revenue from its fund management activity, reporting EUR 7.7 million of revenue in 2025.

Management of private equity funds with EUR 625 million of capital commitments; the management company reported EUR 7.735 million revenue and EUR 1.327 million operating profit in the financial year ending December 2025.

Traction

Vaaka Partners has raised eleven funds since 1991, three of which are active with EUR 625 million of capital commitments. Fund IV was significantly oversubscribed and closed in an 11-week process at EUR 250 million in December 2021. Recent activity includes majority investments in Eltrea and Lemon Tree, the acquisition of the business assets of Sweden's Hultström Group, a continuation-vehicle transaction for Tietokeskus, and exits including Cloudpermit to The Riverside Company, LTP Group to Sponsor Capital and Solita to Apax Digital.

Latest developments

In 2026 Vaaka Partners agreed to acquire all business assets of Stockholm First North-listed consulting group Hultström Group in the Swedish built environment sector, became the largest shareholder in electrical contracting group Eltrea alongside a simultaneous add-on acquisition, and acquired a majority stake in accounting and software firm Lemon Tree. It also completed the divestment of Tietokeskus from Buyout Fund II into a newly formed continuation vehicle, and appointed Jean-François Le Ruyet, Tiina Halmesmäki and Sebastian Ehrnrooth as independent board members effective 10 March 2026. Portfolio company Foreship joined forces with engineering consultancy RINA, and the firm was recruiting analyst interns in Helsinki for autumn 2027 and spring 2028.