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Elo

Pension fund · Founded 2014 · Espoo, Finland

#273 LP Ranking #3 European pension fund · European emerging managers

Elo Mutual Pension Insurance Company (commonly known simply as Elo) is a Finnish pension insurer that handles statutory earnings-related pension provision for both employees and self-employed persons.

Website ↗LinkedIn ↗X / Twitter ↗
179 VC firms backed
$30B AUM
~$900M Allocated to VC (est. 3%)
01 · Background

Who Elo is.

Historical Background
Elo was formed in 2014 through the merger of Pension Fennia and LocalTapiola Pension. It is one of Finland's largest pension insurance providers, particularly for self-employed individuals.
Source of Capital
The firm's capital is derived from statutory earnings-related pension insurance contributions. Elo manages pension provisions for employees in its client companies and for self-employed persons in Finland.
Major Events
The company was established through the merger of two existing pension entities: Pension Fennia and LocalTapiola Pension. In December 2020, the Finnish Financial Supervisory Authority (FIN-FSA) appointed an authorized representative to supervise the company; this supervision concluded in June 2022 following measures taken by Elo to improve its corporate governance.
Allocation Strategy
Elo invests across a diversified range of asset classes, including fixed income, equities, real estate, and alternative investments. The company's alternative investment portfolio includes an allocation to venture capital. As of early 2024, Elo's investment assets were valued at approximately EUR 30 billion.
Sources
02 · Fund commitments

The funds Elo backs.

Elo is a limited partner in 179 funds. 6 of them place in the Power Law Investor Ranking; those lead, best-ranked first.

Tiger Global Management
United States
#14 Power Law
Insight Partners
United States
#23 Power Law
TPG
United States
#158 Power Law
Blackstone
United States
#240 Power Law
KKR
United States
#251 Power Law
Lifeline Ventures
Finland
#352 Power Law
17 Capital
United Kingdom
Aberdeen Asset Management
United Kingdom
Aboa Venture Management
Finland
Adelis Equity Partners
Sweden
Advent International
United States
AlbaCore Capital
United Kingdom
03 · Allocation

How Elo’s fund book is spread.

The 179 funds Elo backs, by where the manager is headquartered and how many funds that manager has raised.

Where those managers are based

By fund headquarters, across the 175 of 179 with a location on record.

  • Europe 10158%
  • North America 6738%
  • Rest of world 74%

United States 66 · Finland 45 · United Kingdom 35 · Sweden 8

How established those managers are

Managers grouped by how many funds they have raised — across the 119 of 179 with a fund history on record.

Emerging funds · 55
Established funds · 64
18 1
11 2
26 3
15 4
10 5-6
9 7-9
14 10-14
16 15+
Funds raised by the manager
04 · Direct investments

The companies Elo backs directly.

Elo holds 5 companies directly, separate from the funds it commits to as a limited partner.

TactoTek
Consumer Electronics · Finland
$300M valuation
ReOrbit
Space · Finland
$198M valuation
Silmaasema
Health · Finland
$631M valuation
Elcoline Group
Energy · Finland
Bravedo
Finland
05 · Other LPs

Other LPs.

Other pension funds in the Power Law LP ranking, closest to Elo by combined power-law score — Europe first, then the nearest worldwide.

West Midlands Pension Fund
LP rank #139 · United Kingdom
$25B AUM 69 VC funds backed
Howmet Aerospace Retirement Plans Master Trust
LP rank #227 · United States
15 VC funds backed
John Deere Pension Trust
LP rank #234 · United States
13 VC funds backed
Keva
LP rank #241 · Finland
$70B AUM 68 VC funds backed
AP3
LP rank #252 · Sweden
$51B AUM 45 VC funds backed
Montana Board of Investments
LP rank #253 · United States
$27B AUM 64 VC funds backed
AP6
LP rank #279 · Sweden
$5.0B AUM 24 VC funds backed
Merseyside Pension Fund
LP rank #300 · United Kingdom
$13B AUM 69 VC funds backed