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LP profile

Varma

Pension fund · Founded 1998 · Helsinki, Finland

#452 LP Ranking #6 European pension fund · European emerging managers

A pension insurer for work performed in Finland taking care of the pension security of private-sector employees and entrepreneurs

150 VC firms backed
$60B AUM
01 · Background

Who Varma is.

Historical Background
Varma Mutual Pension Insurance Company was established in 1998. The company was formed through the merger of Pension-Sampo and a significant part of Pension-Varma.
Source of Capital
Varma's capital is derived from statutory earnings-related pension insurance contributions for employees and self-employed individuals in Finland. As a mutual company, Varma is owned by its client companies, self-employed customers, and insured employees.
Allocation Strategy
The company invests across a diversified range of asset classes, including listed equities, fixed income, real estate, and alternative investments such as private equity and hedge funds. Geographically, the portfolio has a global scope, with investments in Finland, other parts of Europe, North America, and emerging markets. Varma's stated investment goal is to secure pension assets through diversification and long-term returns, ensuring the financial security for current and future pensions.
02 · Fund commitments

The funds Varma backs.

Varma is a limited partner in 150 funds. 6 of them place in the Power Law Investor Ranking; those lead, best-ranked first.

TPG
United States
#158 Power Law
Warburg Pincus
United States
#233 Power Law
Blackstone
United States
#240 Power Law
KKR
United States
#251 Power Law
CDH Investments
Hong Kong
#320 Power Law
Lifeline Ventures
Finland
#352 Power Law
3i Group
United Kingdom
AB CarVal
United States
Abingworth
United Kingdom
Access Capital Partners
France
Advent International
United States
Affinity Equity Partners
China
03 · Allocation

How Varma’s fund book is spread.

The 150 funds Varma 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 146 of 150 with a location on record.

  • Europe 6947%
  • North America 6847%
  • Rest of world 96%

United States 67 · Finland 27 · United Kingdom 21 · Germany 6

How established those managers are

Managers grouped by how many funds they have raised — across the 87 of 150 with a fund history on record.

Emerging funds · 37
Established funds · 50
10 1
12 2
15 3
7 4
13 5-6
7 7-9
7 10-14
16 15+
Funds raised by the manager
04 · Direct investments

The companies Varma backs directly.

Varma holds 10 companies directly, separate from the funds it commits to as a limited partner.

ICEYE
Space · Finland
$11B valuation Decacorn
IQM
Semiconductors · Finland
$1.9B valuation Unicorn
Foxberry
Fintech · UK
Verda
Hosting · Finland
$220M valuation
ReOrbit
Space · Finland
$198M valuation
eBrands
Wellness Beauty · Finland
$160M valuation
SensoFusion
Security · Finland
$605M valuation
Haltian
Enterprise Software · Finland
$97M valuation
IONCOR
Energy · Finland
ESL Shipping
Transportation · Finland
$512M valuation
05 · Portfolio market map

Inside Varma’s portfolio.

The 10 highest-funded portfolio companies, of 10 tracked.

ICEYE
Space · Decacorn
$11B
IQM
Semiconductors · Unicorn
$1.9B
Foxberry
Fintech
Verda
Hosting
$220M
ReOrbit
Space
$198M
eBrands
Wellness Beauty
$160M
SensoFusion
Security
$605M
Haltian
Enterprise Software
$97M
IONCOR
Energy
ESL Shipping
Transportation
$512M
06 · Portfolio founders

Where Varma’s portfolio founders come from.

20 founders across the 10 highest-funded portfolio companies — by current location, university attended, and the companies they worked at before founding. Sourced from the founder records the API links to each portfolio company.

LocationCount
  1. Finland17
  2. United Kingdom3
UniversityCount
  1. Aalto University4
  2. University of Oulu3
  3. KTH Royal Institute of Technology2
  4. Teknikhögskolan2
  5. Anna University1
  6. Arcada University of Applied Sciences1
  7. Chung Ling (National Type) High School 鍾靈(國民型)中學1
  8. Hanken School of Economics1
  9. INSEAD Business School1
  10. KU Leuven1
Previous companyCount
  1. Aalto University3
  2. Nokia Corporation3
  3. Nomura3
  4. Navi Wheel2
  5. AAC Clyde Space1
  6. Absa bank1
  7. Amazon1
  8. BMW Group1
  9. Greentech Capital Advisors1
  10. INSEAD Business School1