{"title": "Private Equity Investors | Marko Junkkari | Neuvottelija 420", "titleOriginal": "Pääomasijoittajat | Marko Junkkari | Neuvottelija 420", "episodeNumber": "420", "guest": "Marko Junkkari", "publishedAt": "2026-11-06", "duration": "1:20:52", "durationIso": "PT1H20M52S", "youtube": "https://www.youtube.com/watch?v=ngXDB3NwvM0", "fiCanonical": "https://www.neuvottelija.fi/fi/episodes/867-paaomasijoittajat-marko-junkkari-neuvottelija-420/", "originalLanguage": "fi", "format": "full", "topics": ["investing_markets", "ownership_capital_tax", "finnish_economy_policy"], "description": "Helsingin Sanomat journalist Marko Junkkari interviewed about 60 people, from London's mega-funds to Finnish buyout houses, for his book Pääomasijoittajat (Private Equity Investors, Otava 2026). The episode unpacks why the end of zero interest rates froze exits, what continuation funds and zombie funds are, and how the GP–LP structure, management fee, hurdle rate and carried interest work in practice. Junkkari explains how he got Sponsor, Intera and Vaaka to publish their fund returns, and goes through the stories of CapMan, EQT, DevCo Partners and Tesi and the two generations of Finnish venture capital. At the core is a tension: why Finnish pension insurers put tens of billions into American mega-funds while domestic funds stay small and scale-up funding is missing. The episode ends with the solutions on offer, from Tesi's Finland Club to the Swedish model in which individuals direct part of their own pension savings. According to Junkkari the book was commissioned by the industry; Sami Miettinen is himself an LP investor and investment banker. Not investment advice.", "chapters": [{"t": "00:00", "title": "Opening montage: exits, continuation funds and pension insurers", "seconds": 0}, {"t": "01:25", "title": "Marko Junkkari as a guest for the third time", "seconds": 85}, {"t": "02:12", "title": "Kurt Björklund, Finland's most successful private equity investor", "seconds": 132}, {"t": "03:19", "title": "Mega-funds versus small Finnish funds", "seconds": 199}, {"t": "04:03", "title": "London's mega-funds and KKR's pre-interview", "seconds": 243}, {"t": "05:54", "title": "Björklund's motorway analogy of the industry's cycles", "seconds": 354}, {"t": "07:17", "title": "Zero rates ended and exits dried up", "seconds": 437}, {"t": "09:46", "title": "Department stores, continuation funds and debt on debt", "seconds": 586}, {"t": "11:08", "title": "Basic terms: GP, LP and the fund life cycle", "seconds": 668}, {"t": "14:08", "title": "US scale and the disappearance of listed companies", "seconds": 848}, {"t": "15:12", "title": "Why private equity has beaten the stock market", "seconds": 912}, {"t": "16:42", "title": "Bridgepoint, A-Katsastus and Finland's buyout gap", "seconds": 1002}, {"t": "18:49", "title": "The industry's history in Finland and EQT's rise", "seconds": 1129}, {"t": "21:32", "title": "Sami's regret: the Nordic Capital job", "seconds": 1292}, {"t": "22:42", "title": "Fee model, hurdle rate and carried interest", "seconds": 1362}, {"t": "24:46", "title": "Ari Tolppanen and the book's scope", "seconds": 1486}, {"t": "27:20", "title": "The private equity investor's entrepreneurial risk and zombie funds", "seconds": 1640}, {"t": "29:56", "title": "Buyout fund returns and Sponsor's first fund", "seconds": 1796}, {"t": "32:43", "title": "Intera's rise to a 450-million fund", "seconds": 1963}, {"t": "34:08", "title": "Bocap and Taaleri's deal-by-deal funds", "seconds": 2048}, {"t": "35:27", "title": "DevCo Partners and single-asset funds", "seconds": 2127}, {"t": "38:41", "title": "Vexve and the ball-valve success story", "seconds": 2321}, {"t": "40:28", "title": "Eqvitec's wind-down and the pension insurers' disappointment", "seconds": 2428}, {"t": "41:50", "title": "Venture, growth and buyout distinguished", "seconds": 2510}, {"t": "42:37", "title": "The dot-com crash killed the first venture generation", "seconds": 2557}, {"t": "45:33", "title": "Timo Ahopelto, CRF Health and the birth of Lifeline", "seconds": 2733}, {"t": "47:27", "title": "The second generation, Slush and the startup miracle", "seconds": 2847}, {"t": "50:02", "title": "MB Funds and Kotkamills' board machine", "seconds": 3002}, {"t": "52:44", "title": "CapMan's buyout series broken by the financial crisis", "seconds": 3164}, {"t": "54:32", "title": "CapMan in real estate, infrastructure and salmon transport", "seconds": 3272}, {"t": "57:54", "title": "Pia Santavirta and Tesi's strategy battle", "seconds": 3474}, {"t": "1:01:04", "title": "Tesi's fund investments and direct investments", "seconds": 3664}, {"t": "1:04:51", "title": "The scale-up funding gap and the Finland Club", "seconds": 3891}, {"t": "1:08:31", "title": "Pension billions to US funds and the size of Finnish funds", "seconds": 4111}, {"t": "1:12:29", "title": "The Swedish model and individual choice as a solution", "seconds": 4349}, {"t": "1:15:28", "title": "Sami's book review and editorial freedom in commissioned work", "seconds": 4528}, {"t": "1:18:48", "title": "Next, an investment banking book?", "seconds": 4728}, {"t": "1:19:52", "title": "US midterms in the Inner Circle", "seconds": 4792}], "sourceTranscriptType": "youtube_manual_fi", "subtitleMethod": "none", "provenance": "Owner page assembled from YouTube metadata, the publisher's own description and chapter marks, translated one for one, and checked against the publisher's own Finnish caption track. The captions carry no speaker labels, so speakers were inferred from the conversation; quotations are translated for sense, not verbatim. No English caption track exists, so no transcript is published here. The book's details and Intera Fund V were checked against the publisher and dated news; the speakers' other figures (DevCo multiples, pension allocations, Oura's Finnish ownership, MB Funds' new fund) were not checked and are flagged in the AI articles.", "slug": "ep420-paaomasijoittajat-marko-junkkari", "guestsCanonical": ["Marko Junkkari"], "guestPages": ["https://www.neuvottelija.com/podcast/guests/marko-junkkari/"], "page": "https://www.neuvottelija.com/podcast/episodes/ep420-paaomasijoittajat-marko-junkkari/", "markdown": "https://www.neuvottelija.com/podcast/episodes/ep420-paaomasijoittajat-marko-junkkari/index.md", "captions": null, "transcript": null, "videoId": "ngXDB3NwvM0", "dbId": null, "qaCoveragePct": 100.0, "qaSemanticVerdict": "transcript_timecoded"}