{"title": "Private Equity | Pia Santavirta | Negotiator 94", "titleOriginal": "Pääomasijoittaminen | Private Equity | Pia Santavirta | Neuvottelija 94", "episodeNumber": "94", "guest": "Pia Santavirta", "publishedAt": "2021-08-14", "duration": "55:12", "durationIso": "PT55M12S", "youtube": "https://www.youtube.com/watch?v=oj392t2pnbI", "fiCanonical": "https://www.neuvottelija.fi/fi/episodes/106-paaomasijoittaminen-eli-private-equity-pia-santavirta-neuvot", "originalLanguage": "fi", "format": "full", "topics": ["ownership_capital_tax", "investing_markets", "ma_exits"], "description": "Pia Santavirta, chief executive of the Finnish Venture Capital Association, sets out the structure of Finland's private capital market and its rapid professionalisation: sixteen new venture capital funds in five years, a record year of nearly a billion euros in startup investment during the pandemic, and roughly half of the new companies on the Helsinki exchange coming from private equity ownership. The episode's most concrete passage is an anatomy of advocacy — the double taxation of funds-of-funds prevented foreign investors from putting money into Finnish funds, and the fix was initially limited to European players until a single phone call extended it worldwide. Santavirta also explains why private-equity-backed listings have outperformed the market, what ESG requirements mean for access to financing, and why she published the industry's diversity figures even though they were poor.", "chapters": [{"t": "00:00", "title": "The highlights of the episode", "seconds": 0}, {"t": "00:57", "title": "The guest is Pia Santavirta, chief executive of the Finnish Venture Capital Association", "seconds": 57}, {"t": "01:44", "title": "Sneaking into Slush, and a call from Tuomas Lang", "seconds": 104}, {"t": "04:16", "title": "Angels, venture capital and buyout: the structure of the field", "seconds": 256}, {"t": "06:14", "title": "VC returns, and sixteen new funds in Finland", "seconds": 374}, {"t": "08:49", "title": "Foreign capital, and the size of Finnish funds", "seconds": 529}, {"t": "10:45", "title": "Money stays as fuel for growth; the talent shortage is the next bottleneck", "seconds": 645}, {"t": "12:29", "title": "The association's aims: communication, advocacy, developing the sector", "seconds": 749}, {"t": "14:38", "title": "The double taxation of funds-of-funds was dismantled", "seconds": 878}, {"t": "16:51", "title": "EIF money, and competitive regulation for Finland", "seconds": 1011}, {"t": "19:04", "title": "Private-equity-backed listings perform better", "seconds": 1144}, {"t": "21:44", "title": "Anchor investors and family offices working together", "seconds": 1304}, {"t": "23:44", "title": "ESG and impact: does it improve returns", "seconds": 1424}, {"t": "26:50", "title": "Access to financing requires ESG work", "seconds": 1610}, {"t": "28:45", "title": "Following EU regulation, with Finland ahead of it", "seconds": 1725}, {"t": "31:33", "title": "The next generation builds impact into the core of the business", "seconds": 1893}, {"t": "34:07", "title": "The Covid crisis: Venture Bridge and a record year", "seconds": 2047}, {"t": "37:26", "title": "Digitalisation accelerated and investments were made remotely", "seconds": 2246}, {"t": "39:02", "title": "Buyout invests in Finland, foreign capital takes the next stage", "seconds": 2342}, {"t": "40:21", "title": "PHM and Kotikatu: the nerve to grow by acquisition", "seconds": 2421}, {"t": "41:34", "title": "Norvestor and Verdane bring an appetite for internationalisation", "seconds": 2494}, {"t": "44:42", "title": "An accelerator bringing young people into private equity", "seconds": 2682}, {"t": "47:46", "title": "Women in private equity, and publishing the diversity figures", "seconds": 2866}, {"t": "50:50", "title": "Wealthy women as investors and role models", "seconds": 3050}, {"t": "53:19", "title": "Women in STEM, and healthy audacity", "seconds": 3199}, {"t": "54:41", "title": "Thanks and closing words", "seconds": 3281}], "sourceTranscriptType": "none", "subtitleMethod": "none", "provenance": "Owner page assembled from YouTube metadata, the neuvottelija.fi episode record and the publisher's own chapter marks, translated one for one. The marks are genuine: twenty-six of them, with gaps from 47 to over 200 seconds, tracking the recording rather than a grid. No transcript is published here — the channel has no English caption track for this episode and the Finnish one is YouTube's automatic track. The guest leads the industry's trade association and the episode is that industry's case in her own words, including the performance figures for private-equity-backed listings, which are the association's own and are not examined here; no critic of the sector is present. The host works in corporate finance and concedes twice in the episode that he had been wrong, about those listings and about impact investing. Recorded 14 August 2021.", "coreTheses": ["The funds-of-funds double taxation is the cleanest case study in the episode: one tax provision was keeping foreign capital out, and removing it changed the flow.", "A fix drafted for European investors only, extended worldwide by a phone call, is what effective advocacy actually looks like in practice.", "ESG has moved from a preference to a condition of access to financing, which changes who it binds.", "Publishing bad diversity numbers is a choice, and it is the one that makes the following years measurable."], "slug": "ep94-paaomasijoittaminen-private-equity-pia-santavirta", "guestsCanonical": ["Pia Santavirta"], "guestPages": ["https://www.neuvottelija.com/podcast/guests/pia-santavirta/"], "page": "https://www.neuvottelija.com/podcast/episodes/ep94-paaomasijoittaminen-private-equity-pia-santavirta/", "markdown": "https://www.neuvottelija.com/podcast/episodes/ep94-paaomasijoittaminen-private-equity-pia-santavirta/index.md", "captions": null, "transcript": null, "videoId": "oj392t2pnbI", "dbId": null, "qaCoveragePct": 0.0, "qaSemanticVerdict": "metadata_only", "aiArticleEn": "https://www.neuvottelija.com/ai/ep94-paaomasijoittaminen-private-equity-pia-santavirta/", "aiArticleFi": "https://www.neuvottelija.fi/economy/ep94-paaomasijoittaminen-private-equity-pia-santavirta/"}