What Solidium does

Solidium Oy is a Finnish private limited company wholly owned by the State of Finland, founded in 2008 to professionalise Finnish ownership policy following the political turbulence around Stora Enso mill closures and to act as a dedicated, market-based vehicle for managing state equity stakes in nationally significant companies. It is headquartered in Helsinki (Unioninkatu 32 B) and operates with a lean team of approximately 10-12 professionals, including a CEO, CFO, General Counsel, Investment Director, Investment Manager, Associate, and support staff, under a board appointed by the State.

The company's function is to acquire, hold, and actively steward minority equity stakes — typically 10-20% — in Finnish companies of strategic importance, distributing profits received from those holdings back to the State owner. As of 26 June 2026, Solidium held minority positions in twelve companies — eleven listed on Nasdaq Helsinki and one (ICEYE) unlisted — with aggregate holdings valued at approximately EUR 10,424 million. Current stakes include Anora Group (19.4%), Metso (14.9%), Outokumpu (15.0%), Konecranes (11.1%), Tieto (11.1%), Stora Enso (10.7% of shares, 27.3% of votes), Elisa (10.0%), Nokian Renkaat (10.1%), Valmet (10.1%), Sampo (6.2%), Nokia (5.7%), and ICEYE (5.0%, post Series F). Solidium exercises active ownership through board nominations, value-creation plans, and continuous dialogue with portfolio management; its investment decisions are made by the Board purely on financial merit within a mandate updated in 2023 to also include companies with potential to become nationally significant.

The business model is fundamentally a capital-allocation and stewardship model, not a commercial product or services model. Revenue is generated from dividend and capital distribution income received from portfolio companies, which is in turn distributed to the sole shareholder, the Republic of Finland. There are no commercial customers, no pricing model, and no GTM motion in the conventional sense; instead, capital is deployed via primary share subscriptions, secondary-market block purchases on Nasdaq Helsinki, and private growth rounds (notably ICEYE Series E and F), and divested via block sales and secondary placements (e.g., prior Telia EUR 517M exit). The company does not develop proprietary technology; its core competencies are investment analysis, corporate governance, and active ownership.

Name

Solidium

Legal name

Solidium Oy

Website

https://solidium.fi

Company type

Private

Founded year

2008

Operating status

Operating

Headcount range

11–50 employees

Short description

Solidium Oy is a Finnish state-owned holding company that acquires, holds, and actively stewards minority equity stakes (typically 10-20%) in twelve nationally significant Finnish companies, returning portfolio dividends to its sole shareholder, the State of Finland.

Ownership category

akta.pro rank

Product category

Sovereign Investment Holding

NAICS

Other Financial Investment Activities (5239), All Other Financial Investment Activities (52399)

SIC

Investors, Nec (6799)

akta.pro primary industry

HoldCo / Permanent Capital ETA (FSANALAE)

Keywords

• Sovereign equity holdings
• Minority share ownership
• Active ownership strategy
• State-owned investment vehicle
• Portfolio investment management

Headquarters

HQ city

Helsinki

HQ country

Finland

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Others

Revenue model

1. Dividend and capital distribution income: Solidium receives dividends from its portfolio companies and remits distributions to its sole shareholder, the State of Finland. The company also generates returns through capital appreciation of its equity holdings. Profit distribution received from portfolio companies is passed through to the state owner.

Go-to-market motion1 record

Distribution channels3 records

Marketing channels1 record

Core offering

Solidium is a holding company wholly owned by the State of Finland that acquires and manages minority equity stakes (typically 10-20%) in Finnish companies of national importance. It invests through primary share subscriptions and secondary market purchases, and exits via block sales and secondary placements, with the objective of strengthening and stabilising Finnish ownership and growing the long-term value of its holdings on behalf of the state.

Product overview

Solidium is a Finnish state-owned investment holding company (Suomen valtion kokonaan omistama osakeyhtiö) that does not offer commercial products or services. Its function is to strengthen and stabilize Finnish ownership in nationally important companies and grow the long-term value of its holdings. Solidium holds minority stakes in twelve companies across various sectors including telecommunications (Elisa), industrial equipment (Konecranes, Metso, Valmet), technology (Nokia, ICEYE), automotive (Nokian Renkaat), steel (Outokumpu), insurance (Sampo), forest products (Stora Enso), food & beverages (Anora), and software (Tieto). The company does not manufacture goods or provide commercial services to external customers.

Differentiator

Problem solved

Functional benefit

Segments1 record

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Scale indicators3 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Investor AB: Swedish listed holding company with a permanent-capital, active-minority-ownership model in Nordic and global companies. Closest structural analog to Solidium — both hold concentrated minority stakes with active board engagement and long-dated horizons.
• Kinnevik AB: Swedish family-controlled holding company investing in consumer-internet, telecom, and financial services. Operates with a similar active-ownership, permanent-capital model in Nordic companies and is a direct structural comparison.
• Temasek Holdings: Singapore state-owned investment company with a similar state-anchored permanent-capital mandate, active-ownership philosophy, and portfolio of nationally strategic holdings. Functions as a state-owned holding company analogous to Solidium.
• Tesi (Finnish Industry Investment): Finnish state-owned venture and growth investor — sister state entity to Solidium with shared shareholder (State of Finland). Co-invests in growth-stage Finnish companies (e.g., ICEYE alongside Solidium) and is the most direct domestic peer.
• Khazanah Nasional: Malaysian state-owned sovereign holding company investing in strategic domestic and international assets. Compares to Solidium as another state-owned holding vehicle with an active-ownership, national-strategic-asset mandate.
• AP Møller Holding: Danish family-controlled holding company (Maersk founding family) investing for long-term value with active ownership. Operates a permanent-capital model and is a co-investor with Solidium in ICEYE, reflecting comparable investing approach.

Broad incumbents

• Norges Bank Investment Management (NBIM): Manager of Norway's Government Pension Fund Global — the world's largest sovereign wealth fund. Operates a state-mandate, long-horizon equity investment model with significant overlap in principles (permanent capital, active ownership, transparency), though at vastly greater scale and on a globally diversified basis.
• GIC (Singapore): Singapore sovereign wealth fund managing the country's foreign reserves. Comparable as a state-owned investment institution with a long-term mandate, but operates on a much larger and globally diversified scale relative to Solidium's Finland-focused portfolio.
• Wallenberg Investments (through FAM and Patricia Industries): Wallenberg family holding entities (FAM, Patricia Industries) holding concentrated minority stakes in Swedish and global companies with active ownership. Structurally analogous active-minority-owner model in Nordic listed equities, operating at a broader European scale.

Regional players

• Government Pension Fund of Finland (VER): Finnish state pension buffer fund investing in listed equities and other asset classes. Same sole shareholder (State of Finland) and operates in the same domestic market, though with a broader asset-allocation mandate rather than concentrated active minority ownership.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks7 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/solidium-oy

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments4 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Solidium