VER

What VER does

VER (Valtion Eläkerahasto), operating in English as the State Pension Fund of Finland, is a government-established buffer fund within Finland's partially prefunded state pension system. Founded in 1990 under the Act on the State Pension Fund and supervised by the Ministry of Finance (Valtiovarainministeriö), VER's statutory mandate is to prepare for future state pension expenditure and to balance pension costs across generations. It serves approximately 121,000 insured state employees and 462,000 pension recipients, and accounted for roughly 42% of annual state pension expenditure in 2025.

The fund manages a EUR 25.7 billion investment portfolio organized across four in-house functions: Korkosijoitukset (Fixed Income Investments), Osakesijoitukset (Equity Investments), Positionhallinta (Position Management) covering currency hedging, derivatives, and hedge funds, and Epälikvidit sijoitukset (Illiquid Investments) covering real estate, private equity, infrastructure, and private credit. Portfolio management is conducted internally by a lean team of 29 permanent civil servant positions under strategic allocation guidelines set by the Ministry of Finance. VER's investment activities are also supervised by Finanssivalvonta (FIVA) and audited by the National Audit Office (VTV). In 2025, the fund delivered a 9.3% return on investments, with a 6.1% ten-year and 5.5% five-year annualized return as of 31 March 2026.

VER's economic model is non-commercial. It receives recurring pension premium income from state employers and employees (EUR 1,656 million in 2025) and makes transfers to the state budget to cover pension expenditure (EUR 2,350 million in 2025). The fund reached its 25% funding ratio target in 2021 and has cumulatively created approximately EUR 14 billion in added value for the Finnish state since 2001 by investing at returns above the government's borrowing cost. A 2022 amendment to the VER-law raised the budget transfer rate from 40% to 45% of pension expenditure, phased in during 2024-2028, reinforcing VER's role in inter-generational fiscal balancing.

Name

VER

Legal name

Valtion Eläkerahasto

Website

https://ver.fi

Company type

Private

Founded year

1990

Operating status

Operating

Headcount range

11–50 employees

Short description

VER (Valtion Eläkerahasto) is Finland's state pension buffer fund, established in 1990 to invest state employee pension contributions and balance future pension costs. It manages a EUR 25.7 billion portfolio across fixed income, equities, position management, and illiquid investments, supervised by the Ministry of Finance.

Ownership category

akta.pro rank

Product category

Government Pension Fund Management

NAICS

Pension Funds (525110), Pension Funds (52511)

SIC

Investment Advice (6282)

akta.pro primary industry

Corporate & Public Pension Funds (DB/DC Sponsors) (FSAAAGAA)

akta.pro secondary industries

Pension Master Trusts, Superannuation & Provident Funds (FSAAAGAB), Liability-Driven Investment (LDI) & Pension Risk Transfer (PRT) Asset Management (FSAAAGAI)

Keywords

• Government pension fund
• Institutional asset management
• Fixed income investments
• Equity portfolio management
• Alternative investments

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. Pension premiums: VER receives pension premiums from state employers and employees in the state pension system. In 2025, premium income was EUR 1,656 million.
2. Investment returns: VER generates returns through professional investment of pension assets across fixed income, equities, and alternative investments. Return in 2025 was 9.3%.

Go-to-market motion1 record

Marketing channels5 records

Core offering

VER is a Finnish state-owned pension fund that invests pension assets professionally to prepare for future state pension expenditures and balance pension costs across generations. It manages a EUR 25.7 billion investment portfolio across four integrated functions: fixed income, equities, position management, and illiquid (alternative) investments. VER operates as a buffer fund within Finland's partially funded state pension system, receiving pension premiums from state employers and employees and making transfers to the state budget.

Product overview

VER (Valtion Eläkerahasto / State Pension Fund of Finland) is a government pension fund investment organization managing EUR 25.7 billion in assets as of March 2026. Rather than a traditional technology product, VER operates as an investment institution providing pension asset management services through four integrated investment functions: Korkosijoitukset (Fixed Income Investments), Osakesijoitukset (Equity Investments), Positionhallinta (Position Management), and Epälikvidit sijoitukset (Illiquid Investments). These investment services are organized and managed internally within VER's four investment teams, with portfolio management conducted according to strategic allocation guidelines set by the Ministry of Finance. The organization's core offering is professional pension fund investment management for Finland's state employees, supporting the prefunded Finnish pension system's sustainability.

Differentiator

Problem solved

Functional benefit

Products and services

• Korkosijoitukset (Fixed Income Investments) Fixed income investment services encompassing liquid bonds, government securities, corporate bonds, private credit funds, and direct lending to enterprises. Forms the debt instrument portion of VER's EUR 25.7 billion investment portfolio.
• Osakesijoitukset (Equity Investments) Equity investment services covering listed equities, private equity fund investments, infrastructure funds, and unlisted shares. Represents the equity portion of VER's investment portfolio for the Finnish state pension system.
• Positionhallinta (Position Management) Position management services including currency hedging, derivatives operations, and hedge fund investments. Manages risk exposures and provides portfolio diversification for VER's investment portfolio.
• Epälikvidit sijoitukset (Illiquid Investments) Illiquid investment services covering real estate funds, private equity, infrastructure, and private credit. These investments have limited liquidity and longer investment horizons within VER's portfolio.

Quantifiable outcome

• 9.3% return on investments in 2025
• +3 more outcomes

Named customers1 record

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

One partnership is on record.

• Exilion Tuuli KyminorStrategic or Co-development Partner · 3 November 2020VER co-owns Exilion Tuuli Ky wind power investment with Elo (Mutual Pension Insurance Company) and Veritas Pension Insurance Company. The partnership acquired 11 operational wind farms from St1.

Scale indicators12 records

Recent moves7 records

Expansion highlights4 records

Direct peers

• Keva: Keva is Finland's largest pension insurer, responsible for the local government, public sector, and state employee pension system. It is the closest peer to VER because both are Finnish statutory pension institutions investing contributions to fund future pension obligations under national regulation.
• AP Funds (Swedish National Pension Funds): The AP1–AP4 funds (Allmänna Pensionsfonden) are Sweden's national pension buffer funds, charged with managing part of the Swedish pension system. They are direct Nordic peers to VER in mandate, structure, and target funded status within a partially funded statutory pension framework.

Broad incumbents

• Kela: Kela is the Finnish Social Insurance Institution administering national social security and pensions. While not an investment manager like VER, it is a closely related Finnish public-sector pension stakeholder and provides a domestic benchmark for statutory pension administration.
• Future Fund (Australia): The Australian Future Fund is a sovereign wealth-style fund established to fund future superannuation liabilities. It is comparable to VER as a government-established, multi-decade horizon investment institution with a long-term return mandate.
• Norges Bank Investment Management (Government Pension Fund Global): NBIM manages Norway's Government Pension Fund Global, the world's largest sovereign wealth fund. It is comparable to VER as a long-horizon, government-owned institutional investor with a multi-asset mandate and a publicly disclosed responsible investment framework.
• AustralianSuper: AustralianSuper is one of Australia's largest superannuation funds, providing pension and retirement benefits. It is comparable to VER in role as a long-horizon institutional retirement asset manager, though it operates in a more market-driven environment.
• CalPERS (California Public Employees' Retirement System): CalPERS is the largest US public pension fund, managing retirement benefits for California public employees. It is comparable to VER in scale, multi-asset institutional investing, and statutory governance, though it covers a broader employer base.
• Canada Pension Plan Investment Board (CPPIB): CPPIB invests the Canada Pension Plan on behalf of Canadian contributors and beneficiaries. It shares VER's mandate of long-horizon pension asset management with a strong illiquid alternatives and global equities focus.

Others

• Elo Mutual Pension Insurance Company: Elo is a Finnish mutual pension insurer and co-investor with VER in the Exilion Tuuli Ky wind-power partnership. It is a domestic ecosystem peer within the Finnish earnings-related pension system alongside VER's buffer function.
• Government Pension Fund of Finland (Keva-managed TyEL components): While VER is itself the State Pension Fund, the broader Finnish earnings-related pension system (TyEL, managed by Keva and private earnings-related pension companies such as Elo, Veritas, and Ilmarinen) functions as the wider ecosystem in which VER operates as a buffer fund, making these institutions adjacent comparables.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/ver_fund
• Facebookfacebook.com/sharer.php?u=https://www.ver.fi/en-US&t=VER
• LinkedInlinkedin.com/company/valtion-elakerahasto

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Funding overview

Funding rounds

Investors

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

M&A

Investments

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

Frequently asked questions about VER