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Single Family OfficePuts its own capital into companiesLAST VERIFIED Oct 2026 · 4 SOURCES

Troll Capital

Helsinki single-family investment office founded 1999, with roots in Peikko Group (est. 1965); invests in listed markets and, mainly via funds, in private markets.

USEFUL FOR Fund managers raising capital · Business owners seeking a long-term partner · Co-investors

Family & background

HEADQUARTERS
Helsinki, Finland
FOUNDED
1999

Investment approach

ROUTES
Companies (own capital) · Funds (as LP)
STRATEGIES
Public equitiesFunds (as LP)Private equityReal estatePrivate creditDirect investments
INBOUND
No unsolicited proposals

Overview

Troll Capital Oy describes itself as a private single-family investment office in Helsinki and a family-owned investment company. It was founded in 1999 with roots in Teräspeikko, set up in 1965 and now Peikko Group; its subsidiary Troll Ventures ran its private equity activity from 2006 until merging into Troll Capital at the end of 2021. It invests in listed equities, bonds, commodities and money-market instruments and, mostly through funds, in private equity, real estate, infrastructure and loans. It is focused on developing its existing portfolio and reducing its balance sheet, and does not expect new private-market investments before 2028.

Investment thesis

Invests broadly across liquid public markets and illiquid private markets, seeking balanced returns and long-term value creation; private-market investments are made primarily through funds.

Holdings & investments (8)

  • Aiforsite
    Software & SaaS
  • Esperi Care
    HealthTech
  • e-Taxfree Nordic
    Consumer & E-commerce
  • iLOQ
    Industrial & Manufacturing · Acquired (sold to Nordic Capital)
  • LP Packing
    Industrial & Manufacturing
  • Ristek
    Industrial & Manufacturing
  • Tosi
    Software & SaaS
  • Vahanen International
    Industrial & Manufacturing · Acquired (sold to AFRY)

People

  • Elmar Paananen
    Managing Director · source
  • Jarkko Merinen
    Finance and administration · source

Frequently asked questions

Troll Capital is a single family office based in Helsinki, Finland, founded in 1999.

Troll Capital invests its own capital into companies and in third-party funds as an LP. Its stated asset mix includes public equities, funds (as lp), private equity, real estate, private credit and direct investments.

Key people at Troll Capital include Elmar Paananen (Managing Director) and Jarkko Merinen (Finance and administration).

Troll Capital's holdings and investments include Aiforsite, Esperi Care, e-Taxfree Nordic, iLOQ, LP Packing, Ristek, Tosi and Vahanen International.

Troll Capital states that it does not accept unsolicited proposals.