Translation: Original published in Finnish on 4/21/2026 at 2:04 pm EEST.

Taaleri announced on Tuesday that it is expanding its operations into the Nordic private credit business. We consider the opening strategically welcome, as it expands the company's product offering. However, we estimate that ramping up the new business will take a long time, and its impact on the company's financials will remain small in the coming years, even in a best-case scenario. In our view, the most important thing for investors is that the company has started to implement its strategy update from last fall at an accelerating pace.

A logical addition to the product offering

Taaleri's new private credit business focuses on direct lending to small and medium-sized companies in the Nordic countries and neighboring regions. Private credit as an asset class has grown strongly with the tightening of banking regulations, and investor interest in the segment has also been high.

Taaleri has not yet announced key recruitments for the fund's team, and we estimate that the company is only in the process of making them. Since Taaleri is building a new product area practically from scratch, successful key recruitments are critical, as investors ultimately invest in the team managing the fund. The company stated it would elaborate on this in the fall, at which point we expect the company to announce recruitments and the initiation of fundraising for the first fund. The first fund will likely be small, as is typical for the industry (at most ~50 MEUR), and ramping up operations to a significant scale will take a long time even in the best-case scenario. In our view, the business naturally has significant long-term scalability potential if things go well.

Strategy progress is paramount

While the impact of this expansion on Taaleri's financials is very small in the short term, we believe it is paramount that the company makes concrete progress in its strategy. Since last fall's strategy update, the company has visibly shifted into a new gear, advancing its strategy on multiple fronts.

Following private credit and the previously announced expansion into VC funds, we believe the company has significantly better preconditions for growth in Other Private Equity Funds than before. At the same time, we would like to remind you that the Other Private Equity Funds segment accounts for only a few percent of our sum-of-the-parts calculation, and the Group's value in the coming years will also be determined by Garantia, Renewable Energy, and the Group's balance sheet investments.