Estonia’s state-owned fund manager SmartCap has appointed Patrik Louko as its new CEO and member of the Management Board. Louko has extensive experience in investment and venture capital and will take up the position in September. His career in Finland has spanned universities and venture capital funds, with a focus on investment management, technology transfer and funding for start-ups and growth companies.
SmartCap Supervisory Board Chair Kärt Siilats said that finding a CEO for SmartCap is a difficult task, as the person has to meet a long list of criteria. “As SmartCap’s fund terms place capital growth as the main priority, we were primarily looking for a fund investor, someone who has assessed fund managers’ track records and negotiated LPAs, but also someone who can manage a team and communicate with numerous stakeholders,” Siilats said.
“We saw many strong candidates, but Patrik’s experience matched these criteria best. He has invested in some of the world’s top VC funds, founded a startup and managed a sizeable team there, giving him a deep understanding of the market. At the University of Jyväskylä, he was also responsible for strategy and reporting, including impact reporting, and we expect him to make a meaningful contribution in these areas at SmartCap. He also brings strong deep-tech experience from Aalto University, where he oversaw the spinout process and helped create a world-class environment for research- and student-driven startups. Among the companies to emerge from this environment were ICEYE and IQM, both of which have since become unicorns. We expect Patrik to bring his global expertise to the Estonian capital market and help SmartCap continue to grow as a respected institutional investor,” Siilats said.
According to Patrik Louko, Estonian companies have shown that their ambitions extend far beyond the domestic market. “SmartCap plays an important role in supporting that ambition: being a strong partner to Estonian companies, helping open doors to international investment funds and contributing to the development of Estonia’s capital market. I am pleased to have the opportunity to contribute to this work,” Louko said.
Louko has more than 20 years of experience in investment, venture capital and growing technology companies. Since 2023, he has served as Chief Investment Officer at the University of Jyväskylä, one of Finland’s largest research universities. In this role, he has been responsible for the university’s investment strategy and portfolio management, increasing its allocation to alternative investments and expanding its exposure to international private equity and venture capital. At the same time, he has run Unifund Jyväskylä, a university-affiliated venture capital company investing in early-stage companies emerging from academia.
Previously, Louko worked at Courage Ventures, a venture capital fund focused on early-stage health technology companies in the Nordics and the Baltics. He also led a world-class technology transfer programme for start-ups at Aalto University’s entrepreneurship centre. In addition, he worked at Technopolis Ventures, then Finland’s largest technology incubator, where he advised start-ups and scale-ups and managed their fundraising services.
Following his appointment, Louko will relocate to Estonia. He will begin as head of SmartCap on 1 September.