SmartCap, Estonia’s state-owned fund manager, has announced its new CEO. Patrik Louko will step into the vacant position, and seat on the management board, left by previous CEO Sille Pettai.
Louko comes to this new challenge armed with 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 as well as running Unifund Jyväskylä, a university-affiliated venture capital company investing in early-stage companies emerging from academia.
“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.
SmartCap Supervisory Board Chair Kärt Siilats explains that the task to find a new CEO has not been an easy one with lots of boxes to tick. “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.
Louko will relocate to Estonia. He will begin as head of SmartCap on 1 September.
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