# Apteekkien Eläkekassa

Apteekkien Eläkekassa is a Pension Fund based in Helsinki, Finland.

## Overview

- **Organization type:** Pension Fund
- **Headquarters:** Helsinki, Finland
- **Region:** Europe
- **Address:** Helsinki, Finland
- **Assets under management:** ~$820M (Altss estimate)
- **Website:** aelake.fi
- **LinkedIn:** https://www.linkedin.com/company/apteekkien-el%C3%A4kekassa

## Regulatory record

- **Reports private funds:** No

## About

Apteekkien Eläkekassa serves as the statutory pension fund for employees of Finnish pharmacies, operating under the country's multi-employer pension framework. The fund is closely tied to the Association of Finnish Pharmacies (Suomen Apteekkariliitto) and the Pharmacy Employers' Association (Apta ry), which form its core stakeholder base. Juha-Pekka Ojala currently serves as CEO, succeeding Hannu Hokka, who retired from the role in August 2025. Tommi Mäkelä oversees the investment portfolio as Investment Director. The fund manages an estimated $820 million in assets (per Altss estimate), deployed primarily through direct domestic real estate and infrastructure-linked industrial holdings. Its known property portfolio spans residential, commercial, and industrial assets concentrated in the Helsinki capital region and key Finnish growth corridors. Confirmed holdings include residential properties at Viides linja 6 in Helsinki's Kallio district and Maanviljelijänkuja 6 in Vantaa, commercial assets at Alasintie 10 in Oulu and Keskinäinen Paja in Pasila, Helsinki, and industrial facilities at Huhtimontie 10-12 in Kerava. The fund also participates in project-level development, including the Munkinmäki retail project in Kirkkonummi. Beyond real estate, the fund has taken selective equity positions in Finnish industrial innovation, most notably backing the Solar Foods Factory 01 in Vantaa — a facility producing protein through air-based fermentation. The fund maintains a lean operational structure typical of a focused sector-specific pension vehicle, with investment decisions managed by a small in-house team under Mäkelä's direction rather than through external consultants. It participates in Finland's collaborative pension ecosystem through memberships in the Finnish Pension Alliance (TELA) and the Association of Pension Foundations (ESY), and maintains a European-level presence via PensionsEurope. Unlike larger Finnish pension mutuals such as Ilmarinen or Varma, Apteekkien Eläkekassa does not publicly report granular asset-class splits or publish an annual investment review, making its strategic tilt toward direct property ownership and select industrial ventures a distinctive — and deliberately low-profile — deployment pattern. Structurally, the fund operates as a defined-benefit pension vehicle dedicated to a single professional vertical, which yields a liability profile heavily correlated with the economic health of Finland's regulated pharmacy sector. This narrow beneficiary base forces an investment strategy anchored in long-duration, local-currency assets that match domestic liability obligations — a constraint that larger, diversified pension funds do not face to the same degree.

## Sectors

- Real Estate
- Industrial Tech
- FoodTech

## People

- Juha-Pekka Ojala — CEO
- Tommi Mäkelä — Investment Director

## Questions

### Does the fund invest outside Finland?

All confirmed real assets and equity holdings are located in Finland, and the fund does not publicly disclose international allocations. As a defined-benefit vehicle with liabilities denominated in euros and tied to Finnish beneficiaries, geographic concentration in domestic assets is structurally logical. Any foreign exposure — if it exists — has not been publicly documented.

### What is the fund's connection to the Solar Foods factory?

Apteekkien Eläkekassa is an equity investor in Solar Foods Factory 01, the Vantaa-based production facility that manufactures Solein, a protein created through air-based fermentation. The holding (per Altss research) represents a direct investment in an industrial-scale food-tech asset, which sits alongside the fund's more traditional residential and commercial property portfolio.

## Related profiles

- [APKV Private Equity Fonds](https://altss.com/profile/apkv-private-equity-fonds-gmbh)
- [ARCO Group Pension & Life Assurance Scheme](https://altss.com/profile/arco-group-pension-and-life-assurance-scheme-gpla)

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Last updated: 2026-06-03T20:00:00.000Z

Canonical page: https://altss.com/profile/apteekkien-elakekassa

Maintained by Altss — https://altss.com — methodology: https://altss.com/methodology