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Finnish Medical Foundation
Founded in 1960 by the Finnish Medical Society Duodecim, the Finnish Medical Foundation channels the society's century-long scientific legacy into sustained...
Finnish Medical Foundation
Founded in 1960 by the Finnish Medical Society Duodecim, the Finnish Medical Foundation channels the society's century-long scientific legacy into sustained capital support for medical research. Based in Helsinki, the foundation is chaired by Katriina Aalto-Setälä and managed by Jouni Lounasmaa. It administers several named funds — including the Leena ja Olavi Kauppila Fund and the Rheumatism Research Fund — that direct donor-restricted capital toward targeted disease areas alongside its general grant program. Grants exceeding €2 million leave the foundation each year, funding young researchers across every medical discipline. The capital underpinning this deployment is managed through a diversified global investment portfolio and direct ownership of commercial properties, including Kalevankatu 11 A in central Helsinki. Beyond its independent grantmaking, the foundation participates in the Säätiöiden post doc -pooli, a consortium of 13 Finnish foundations that pools resources to support international research mobility, and co-finances the Brain Gain research program with two major peer foundations, Sigrid Jusélius and Jane and Aatos Erkko. The foundation operates through a lean governance structure anchored by its board and managing director. While its total asset base is not publicly disclosed, the sustained grant volume and property holdings suggest an endowment sized to support steady annual distributions. The foundation is a member of the Association of Finnish Foundations, participating in its responsible investment initiatives alongside peer institutions. Its office presence is concentrated entirely within Helsinki. What distinguishes the foundation's architecture is its origin: it was established by and remains structurally aligned with the Finnish Medical Society Duodecim, one of the most influential scientific societies in Finland. This connection embeds the foundation within a pre-existing network of clinical researchers and academic reviewers, effectively acting as the society's long-term funding arm rather than an independent grantmaking body.
General information
Firm type
Endowment / Foundation
Year founded
1960
Location
Region
Europe
Country
Finland
City
Helsinki
Corporate office
Kalevankatu 11 A, 00100 Helsinki, Finland
Principals
Katriina Aalto-Setälä
Chair of the Board
Jouni Lounasmaa
Managing Director
Sector focus
Frequently asked questions
Who runs the investment and grantmaking decisions at the Finnish Medical Foundation?
Managing Director Jouni Lounasmaa oversees day-to-day operations, while the board — chaired by Katriina Aalto-Setälä — sets the foundation's strategic and grantmaking priorities. Investment decisions are executed through a global fund-based portfolio, with oversight provided by the board rather than a dedicated in-house investment committee. The foundation's governance is closely intertwined with its founder, the Finnish Medical Society Duodecim.
How does the foundation's relationship with the Finnish Medical Society Duodecim shape its operations?
The Finnish Medical Society Duodecim established the foundation in 1960 and continues to influence its governance and grantmaking focus. This connection gives the foundation direct access to a network of senior clinicians and researchers who inform funding priorities and evaluate grant applications. In practice, the foundation operates as the long-term capital reservoir for the society's scientific mission.
What is the Brain Gain program, and how does the foundation participate?
Brain Gain — known in Finnish as Aivotuonti — is a collaborative research program designed to attract and integrate top international researchers into Finnish universities and research institutions. The Finnish Medical Foundation co-finances the program alongside the Sigrid Jusélius Foundation and the Jane and Aatos Erkko Foundation, both major Finnish funding bodies. The program reflects a shared strategy among large Finnish foundations to counter domestic brain drain.
What assets underpin the foundation's annual grantmaking?
The foundation's capital base consists of a globally diversified investment portfolio of fund commitments, supplemented by direct ownership of commercial real estate in Helsinki, including the property at Kalevankatu 11 A. The total asset size is not publicly disclosed, but the sustained annual distribution of over €2 million in grants indicates a substantial endowment.
Does the foundation invest directly in startups, or is its capital deployed through funds?
The Finnish Medical Foundation deploys its endowment exclusively through a fund-based investment portfolio and does not make direct venture capital or private equity co-investments in healthcare startups. Its investment objective is to generate returns to fund medical research grants, not to pursue venture-style returns through direct company exposure.
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