# Hartwall Capital

Hartwall Capital is a Single Family Office based in Helsinki, Finland.

## Overview

- **Organization type:** Single Family Office
- **Headquarters:** Helsinki, Finland
- **Region:** Europe
- **Address:** Helsinki, Finland
- **Founded:** 2008
- **Assets under management:** €0.5B
- **Website:** hartwallcapital.fi
- **LinkedIn:** https://www.linkedin.com/company/hartwall-capital-oy-ab

## Regulatory record

- **Reports private funds:** No

## About

Hartwall Capital traces its origins to Oy Hartwall Ab, the beverage company founded in 1836. The family sold those shares in 2008 and redeployed the capital into an investment company that now holds a diversified book of Nordic industrial and service assets. The firm executes control investments in non-listed and listed companies, allocating €25-75 million equity per strategic position. Asset classes include private equity, public equities and liquid fixed income. Portfolio holdings comprise Linkity, Secto, Vastuu Group, Kährs, LeaseGreen, Remeo, Duell and Terveystalo. The investment mandate requires companies with healthy core operations, positive cash flow and established business models. Geographic reach centers on Finland and Sweden while the financial portfolio extends to Western Europe and North America. The team includes Chief Investment Officers Alexander Tallberg and Axel Lindholm plus Investment Director Noora Haraholma. December 2025: Appointed Noora Haraholma as Investment Director. Additional vehicles include August Ludvig Hartwall's Foundation. The firm participates in the Finnish Family Business Network and the Finnish Venture Capital Association. No second office locations are disclosed. Hartwall Capital operates as a long-term owner that executes transformative programs such as operational improvements, consolidation and public-to-private transactions. Governance rests with a board that includes multiple Hartwall family members alongside external directors, preserving family oversight while drawing on outside expertise for value creation.

## Sectors

- Circular Economy
- ClimateTech
- HRTech
- Healthcare Services
- Mobility & Transportation
- PropTech
- Industrial Tech
- Energy Transition & Renewables
- FinTech
- Enterprise Software

## People

- Peter Therman — Deputy Chairman
- Victor Hartwall — Board member
- Alexander Tallberg — Chief Investment Officer, Portfolio Manager
- Axel Lindholm — Chief Investment Officer
- Noora Haraholma — Investment Director

## Questions

### Who runs investment decisions at Hartwall Capital?

Alexander Tallberg and Axel Lindholm serve as Chief Investment Officers. Noora Haraholma was appointed Investment Director in December 2025. Peter Therman, Deputy Chairman, provides family oversight on the board.

### How does Hartwall Capital source proprietary deal flow?

The firm relies on its senior advisor network, relationships with management teams and entrepreneurs, and membership in the Finnish Family Business Network. It targets companies undergoing generation shifts or complex ownership situations.

### Does Hartwall Capital participate in fund commitments or only direct deals?

Hartwall Capital executes direct control investments and maintains a separate financial portfolio of public equities and fixed income. It does not disclose commitments to external funds.

### What investment stages does Hartwall Capital typically target?

The firm focuses on growth, late-stage, mature and public-equity opportunities. Target companies must have passed the startup phase and demonstrate sustainable core operations and positive cash flow.

### Does Hartwall Capital maintain philanthropic structures, and how are they separated?

August Ludvig Hartwall's Foundation exists as a separate vehicle. Investment and philanthropic activities are managed through distinct entities with no disclosed overlap in governance.

### What is Hartwall Capital's known posture on co-investments alongside external GPs?

The firm pursues control investments and works with management teams and other institutional investors on a partnership basis. It does not disclose a formal co-investment program with third-party GPs.

## Related profiles

- [George Companies](https://altss.com/profile/george-companies-george-family-office)
- [Wille Finance](https://altss.com/profile/wille-finance)

---

Last updated: 2026-08-10T15:54:10.904Z

Canonical page: https://altss.com/profile/hartwall-capital

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