Direct Investments

Most Hermitage investments are made directly into our associate companies. Our investment criteria include:

  • Good growth opportunity
  • Excellent management
  • Solid business concept

We are active investors willing to add value to our associate companies through strategic planning and boardwork.

In addition to corporates we make investments in private equity funds and real estate.

Currently we have investments in the following companies:


eQ is an asset management and corporate finance house. In addition to traditional asset management and mutual funds eQ offers private equity management and fund-of-funds. Total assets under management are 3,6 billion euros (30.6.2012). eQ is listed on the Helsinki Stock Exchange.

Taaleritehdas logo


Taaleritehdas is a financial management house providing comprehensive private banking services for prosperous private clients. Taaleritehdas has successfully introduced new open architecture concepts into Finnish asset management. Hermitage is one of the founding partners of Taaleritehdas.

Mawell Oy logo


Mawell is an IT and service company focusing solely on the health care sector. Services include consulting and software solutions for health care operators and health counseling for the public.

Trigon Capital logo

Trigon Capital

Trigon Capital is a leading Central and Eastern European investment bank. The services include asset management, direct investments and corporate finance advisory. Trigon Capital operates throughout CEE, Russia and the Ukraine with offices in Tallinn, Warsaw, Riga, Vilnius and St. Petersburg. Hermitage and Trigon Capital have a co-operation agreement, whereby Hermitage markets Trigon Capital's services. Hermitage is a 10% owner of Trigon Capital.

Trigon Agri logo

Trigon Agri

Hermitage is one of the founding partners of Trigon Agri. Trigon Agri A/S is an integrated soft commodities producer (operating commercial cereals and dairy farms), storage provider and trader with operations in the Ukraine, Russia and Estonia. Trigon Agri is listed on the Stockholm Stock Exchange.

Vicus logo


Vicus is a real estate development and investment company operating in Russia, the Ukraine and the Baltic States. Vicus invests primarily in logistics, office and retail premises and premises for (light) industrial purposes.

Erottajankatu 11 A 16
00130 Helsinki
Tel. +358-9-681-81-80
Fax +358-9-681-81-880