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Finnish state investment vehicle Teollisuussijoitus (Finnish Industry Investment) returned to strong profits in 2015, boosted by rising valuations and successful exits.

Finnish Industry Investment (FII) turned to a pretax profit of 86 million euros in 2015 from a loss of 26 million a year earlier.

Foreign investments into Finnish startups and economy have been high when taking into consideration its population of just over 5 million, but FII warned that foreign investors have become more careful.

“International capital investments where made into Finland more selectively than in previous years,” it said in a statement.

FII’s direct investments and commitments rose 14 percent from a year earlier to 93 million euros.

FII manages assets worth 1 billion euros.

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