Investment funds typically mean funds that are marketed openly and accept investments on a continuous basis. Private equity funds, in turn, mean funds that are marketed at a restricted investor group and that generally do not accept new investments after the subscription period. These funds can also be referred to as open-end funds and closed-end funds.
Pursuant to Guideline ECB/2014/15 (as amended by Guidelines ECB/2014/43, ECB/2015/44 and ECB/2018/17), the Bank of Finland classifies investment funds in the following fund categories: equity funds, bond funds, mixed funds, hedge funds, real estate funds and other funds. The tables also include data on money market funds even though these are classified in the monetary financial institutions (MFI) sector and are therefore also included in the aggregated MFI balance sheet and monetary aggregates.
Private equity funds are broken down into equity funds, real estate funds, hedge funds and other funds. In addition, the Bank of Finland further subdivides equity funds into buyout funds and venture capital funds.
The Bank of Finland collects investment fund data on a monthly basis and publishes the data within a month following the end of the reporting period. Data on private equity funds, in turn, are collected on a quarterly basis and are published within two months following the end of the reporting period.