Regarding the competitive landscape, when talking about small, fairly local operations, it’s best to simply set aside those global giants who are playing a completely different game. There are many players in the Finnish VC scene, but at the same time, the market is in quite a boom, so there is definitely room for good teams. Ultimately, competitive advantage always comes down to the team. Their credibility will be tested in H2, when they start raising the next VC fund together with NSI. Based on current information, I have no meaningful way to evaluate the competence of the NSI team, as the track record from their only fund is short and I haven’t met them before.
Regarding PC (Private Credit), it’s impossible to say much yet, as the team and product structure are still unknown. let’s come back to this in the fall when we have more concrete details 
P.S. Regarding the previous discussion, I want to remind you that the NSI deal is actually structured quite smartly; if the fundraising target isn’t reached, the parties have the right to cancel the deal. Conversely, if the fundraising is successful, Taaleri will likely pay a fair price for NSI, which is certainly more than justified at this stage. The scenario where NSI’s fundraising fails and Taaleri is left in “limbo” with NSI has therefore been addressed.