CAPEX Advisors Oy

CAPEX Advisors is an advisory firm specializing in the development and financing of investment projects

We work with all parties of the investment projects we are involved in: private and public sectors, investors and financiers. This approach enables us to build competences from various viewpoints and give the best advice to our clients.


Our team has totally over 40 years and several billion euros of experience in development and procurement of investment projects mainly in social and economic infrastructure.

We assist our clients in the development of an overall best implementation model for the realisation and financing of an investment project. Our way of working combines project characteristics and long term goals with local possibilities in the construction- and financing industries.


Range of services

  • Feasibility Studies and due diligence of service agreement-, PPP- and concession structures

  • Financial assessment of a investment projects / PPPs (shadow bid and value-for-money-analysis)

  • Project risk assessment and quantification / financing options analysis

  • Risk transfer analysis and risk assessment.

  • DBM and PPP projects including strategic partnerships.

  • Funding and project finance, debt advisory

  • Procurement process preparation and support of public sector in the bidding/evaluation process

  • Project market dialogue/ marketing and roadshow

  • Financial modeling at different stages of project preparation and lifecycle

Sectors of expertise

  • We work in a range of sectors both in social and economic infrastructure


Our main focus is on:

  • Social infrastructure

  • Transport

  • Urban regeneration

  • Energy, Waste and Water

  • Real estate

  • Broadband

  • Service and concession agreements

  • Project finance




Jon Forssell
+358 50 435 4337

Jon has over 13 years of experience in designing and implementing investment projects and financing models. He has had the opportunity to develop models for financing and service production, risk management, and contract and procurement models in various projects.


Riku Tolvanen
Managing Partner
+358 50 577 2653

Riku has almost 20 years of experience in the planning, procurement, financing and project management of both private and public investment projects in and real estate and infrastructure projects


Tuomas Määttä
+358 40 717 9748

Tuomas has been working for more than 10 years in the implementation of public and private investment projects and financial advisory services. Tuomas has focused in particular on advising public and private customers in social infrastructure and transport infrastructure and project finance related assignments. In addition to project lead roles, Tuomas has extensive experience in financial modeling of projects.


Pekka Neva
+358 50 376 6062

Pekka joined CAPEX Advisors in 2019. He has over 7 years of experience in investment and financial advisory. Pekka has primarily focused on social infrastructure and real estate sector assignments. Pekka has extensive experience from financial planning and modelling, procurement as well as strategic real estate asset management advisory.


Niklas Rikala
Analyst Intern
+358 50 329 5797

Niklas Rikala joined CAPEX Advisors in 2018. Niklas is currently finalizing his Master’s Degree in Economics and Business Administrations at the Aalto University School of Business and has also studied Real Estate Finance at America’s top public research university, the University of Michigan. Before joining CAPEX Advisors Niklas worked at one of Finland’s leading pension insurance companies, Mutual Pension Insurance Company Elo (from 2017).

Niklas specializes in financial modelling and evaluating financing strategies.

Education: Master of Economics and Business Administration, major Finance (Aalto University School of Business, Helsinki and University of Michigan Ross School of Business, Ann Arbor, USA).