This paper includes general and short information on the Finnish Real Estate market. It clarifies the role of private Finnish pension insurance companies in the real estate market in Finland. The purpose of this study is to figure out indirect real estate investment in investment portfolios of Finnish private pension insurance companies. In this paper the private insurance companies mean the following five private pension insurance companies; Etera Mutual Pension Insurance Company, Ilmarinen Mutual Pension Insurance Company, Tapiola Mutual Pension Insurance Company, Varma Mutual Pension Insurance Company and Pension-Fennia. This study reveals how much Finnish private pension insurance companies invest to indirect real estate investments in 2005/2006 and also presents changes in their allocations. The study shows how new financial solidity instruction guides affects to investment strategies between Finnish and abroad investments.