Mezzanine funds

At the moment CapMan manages three mezzanine funds, which make investments in mainly unquoted Nordic companies. Of the funds Finnmezzanine Fund II B is already generating carried interest.

The funds' key figures and investments are presented for each fund on separate fund data sheets. To see the fund information, please select a fund from the drop-down menu on the left. Parallel funds are presented separately.

Guidelines for interpreting the information on fund data sheets

In case of mezzanine funds, the management fees typically are between 1.25-1.5% p.a. of the capital in the funds (total commitments or portfolio at cost).

The hurdle rates presented in the fund data sheets describe either the first hurdle rate to be reached before the fund starts to generate carried interest (funds not yet in carry) or the next hurdle rate to be reached (funds already in carry). The hurdle rate is not disclosed if the fund is already in carry and there are no remaining hurdle rates to be reached. 

In case of mezzanine funds, the management company’s share of carried interest is typically 20 to 25% of the fund’s cash flow. Carried interest rate describes the current carried interest rate (funds already in carry) or the first carried interest rate after the hurdle rate is met (funds not yet in carry). CapMan’s share of the carried interest income is presented separately. In funds established in 2004 or later, CapMan shares carried interest income with the specific investment team in question.

Please see Components of income for further information on management fees and carried interest.