1. Information on funds and portfolio companies presented on these pages
The following pages contain information on the funds managed/advised by CapMan Plc Group and their portfolio companies. The funds’ investors hold a substantial financial interest in the funds, and the funds’ holdings do not directly reflect the financial position of CapMan Plc. The pages do not include information on other holdings of CapMan Group and its affiliated companies. The information is provided for general information purposes only and should not be used as a basis for making business or investment decisions. CapMan disclaims any representation or warranty for the accuracy or completeness of the information that is presented or for the information being up to date.
2. Updates
Information in portfolio company reports is not updated at predetermined intervals. Updates to information presented on portfolio companies in portfolio company reports and fund reports are made in most cases after an investment, follow-on investment or sale or partial sale of a portfolio company. Updates to information presented on monetary fund size and valuation in fund reports are made on a quarterly basis after the publication of an interim report. CapMan accepts no responsibility to update any information in these pages.
3. Key figures
Financial key figures for portfolio companies should not be used to draw direct conclusions about the future realisation value of a single portfolio company. All key figures for portfolio companies are based on information that has been provided by the companies for the latest audited financial period, and CapMan is not liable for the accuracy or completeness of such information or for the information being up to date.
4. Ownership percentage
The share of ownership by a CapMan fund in a portfolio company does not necessarily correspond to the share of the consideration, which is received by the fund if the investment is realised in future. The share of ownership in a portfolio company may have changed after last updates to presented information and it may change in future, for example due to different contract clauses or transactions affecting or diluting ownership. Contract clauses or other stipulations may also apply to the distribution of payment received from a portfolio company or from the sale of a portfolio company, in which case payment may be distributed on a different basis than share of ownership.
5. Holding companies
In some cases the portfolio company is owned via a separate holding company. The holding company may have taken debt financing for the investment, which may significantly impact the final return on investment.
6. Relationship between information on portfolio companies and CapMan Plc Group’s result
The profitability of CapMan’s business is influenced by the success of funds and whether the funds begin to generate carried interest. The payment of carried interest income from a fund to CapMan requires that the fund’s investments as a whole have returned a preferential return to the fund’s investors, as is agreed for each fund. One fund typically constitutes 10–20 investments, so the successfulness of a fund and the fund’s transfer to a stage where it starts to generate carried interest are not dependent on the success or loss of a single investment.
In many cases an investment in a portfolio company is made from different funds. In that case, CapMan’s potential share of the return on a single investment also depends on which funds have invested in the company in question and whether or not the funds are generating carried interest. If a fund is not generating carried interest (or if it will not begin to generate carried interest as of the realisation of the investment in question) the entire return that is received on realisation of an investment accrues for the benefit of the fund’s investors, in which case the realisation of the investment does not have any immediate impact on CapMan’s result. Therefore a clearly profitable investment may not necessarily entitle CapMan to carried interest income, if the other investment activity of the fund in question has generated a loss or has not been sufficiently profitable or if a substantial portion of investments by the fund in question are yet to be realised. Then again, an investment that is realised at a loss may entitle CapMan to carried interest income, if earlier investments of the fund in question have been realised at a profit.
7. General disclaimer
These terms and conditions are in addition to the general terms and conditions of this website.
8. Governing law
The terms and conditions of this disclaimer are governed by Finnish law.