CapMan in 2023

Acquisition of Dasos Capital further strengthens CapMan’s focus on Real Assets and our strategic objective

At the end of 2023 CapMan acquired Dasos Capital Oy, an asset management company focusing on sustainable timberland investment, and expanded its activities into natural capital. This further strengthened our Real Assets investment focus that includes real estate, infrastructure and also timberland and natural capital.

The acquisition also supports CapMan’s vision of becoming the most responsible private asset company in the Nordics and significantly promotes CapMan’s strategic objective to increase assets under management to EUR 10 billion during the ongoing strategy period.

Focus on net-zero validation and the establishment of a nature-positive framework

In 2023 the Science Based Targets initiative (SBTi) validated CapMan’s target to reduce absolute Scope 1 and 2 GHG emissions 51% by 2032 from a 2021 base year. As a natural progression, we have also committed to achieving net-zero emissions by 2040 and to manage our real estate and infrastructure assets and portfolio companies in line with net-zero by 2040 at the latest, a decade earlier than the global target of 2050.

Although working proactively towards climate goals is important, it is not enough. For long-term sustainable operations we need to stay within the planetary boundaries, which represent the critical processes within which humans can thrive. As a solution, we are therefore one of the first in our industry to launch an initiative to promote nature-positive business models across all our investment areas.

Our investment strategies continued to demonstrate strong development in 2023

• Infra made three investments during 2023 from its second fund.
• Growth exited Coronaria and invested in Silmäasema.
• Real estate invested in a Swedish logistics centre project and residential properties in Copenhagen and the Helsinki area, as well as exited warehouse and industrial properties in Denmark and Sweden.
• Buyout exited Malte Månson and continues to realise value from the portfolio.
• Special Situations closed its first fund and invested in Aro
  Systems.
• Nest Capital made three new investments during the year and exited one investment.

CapMan’s ability to attract international capital supports growth targets

Despite a more challenging fundraising market, we succeeded in expanding our customer base even further among international institutional investors. During 2023, we raised nearly MEUR 400 in new assets under management.

Over half of the capital raised came from outside the Nordic countries and about a third from investors who made their first investment in a CapMan fund. This is a testament to the strong value creation of our funds, the ability to realise value for investors, and to make new and attractive investments despite the slow transaction market and uncertain operating environment.

CapMan Nordic Infrastructure II fund reached MEUR 272 at the end of 2023. CapMan established a new CapMan Social Real Estate fund at the end of 2023, which targets MEUR 500 of equity commitments and total investment capacity of nearly EUR 1 billion over the coming years. 

The work towards diversity, equity, and inclusion continued throughout 2023

In 2023 CapMan established an internal working group that focuses on discussing and highlighting pertinent Diversity, Equity & Inclusion (DEI) issues across the organization. Composed of various members across teams, functions, seniorities and geographic locations, the DEI working group provides practical guidelines and recommendations to management in biannual workshops.

The DEI working group is sponsored by the Audit and Risk Committee Chair of CapMan’s Board of Directors. The goal is to continuously increase diversity, equity and inclusion across CapMan, especially on a decision-making level, including Management Group, investment professionals and partners.