Definition of capital under management
Capital under management will refer to funds' remaining investment capacity and capital already invested at acquisition cost. The figure excludes capital from which the funds have already exited. At the end of March 2012, altogether €1,590.3 million of the capital under CapMan's management was in private equity funds that invest in portfolio companies, and €1,433.9 million in real estate funds.
The capital in funds making investments in portfolio companies is divided into equity funds and mezzanine funds. At the end of March 2012 capital in equity funds amounted to €1,287.3 million, and in mezzanine funds to €303.0 million.
The capital under management increases with new funds raised and declines through exits. Return expectations are directed to the capital under management both in the form of management fees and any possible carried interest.
The terms funds under management or original capital of a fund are used to refer to the original size of a fund, including capital from which the fund has already exited. The tables below set out the development of capital under management and of funds under management in euro terms 2003 to 2011.
Capital under management has grown between 2003 and 2011 by an average 19.2% a year.
Capital and funds under management 2003 - 2011, MEUR
|
Capital under |
|
Funds under |
|
|
|
31 Dec 2011 |
3,065.0 |
-5.2% |
4,521.5 |
0.6 |
|
31 Dec 2010 |
3,231.1 |
4.5% |
4,493.8 |
2.4% |
|
31 Dec 2009 |
3,285.0 |
2.8% |
4,389.1 |
3.2% |
|
31 Dec 2008 |
3,143.1 |
81.7% |
4,252.4 |
40.9% |
|
31 Dec 2007 |
1,730.1 |
-3.5% |
3,016.7 |
18.6% |
|
31 Dec 2006 |
1,793.5 |
7.6% |
2,544.4 |
17.1% |
|
31 Dec 2005 |
1,666.5 |
58.5% |
2,173.4 |
70.6% |
|
31 Dec 2004 |
1,051.4 |
7.3% |
1,274.1 |
10.5% |
|
31 Dec 2003 |
980.1 |
1,153.0 |