Fund returns to investors

This page describes the value creation development of the Private Equity and Real Estate investments in our funds' portfolios and returns to our fund investors.

Demonstrated value creation capability

The below graph demonstrates the average value creation development of the Private Equity and Real Estate investments in our funds' portfolios during CapMan's holding period (as at 30 June 2015). The average return multiple for Private Equity investments is 2.4x and for Real Estate 1,9x.

*  89 exits by Buyout, Russia and Public Market funds (equity).  Incl. dividends, interest income and sales revenue. Incl. exits made by Norum and by Alliance ScanEast Fund  in Russia. Indexed (time of investment =100).

 

**  31 exits from CapMan Real Estate I, CapMan Real Estate II, and Yrjönkatu 17 funds as well as 4 exits by NEP Partners. The figures have been calculated for the  invested  equity capital  (equity and  bond) incl. net rental income.  Indexed (time of investment =100).

 

The funds' returns as at 31 December 2014

CapMan publishes annually the return figures for the funds it manages. These figures indicate the return to investors taking into account the funds' costs etc. which are not included on investment areas' track record (investments' aggragate money back multiples). The funds established 2012-2014 are excluded from the analysis because they are not comparable with more mature funds due to their short operating history.


Latest data on IRR's and return multiples is presented in the table below. Figures for previous years here.

 

 

Fund Operations started/
ended *
Size of fund
MEUR
Paid-in-capital
MEUR
Investors' share
(distribution+
portfolio)
MEUR
Net return
to investors **
IRR
Distributions+
portfolio
/paid-in capital
multiple
 
Terminated funds
Finnventure Fund I 1990-2005 11.1 11.1 32.9 15.4 % 3.0
Fenno Program / Other 2001-2004 6.0 6.0 38.6 73.7 % 6.4
Swedestart II 1997-2006 26.2 26.2 171.1 168.5 % 6.5
Alliance ScanEast Fund L.P. 1994-2006 21.5 21.5 39.1 9.1 % 1.8
Finnventure Fund II 1994-2010 11.9 11.9 41.8 55.7 % 3.5
Finnmezzanine Rahasto I 1995-2010 31.4 31.4 52.0 17.5 %  1.7
Finnventure Fund III 1996-2010 29.7 29.7 117.0 63.0 % 3.9
Fenno Program / Skandia II 2001-2011 8.1 8.1 26.9 44.4 % 3.3
Fenno Program / Fenno Fund 1997-2014 42.5 42.5 88.5 15.1 % 2.1
Finnmezzanine Rahasto II A 1998-2014 20.4 20.4 25.2 4.1 % 1.2
Finnmezzanine Rahasto II B 1998-2014 17.0 15.8 21.8 7.8 % 1.4
Finnmezzanine Rahasto II C 1998-2014 34.0 34.0 42.3 4.3 %  1.2
Finnmezzanine Rahasto II D 1998-2014 17.0 17.0 18.3 1.9 % 1.1
Finnventure Fund IV 1998-2014 59.5 59.5 75.6 4.1 %  1.3
Finnventure Fund V ET 2000-2014 34.0 34.0 14.4 0.4
CapMan Yrjönkatu 174) 2010-2014 5.0 3.5 10.3   40.2 % 2.9
 
Funds over 5 years old
Fenno Program / Skandia I 1997 8.4 8.4 12.8 16.6 % 1.5
Finnventure Fund V 1999 169.9 165.7 265.3 10.4 % 1.6
Finnmezzanine Rahasto III A 2000 101.4 100.6 150.6  8.9 %  1.4
Finnmezzanine Rahasto III B 2000 20.2 19.9 31.3  11.9 %  1.5
Finnmezzanine Rahasto III C 2000 13.9 13.9 18.4  5.6 %  1.3
Swedestart Tech 2001 81.7 68.0 51.0 - 0.7
Swedestart Life Science 2001 49.0 48.7 13.4 - 0.2
CapMan Equity VII A 2002 156.7 156.7 238.6 9.2 % 1.4
CapMan Equity VII B 2002 56.5 56.5 103.4 12.3 % 1.8
CapMan Equity VII C 2002 23.1 21.4 16.8 - 0.7
CapMan Equity VII KB 2002 67.0 67.0 101.9 8.9 % 1.4
CapMan Mezzanine IV 2004 240.0  230.0 278.6  4.8 %  1.0
CapMan Buyout VIII 2005 440.0 400.1 454.4 2.6 % 0.7
CapMan Real Estate I 1) 2005 200.0 188.5 247.1 16.9 % 1.1
CapMan Life Science IV Fund 2006  54.1 61.5 41.7  -  0.3
CapMan RE II 2) 2006 150.0 128.8 173.9  6.2 %  0.4
CapMan Technology 2007 2007 99.6 77.6 92.2  1.4 %  0.8
CapMan Hotels RE3) 2008 332.5 324.9 381.6 2.7 % 0.2
CapMan Russia Fund 2008 118.1 111.1 112.1 0.2 %  0.2
CapMan Public Market Fund 2008 138.0  133.9 232.5 21.3 %  1.1
 
Funds 2-5 years old
CapMan Buyout IX Fund A 2009 294.6 280.8 280.1 - 0.2
CapMan Mezzanine V 2010  95.0 60.8 72.1 10.5 %  0.5

 

*

The year when operations were started differs with the fund's establishment year for following funds: Finnventure Fund V ET (established in 1999), Swedestart Tech and Swedestart Life Science (established in 2000), Fenno Program / Skandia II and Other (established in 1997).

**

Net return to investors = Internal Rate of Return (IRR) p.a. to investors; cumulative cash flow between investors and fund + portfolio.
1)  CapMan Real Estate I: The size of the fund and paid-in capital include a MEUR 100 bond issued by Real Estate Leverator Oyj. Distributed cash flow includes payback of bond and payments to equity investors. Differing from other tables, the figures do not include senior loan. 
2) CapMan RE II: The size of the fund does not include the senior loan.
3) CapMan Hotels RE: The size of the fund does not include the senior loan.

4)

CapMan Yrjönkatu 17: The size of the fund does not include the senior loan. 

  
Above mentioned investors' share means the portion paid or belonging to the investors less the management company's carried interest and management fees.