Key figures for funds

Sub-funds are presented separately if their investment focus or portfolios differ significantly. To give guidance on the earnings potential of the funds from CapMan Plc shareholders' point of view the funds are divided into four categories according to their carried interest status stage. Real estate funds are presented separately. For more information on funds, please see the links on the right.  

 

Definitions for column headings of the table below can be read here.

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Historical fund data

How to interpret the fund figures?

Managed funds

CapMan Group funds as at 31 March 2013

Private equity funds, € million

      
 
Year of establishment
Committed capital
*
Capital under manage-
ment
**
Paid-in
capital
***
Remaining commit-
ment
****
Fund's current portfolio
Net cash
assets
*****
Distributed cash flow
******
Amount of cash flow needed to transfer the fund to carry as of 31 March 2013
*******
CapMan’s share of cash flow, if the fund generates carried interest
at
cost
at fair
value
****
to investors
to
management company
(carried interest)

Funds generating carried interest

                

Fenno Ohjelma 1), Finnmezzanine II B, Finnmezzanine III B, Finnventure V and
CapMan Equity VII B 7)

 1997
1998
1999
2000
2002		                      

Total

  

314.5

44.9

308.8

5.7

29.4

23.9

4.4

494.3

19.6

    
                         

Funds in exit and value creation phase

    

Finnmezzanine III A

2000

101.4

19.0

100.6

0.8

18.4

13.2

2.2

126.7

  

4.1

20%

CapMan Equity VII A 7)

2002

156.7

64.2

156.7

0.0

47.7

43.4

7.6

183.7

  

34.0

15%

CapMan Equity VII Sweden 7)

2002

67.0

27.5

67.0

0.0

20.4

18.6

3.3

78.0

  

16.0

15%

CapMan Buyout VIII 2) 7)

 2005

440.0

356.6

395.6

44.4

252.4

309.0

1.4

169.6

   385.6 12%

CapMan Life Science IV

 2006

54.1

43.2

53.9

0.2

34.7

38.9

0.2

13.2

   58.5 10%

CapMan Technology 2007 2)

2007

99.6

85.6

73.9

25.7

40.7

61.8

1.8

10.3

   90.0 10%

CapMan Public Market

 2008

138.0

133.3

131.8

6.2

98.8

138.8

0.4

61.8

   115.5 10%

CapMan Russia fund

2008

118.1

107.6

97.7

20.4

 70.3

94.8

0.8

0.4

   119.6

3.4%

 CapMan Buyout IX

2009 

294.6

  292.8

 260.4

34.2

217.4

286.0

3.1

13.4

   289.8

10%

Total

  

1,469.5

1,129.8

1,337.6

131.9

800.8

1004.5 

20.8 

657.1

      
                         

Funds in active investment phase

            

CapMan Mezzanine V

2010

95.0

95.0

29.4

65.6

26.8

31.5

1.2

 2.3    

10%

CapMan Buyout X

2012

 151.8

151.8

3.1

148.7

 0.0

 0.0

 1.4

 0.0    

 8%

CapMan Russia II Fund

2013 

97.2

97.2

0.0 

97.2

0.0 

 0.0

 0.0

 0.0     

8% 

Total

  

344.0

344.0

32.5

311.5

26.8

31.5

2.6

2.3

      
                         

Funds with no carried interest potential to CapMan

         

Funds with no carried interest
potential to CapMan4)


588.6


241.4


563.2


25.4


148.6


120.2


7.7


421.4

      
                         

Total private equity funds

2,716.6

1,760.1

2,242.1

474.5

1005.6

1,180.1

35.5

1,575.1

19.6

    

 

 

Real estate funds, M€

          
 
Established
  
Investment capacity
*
Capital under management
**
Paid-in
capital
***
Remaining
commitment
****
Fund's current portfolio
Net cash assets
******
Distributed cash flow
*******
Amount of cash flow needed to transfer the fund to carry as of 31 March 2013
*******
CapMan’s share of cash flow, if the fund generates carried interest
at cost
at fair value
*****
to investors
to management company
(carried interest)

Funds in exit and value creation phase

                  

CapMan Real Estate I 6)

2005

Equity and bonds

200.0

  

188.5

11.5

60.4

43.6

  

207.8

27.4

 71.7

26%
   

Debt financing

300.0

  

276.6

23.4

70.5

70.5

          
   

Total

500.0

132.1

465.1

34.9

130.9

114.1

2.5

207.8

27.4

    
                           

CapMan RE II

2006

Equity

150.0

  

119.7

30.3

110.4

117.9

  

23.4

   153.0

12%
   

Debt financing

450.0

  

285.4

164.6

224.3

224.3

          
   

Total

600.0

419.7

405.1

194.9

334.7

342.2

-0.2

23.4

      
                           

CapMan Hotels RE

 2008 Equity 332.5   319.9 12.6 371.4 309.1   48.7   401.4 12%
   

Debt financing

 617.5   542.6

74.9

 506.5 506.5          
    Total 950.0 875.1 862.5 87.5 877.9 815.6 1.2 48.7      
                           

Project-specific fund

2010

Equity

5.0

  

3.5

1.5

3.5

6.2

   1.0    3.1

10%
   

Debt financing

8.0

  

8.0

0.0

7.8

7.8

          
   

Total

13.0

13.0

11.5

1.5

11.3

14.0

0.1

 1.0      
                           

Funds in exit and value creation phase in total

2,063.0

1,439.9

1,744.2

318.8

1,354.8

1,285.9

3.6

280.9

  27.4    
                           
Funds in active investment phase                  
                           
CapMan Nordic Real Estate  2013 Equity 50.1    0.0  50.1 0.0 0.0   0.0      
   

Debt financing

 74.9   0.0  74.9 0.0 0.0   0.0      
   

Total

 125.0 50.1 0.0  125.0 0.0 0.0 0.0  0.0      
                           
Funds in active investment phase in total     125.0  50.1  0.0  125.0  0.0  0.0  0.0  0.0      
                           
Real estate funds total 2,188.0 1,490.0 1,744.2 443.8 1,354.8 1,285.9 3.6 280.9 27.4    
                           

All funds total

  

4,904.6

3,250.1

3,986.3

918.3

2,360.4

2,466.0

39.1

1,856.0

47.0

    

 

Definitions for column headings

*

Total capital committed to the fund by investors, i.e. the original size of the fund. For real estate funds, investment capacity also includes the share of debt financing used by the fund.

**

The sum of original equity commitments and exits at cost. In real estate funds current capital under management includes fee generating invested loan capital.

***

Total capital paid into the fund by investors at the end of the review period.

****

Investors' remaining investment commitment to the fund.

*****

The funds' investments in portfolio companies are valued at fair value in accordance with IPEVG (International Private Equity and Venture Capital Valuation Guidelines,
www.privateequityvaluation.com) and investments in real estate assets are valued in accordance with the the value appraisements of external experts. The fair value is the amount
for which an asset could be exchanged between knowledgeable, willing parties in an arm's length transaction. Due to the nature of private equity investment activities, the funds'
portfolios contain investment targets with a fair value that exceeds their aquisition cost as well as investment targets with a fair value less than the acquisition cost.

******

When calculating the value of the portfolio, the fund's net cash assets must be taken into account in addition to the portfolio at fair value. Real estate funds' shares of debt
financing are resented in separate rows in the table.

*******

When the return of a fund has exceeded a required cumulative return target, the management company is entitled to a share of the cash flow from the funds (carried interest).
Cash flow includes both the distribution of profits and distribution of capital. When assessing the cash flow a fund needs in order to start generating carried interest, it should
be noted that the capital of some funds has not yet been called and paid-in. After the previous distribution of profits, any new capital called in, as well as any annual preferential
returns on it, must however be returned to investors before the new distribution of profits is paid.

********

 This cash flow refers to the profit distributed by funds and the capital they pay back to investors. The figure indicates the size of the cash flow that must be returned to
investors as of the end of the reporting period to enable a fund to transfer to carry. A fund's carry potential can be evaluated by comparing this figure to the fair value of its portfolio.

Definitions for footnotes

Definitions for footnotes

1) Fenno Fund and Skandia I together form the Fenno Program, which is jointly managed with Fenno Management Oy.
2) The fund is comprised of two or more legal entities (parallel funds are presented separately only if their  investment focuses or portfolios differ significantly).           
3) Currency items are valued at the average exchange rates quoted at 31 March 2013.         
4) Funds with limited carried interest potential for CapMan: Finnventure Fund IV, Finnventure Fund V ET, Swedestart Life Science 3), Swedestart Tech 2) 3), Finnmezzanine Fund II A, C and D 2), Finnmezzanine III C, CapMan Equity VII C and CapMan Mezzanine IV 5).
5) CapMan Mezzanine IV: The paid-in capital includes a MEUR 192  bond issued by Leverator Plc. Distributed cash flow includes payments to both  bond subscribers and to the fund´s partners.
6) CapMan Real Estate I: Distributed cash flow includes repayment of the bonds and cash flow to the fund´s partners. Following the previous payment of carried interest, a total of MEUR 42.3 in paid-in capital had not yet been returned to investors. This capital, together with the annual income entitlement payable on it, must be paid to investors before further carried interest can be  distributed. CapMan's management considers it unlikely, in the light of the market situation, that further carried interest will be provided by the CapMan Real Estate I fund. As a result, the fund has been transferred from those funds in carry. A total of some MEUR 6 of carried interest was not entered in CapMan’s profit in 2007 but instead left in reserve in case that some of the carried interest would have to be returned to investors in future. 
7) CapMan Group's Board of Directors made a decision early 2012 to increase Buyout investment teams' share of carried interest to better
reflect the prevailing industry practices. In CapMan Buyout VIII fund the investment team's share is approximately 40%, and in CapMan Equity VII funds
the investment team's share is approximately 25%

Investment teams

CapMan Group

CaPS