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Under the Securities Act the term “U.S. person" means:

i.Any natural person resident in the United States;
ii.Any partnership or corporation organized or incorporated under the laws of the United States;
iii.Any estate of which any executor or administrator is a U.S. person;
iv.Any trust of which any trustee is a U.S. person;
v.Any agency or branch of a foreign entity located in the United States;
vi.Any non-discretionary account or similar account (other than an estate or trust) held by a dealer or other fiduciary for the benefit or account of a U.S. person;
vii.Any discretionary account or similar account (other than an estate or trust) held by a dealer or other fiduciary organized, incorporated, or (if an individual) resident in the United States; and
viii.Any partnership or corporation if: (A)Organized or incorporated under the laws of any foreign jurisdiction; and (B)Formed by a U.S. person principally for the purpose of investing in securities not registered under the Act, unless it is organized or incorporated, and owned, by accredited investors (as defined in Rule 501(a)) who are not natural persons, estates or trusts.

The definitions of column headings in the fund table

Established/generating carried interest since
Year when the fund was established or was transferred to carry.

Fund size (Private Equity funds)
Total capital committed to the fund by investors, i.e. the original size of the fund.

Investment capacity (Real Estate funds)
The fund’s original investment capacity taking into account investors’ commitments and the agreed debt financing.

Capital under management
Capital under management refers to the remaining investment capacity of funds and capital already invested at acquisition cost. Capital increases as fundraising for new funds progresses and declines as exits are made. The calculation of the capital under management by real estate funds does not take account of uninvested loan capital for which no management fee is payable under fund agreements.

Paid-in capital
Total capital paid into the fund by investors by the end of the reporting period. For real estate funds also the available debt is disclosed.

Remaining commitment
Difference between the original size of the fund and the paid-in capital. In real estate funds also the difference between original and used debt capacity is disclosed. In most cases the remaining commitment equals the remaining capital that the fund has available for new investments and expenses (incl. management fees).

Fund's current portfolio at cost
The acquisition cost of the fund's investments.

Fund’s current portfolio at fair value
The funds' investments in portfolio companies are valued at fair value in accordance with the International Private Equity and Venture Capital Valuation guidelines (IPEVG). The fair value of funds’ investments in real estate is based on appraisements by external experts. The valuation principles for determining fair value are described here.

When analysing the schedule for funds to start generating carried interest, the relationship between distributed cash flows and the investors paid-in capital should be compared.

Net cash assets
When assessing an investor’s share, the fund’s net cash assets must be taken into account as well as the fair value of its portfolio. The net cash assets of the real estate funds do not include senior debt, which is presented in a separate row in the table.

Distributed cash flow
For investors, cash flow means repayments of the paid-in capital as well as profits distributed by funds. For a management company, cash flow means the aggregate cash flow received by the management company from the fund (carried interest) by the end of the reporting period.

Hurdle rate, IRR % p.a.
To transfer to carry, a fund must return paid-in capital and pay a prefential annual return on this (hurdle rate, typically 8% IRR p.a.). After the fund has transferred to carry, all cash flows are distributed between investors and the management company. It is however important to remember that if any new capital is paid-in it needs to be repaid as well as the preferential return on it before further carried interest is paid.

CapMan's share of cash flow, if the fund generates carried interest
When a fund is generating carried interest, the management company receives carried interest income from all of the fund's cash flows even if an exit was made at lower value than its acquisition cost. A typical distribution of carried interest income is 80% to investors, and 20% to the management company and the investment team. CapMan's share (net) of a fund's cash flow when it is in carry is presented on the fund table on Key figures for funds page.

Key figures for funds

The definitions of column headings in the fund table

Investment teams

CapMan Group

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