The CapMan Group is comprised of CapMan Plc and its subsidiaries and associated companies.
CapMan has subsidiaries in Finland, Sweden, Guernsey, Luxembourg, the United Kingdom, and Cyprus. These subsidiaries act as fund management and/or advisory companies for Group’s funds making direct investments in portfolio companies or in real estate assets. The voting power in the most of the subsidiaries is 100%-owned by CapMan. CapMan’s most significant associated company is Maneq Investments Luxembourg S.à r.l. All CapMan’s subsidiaries and associated companies are listed in the Notes to the Accounts in the Financial Statements.
The Group has two operating segments: the management company and services business and Investment business. The management company and services business is subdivided into two business areas: CapMan Private Equity, which manages funds that invest in portfolio companies, and CapMan Real Estate, which manages funds that invest in real estate. Investments by CapMan funds investing in portfolio companies focus on two key investment areas in the Nordic countries and on one investment area in Russia. The investment areas are middle market buyouts (CapMan Buyout), investments in mid-sized companies operating in Russia (CapMan Russia) and mezzanine and private debt investments (CapMan Credit/Nest Capital). The investment focus of CapMan's real estate funds is on real estate properties in the Nordic countries. The Group has nominated teams for each investment area. The investment teams are responsible for identifying new investment opportunities, making investment proposals, supporting the value creation of portfolio companies or real estate assets, and carrying out exit projects. CapMan has furthermore two other investment areas (CapMan Technology and CapMan Life Science), which do not make new investments but focus on developing the value of their existing portfolio companies.
In the end of 2016, CapMan increased its holding in Norvestia Plc from 28.7 per cent to 92.5 per cent by consummating a voluntary public exchange offer for all of Norvestia Oyj’s shares and securities entitling to shares. CapMan commenced the redemption proceedings in the beginning of 2017 in order to redempt the rest of the Norvestia’s shares. Norvestia’s investment operations consists of two parts; market investments in Nordic listed equity, funds and bonds and growth investments in Nordic unlisted and growth-oriented listed companies as well as private equity funds. From now on, these two investments areas will operate as part of CapMan Group.
The Group’s management company and service segment also includes three service teams: (1) Scala Fund Advisory, (2) Fund management, including Back Office and Legal, and (3) CapMan Procurement Services (CAPS). In addition, the Group has Finance, IT, Communications and Human Resources functions.