Our story

Domestic forerunner (1989 – 2000)


The foundation of CapMan

As the first wave of venture investing hits Europe from the US, interest in unlisted companies emerges in Finland as well. CapMan, a company specialised in company analysis, is born as a result of collaboration between KOP, Pohjola and Programator. Its first employees are Ari Tolppanen and Tuomo Raasio.


First investment

CapMan establishes its first private equity fund, Finnventure Fund I, which was the second risk investment fund ever in Europe. The fund size was approx. €11 million – a considerable amount back in the days. The first investment is made in the Finnish Kuusamo Tropic Spa Resort.


New entrepreneurial owners

CapMan’s entrepreneurial partners and first employees Ari Tolppanen, Vesa Vanha-Honko, Tuomo Raasio and Olli Liitola acquire all shares of CapMan. CapMan’s second fund, which raises capital from domestic banks, insurance companies and foundations, is established soon after in 1994.


The potential of funds of funds

CapMan anticipates the potential of private equity funds of funds and establishes Access Capital Partners, providing institutions with opportunities to diversify their private equity investments further. (Today Access Capital Partners is a leading private equity fund investor.)


A mix of debt and equity

CapMan expands into mezzanine investments and as a result, many pension insurers invest in CapMan’s funds for the first time. Mezzanine becomes a success and funds managed by CapMan exceed €70 million. One of the mezzanine investments is made in Elcoteq.


1995 is an eventful year

As the number of technology investments increase in CapMan’s portfolio, a specialised technology team, CapMan Technology, is set up. Its investments include, among others, Satama Interactive that was later listed on Helsinki Stock Exchange. At the end of the year CapMan has 30 employees.


Trendsetter in Finland

CapMan achieves a dominant market share in the Finnish private equity industry.

Expansion to the Nordics (2001 – 2007)


One of the first listed private equity firms

CapMan is listed on the Helsinki Stock Exchange in 2001 as a global pioneer for listed private equity.


Expansion to the Nordics

CapMan expands its operations to Denmark, Sweden and Norway in 2001-2004 according to its new growth strategy published at the time of listing. CapMan’s funds under management exceed €1 billion for the first time.


First Real Estate fund

In 2005 CapMan established its first real estate fund as a response to the growing investor demand. Growth is rapid: funds under management grow 76% and CapMan completes 9 portfolio company and 18 real estate investments.


Building success stories

In 2006, CapMan exits from several Nordic top companies including Mehiläinen, which grew to become Finland’s leading private health care services provider during CapMan’s ownership.


The real estate market is booming

CapMan exits successfully from CapMan Real Estate I fund's portfolio for €377.5 million.

A more active development of CapMan service platform is initiated to support investment teams’ expansions into new areas.

New investment areas and services (2008 – 2014)


Two new investment teams

CapMan takes two major steps forward in its growth strategy by acquiring Norum, one of the most experienced investment teams in Russia, and establishing a Public Market Fund for investments in Nordic listed companies.


The power of networks

CapMan’s Procurement Services, CaPS, is established in 2011 to drive down CapMan’s portfolio companies’ costs on non-strategic products and services. CaPS is pioneering the concept of centralised procurement for private equity portfolio companies in the Nordic countries.


Experienced private equity investor

CapMan establishes its tenth Buyout fund, second Russia fund and fourth Nordic real estate fund.


CapMan turns 25

CapMan has developed and expanded companies for 25 years. To commemorate, CapMan opens its archives to author Marko Erola. The book "Into the Driver's Seat – Stories About Entrepreneurs and CapMan" is a candid and informative description of CapMan.

Investment company and asset manager (2015 – )


Growth investments

CapMan acquires 28.7% of investment company Norvestia, recognising the potential for expanding the company’s growth investment strategy. CapMan’s internal service teams' have over 10 years of experience in private equity providing an opportunity to offer services also to external clients.


The acquisition of Norvestia completed

CapMan is an investment and specialised asset management company, whose investment strategies cover Buyout, Growth Equity, Real Estate, Russia, Credit, Infrastructure and Tactical Opportunities.

Today CapMan’s services include fund advisory, fund management and purchasing activities (CaPS).