capman
About us
Nordic roots, global handprint
CapMan is a leading private asset management company in the Nordic region. We are a responsible, active owner focused on creating value in real estate, infrastructure, natural capital, and unlisted companies. Our Nordic roots go back more than 35 years and our handprint and networks are global.
Value creation
We build better organised, managed, and financially stable companies to contribute to overall economic well-being. More jobs and innovations equal better conditions for society. Similarly, we invest in real estate, infrastructure and natural capital. Functional high-quality environments, utilities and a thriving nature are cornerstones for functioning societies.
For growing businesses
Capital, strategic expertise and solid advisor networks.
For Nordic communities
Functional high-quality environments and utilities through local real estate and infrastructure investments.
For investors
Attractive returns and innovative solutions through broad access to private assets.
Key figures
35
years of private markets experience
+200
capmanians
7
countries
€7.2
billion in assets under management
Our history
CapMan was founded in Finland in 1989 with a clear ambition: to build a leading private assets firm rooted in Nordic values, long‑term thinking and active ownership. Over the decades, we have grown, diversified and expanded across the region, while staying true to our origins and our role as a Nordic pioneer in private markets.
1989
a Nordic pioneer
Risk capital arrives in Europe from the U.S., boosting interest in unlisted companies in Finland. CapMan is founded through the co‑operation of Finnish banks KOP, Pohjola, and Programator, with a focus on analysing unlisted companies. The first employees are Tuomo Raasio and Ari Tolppanen.
1990
First fund and investment
CapMan launches its first fund, Finnventure I, one of the earliest venture funds in the Nordics. The fund raises FIM 66 million (about EUR 11 million), and the first investment is made in the Kuusamon Tropiikki hotel & spa.
1993
Management buyout
CapMan’s entrepreneurial partners and first employees CEO Ari Tolppanen, Vesa Vanha-Honko, Tuomo Raasio and Olli Liitola acquire CapMan’s entire equity. The following year CapMan launches its second fund, attracting major Finnish institutional investors.
1994
Going east
CapMan establishes Alliance ScanEast Fund L.P., focused on Eastern Europe. The fund invests USD 19 million in seven companies across Poland, the Baltics and Russia.
1995
Fund-of-fund and mezzanine pioneer
CapMan helps establish Access Capital Partners, anticipating the growth of fund‑of‑funds. The company also expands into mezzanine financing, opening new investment opportunities for Finnish pension funds. Capital under management reaches FIM 400 million (about EUR 70 million), and CapMan grows to 30 employees.
1999
Technology boom
CapMan partners with Alta Berkley Associates to invest in European tech and becomes the first private equity investor to list technology companies on the Helsinki Stock Exchange. Aldata and Satama Interactive go public, and CapMan’s investment in Iobox is sold to Telefónica in 2000.
2001
IPO
CapMan is listed on the Helsinki Stock Exchange, becoming one of the world’s first publicly traded private equity firms.
2004
nordic expansion
CapMan expands into Denmark, Sweden and Norway, and its assets under management surpass EUR 1 billion for the first time.
2005
Expansion into real estate
CapMan launches its first real estate fund, driving a 76% increase in assets under management and completing 18 investments in the first year.
2007
Active real estate market
CapMan exits its first real estate fund through one of Europe’s largest portfolio transactions of the time and strengthens its internal service teams to support expansion into new investment areas.
2008
New investment areas
CapMan enters the Russian market by acquiring Norum and launches a fund using an activist investment strategy in Nordic public markets.
2011
CaPS as a pioneering service
CapMan launches CaPS to reduce procurement costs for portfolio companies—becoming the first service of its kind in the Nordics.
2016
Acquisition of Norvestia
CapMan acquires Norvestia, broadening its platform into growth investments and strengthening the link between venture and buyout strategies.
2018
Growth from Infra and Services
CapMan establishes its first Nordic infrastructure fund and expands its service operations into dedicated fundraising, advisory and procurement service units, leveraging decades of private equity expertise.
2019
30 years of growth
CapMan celebrates its 30th anniversary with continued strong growth. The business becomes increasingly versatile with five investment areas and three expanding service businesses. Innovation, new products and strong professional teams shape the company’s strategy.
Strategic expansion
CapMan acquires a majority stake in JAM Advisors, completes its first infrastructure investment in Norwegian ferry and express boat operator Norled and reaches the first closing of its eleventh buyout fund, CapMan Buyout XI.
Our people
We are CapManian’s
CapMan’s success is based on our skilled and motivated personnel. CapMan is a workplace where results are made together. CapManians are united by their ambitious, entrepreneurial attitude and inspired, forward-looking way of working.
We employ approximately 250 people in Helsinki, Stockholm, Copenhagen, Oslo, Luxembourg, London and Düsseldorf.
CAREER AT CAPMAN
At CapMan, you have the chance to make a meaningful impact. As a leading private asset management company in the Nordics, we possess a unique opportunity and responsibility to help our society thrive. Our culture is built on ambition, trust and an entrepreneurial mindset. Learn what it means to be a CapManian – and why many choose to grow their careers with us.
Investments & Wealth management
Trusted access to Nordic investment opportunities
CapMan offers access to Nordic growth through a diversified portfolio backed by decades of investment expertise. We collaborate closely with entrepreneurs to scale promising businesses and create long-term value. Sustainability is embedded in how we invest, guiding us to deliver impact beyond financial performance.
sustainability
Sustainability at the core of value creation
Sustainability is a core driver of long-term value at CapMan. By integrating responsible practices into every stage of the investment process, we help build resilient companies and infrastructure that thrive over time. Our goal is to deliver lasting value for investors while supporting positive development across the Nordic communities we operate in.
Contact us
Do you have a specific question or want to get in touch with our teams? Please drop us a line!
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