Nordic roots, global handprint
CapMan is a leading Nordic private assets management and investment company. We have built value in unlisted businesses, real estate and infrastructure for over 30 years. We serve investors in the private assets class on a broad scale. Our roots are Nordic but our handprint and our networks are global.
We build value for the enrichment of society.
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 and infrastructure. Functional high-quality environments and utilities 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
Attractive returns and innovative solutions through broad access to private assets
1989: A Nordic pioneer
Risk capital lands in Europe from the United States and there is a growing interest for unlisted companies also in Finland. CapMan is born out of the co-operation between Finnish banks KOP and Pohjola and Programator and focuses on the analysis of unlisted companies. The first employees are Tuomo Raasio and Ari Tolppanen.
1990: First fund and investment
CapMan’s first fund, Finnventure I, is the second venture fund ever established in the Nordic countries. The fund raised a total of FIM 66 million (equivalent of approx. EUR 11 million) in 1990, which was a considerable amount at the time. The first investment is made in the Kuusamon tropiikki hotel & spa in Northeastern Finland.
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. CapMan’s second fund is established in 1994 and attracts Finnish banks, insurance companies and foundations among its investors.
1994: Going East
CapMan’s Eastern European fund, Alliance ScanEast Fund L.P., was established in 1994. The fund has invested a total of USD 19 million in seven companies in Poland, the Baltic States and Russia.
1995: Fund-of-fund and mezzanine pioneer
1995 is an eventful year. CapMan forsees the appeal of fund-of-funds and is involved in the establishment of Access Capital Partners. Today, Access is a leading investor in European private equity funds.
CapMan expands its operations into mezzanine, providing financing between equity and debt. Mezzanine enables several Finnish pension funds to invest in CapMan’s funds. CapMan’s capital under management grows to FIM 400 million (approx. EUR 70 million). By the end of the year, CapMan employs 30 people.
1999: Technology boom
CapMan’s designated Technology team partners up with Alta Berkley Associates in 1997 to invest in European technology companies. CapMan is the first private equity investor to list technology companies on the Helsinki Stock Exchange. Aldata goes public in 1999 and Satama Interactive in 2000. CapMan invests in Iobox in 1999 and sells its holdings to Spanish Telefónica in 2000.
CapMan’s shares are listed on the Helsinki Stock Exchange in April 2001 as one of the first private equity companies to go public in the world.
2004: Nordic expansion
CapMan expands its operations to Denmark, Sweden and Norway in 2001-2004. Capital under management reaches EUR 1 billion for the first time.
2005: Expansion into real estate
CapMan establishes its first real estate fund in response to investor demand and capital under management grows by 76% as a result. CapMan makes 18 real estate investments in total in the first year.
2007: Active real estate market
The real estate market is booming and CapMan exits the first real estate fund following one of the largest portfolio transactions in Europe at the time. At the same time, CapMan develops its internal service teams in order to improve its ability to expand into new investment areas.
2008: New investment areas as part of the CapMan family
CapMan expands into Russia through the acqusition of Norum, a seasoned private equity investor, and establishes a fund deploying an activist investment strategy in Nordic public markets.
2009: €3.2 billion in AUM
CapMan’s capital under management exceeds EUR 3.2 billion.
2011: CaPS as a pioneering service
CapMan Procurement Services, CaPS, is established to drive down costs of non-strategic procurement for portfolio companies in CapMan’s funds. The service is the first of its kind in the Nordic countries.
2014: A record number of exits
CapMan exits a total of 12 portfolio companies and real estate, breaking the previous record from 2006.
A book by Marko Erola: “Into the driver’s seat -stories about entrepreneurs and CapMan” commemorates CapMan’s 25 years in business.
2016: Acquisition of Norvestia
CapMan acquires the Finnish investment company Norvestia after taking a minority stake in the business in 2015. The acquisition expands CapMan’s footprint into growth investments, which complete the gap between the venture and buyout field.
2018: Growth from Infra and Services
CapMan starts building an Infra team in 2017 and establishes its first Nordic infrastructure fund in 2018.
CapMan’s service business is carved out into separate business areas focused on fundraising and fund advisory, as well as procurement services. The service business capitalizes on CapMan’s solid experience in private equity.
2019: CapMan 30 years - a Nordic private assets power house
Strong growth continues in 2019 when CapMan celebrates its 30 years of value creation.
CapMan’s business is becoming more versatile with five strong investment areas and three profitable and growing service businesses. New products, innovative service solutions, and solid professional teams are the key drivers of our growth strategy.
The year has been active across our business segments. In 2019, CapMan acquired the majority of reporting, analytics and wealth management firm JAM Advisors to complement its service offering. CapMan Nordic Infrastructure I fund made its first investment in the leading Norwegian ferry and express boat operator Norled and CapMan Buyout held the first closing of its eleventh fund, CapMan Buyout XI.