We build trust through a transparent approach.

 

CapMan manages funds that invest in private assets. We have raised more than €6 billion in funds since 1989. Approximately 250 Nordic and international institutional investors have invested in funds managed by CapMan, and pension funds and insurance companies are among the largest investors. Most of our fund investors have invested in more than one CapMan fund.

Our principles

Relationships

CapMan emphasises building long-term relationships with its institutional investors. Relationships with our fund investors are best built by providing superior returns and investor services.

Transparency

Through our transparent approach we build trust among the investors. CapMan’s own fund investments are important in aligning its interests with those of the institutional investors.

Global reach

We are determined to further broaden and extend the reach of our international investor community. Our funds are domiciled in Finland, Luxembourg or Guernsey.

 

Valuation principles

Valuation of CapMan funds’ investment targets is based on international valuation guidelines that are widely used and accepted within the industry and investors. CapMan always aims at valuing funds’ investments at their actual value. Fair value is the best estimate for the amount for which an investment could be exchanged on a reporting date in an arm’s length transaction between knowledgeable and willing parties.

CapMan continuously monitors the fair value development of its investments. Portfolio companies are valued four times a year in conjunction with CapMan Plc’s interim financial reporting.

Valuation process

In the first phase of the valuation process investment professionals responsible for portfolio companies, together with the Performance Monitoring team, make proposals on the valuations of investment targets and compile material to support the valuation levels. In the following phase the Group’s Performance Monitoring team, which is independent of the investment teams, checks the correctness of the principles applied in the proposals and the continuity of the principles used between different investment targets and different points of time. The Performance Monitoring team also drafts proposals to the Valuation Committees.

Each fund has its own Valuation Committee. The task of Valuation Committees is to assess valuations and ensure that the same valuation principles are consistently applied in all portfolio companies, and that the principles comply with IPEV guidelines. The committees comprise of CFO, Head of the Performance Monitoring team, and either Risk Manager of the fund or Head of Investment team.

In the last phase of the valuation process the fund auditors, representing the fund investors, audit the material supporting the calculations and ensure that the valuation methods are in line with fund agreements and IPEVG guidelines. In addition the CapMan Plc auditors audit that valuations for CapMan Plc’s own fund investments are made according to IFRS standards.

CapMan reports to its fund investors on the status of its funds in compliance with fund agreements, InvestEurope guidelines, applicable legislation, accounting regulations, and other statutory requirements. The funds’ investments in portfolio companies are valued in accordance with IPEV-guidelines, while the valuation of real estate investments is based on assessments provided by independent external experts. The reporting typically takes place quarterly, but the frequency may vary in line with the fund agreements.

Our funds

Learn more about our active funds under management

Fund Year Raised Status
CapMan Nordic Real Estate III 2020 €313m Actively investing
CapMan Growth II Fund 2020 €74m Actively investing
CapMan Hotels II 2019 €392m Actively investing
CapMan Buyout XI Fund 2019 €175m Actively investing
CapMan Nordic Property Income Fund 2017 €94m (non-UCITS) Actively investing
CapMan Nordic Real Estate II 2017 €425m Value creation & exit
Nest Capital 2015 Fund 2016 €100m Actively investing
CapMan Mezzanine V Fund 2010 €95m Generating carried interest
CapMan Nordic Infrastructure I Fund 2018 €190m Actively investing
CapMan Buyout X Fund 2013 €244m Value creation & exit
CapMan Buyout IX Fund 2009 €295m Value creation & exit
BVK-CapMan Nordic Residential Mandate 2016 Undisclosed Actively investing
Kokoelmakeskus 2016 €47m Value creation & exit
CapMan Nordic Real Estate I 2013 €273m Value creation & exit
CapMan Growth Equity Fund 2017 2017 €86m Value creation & exit
CapMan Buyout VIII Fund 2006 €440m Value creation & exit

Capital under management

Capital under management refers to funds’ remaining investment capacity and capital already invested at acquisition cost. The figure excludes capital from which the funds have already exited. Capital under CapMan’s management is allocated in private equity funds that invest in portfolio companies and real estate funds.The capital in funds making investments in portfolio companies is further divided into equity funds, and mezzanine and infrastructure funds.

The capital under management increases with new funds raised and declines through exits. Return expectations are directed to the capital under management both in the form of management fees and any possible carried interest.

The terms funds under management or original capital of a fund are used to refer to the original size of a fund, including capital from which the fund has already exited. 

Learn more about our capital under management by geographic region and by investor type below.

CapMan AIFM Ltd

CapMan AIFM Ltd acts as alternative investment fund manager within CapMan Group. CapMan AIFM Ltd holds an alternative investment fund manager license granted by the Finnish Financial Supervisory Authority.

Additional information on funds managed by CapMan AIFM Ltd

CapMan Nordic Real Estate II FCP-RAIF

CapMan Nordic Property Income Fund

CapMan Growth Equity Fund 2017 Ky

CapMan Nordic Infrastructure I SCSp

CapMan Buyout XI SCSp