Governance
Management Group
CapMan’s Management Group
Pia Kåll
Positions of trust
2022– Board Member, Elisa Oyj
Atte Rissanen
Heidi Sulin
Mika Koskinen
Antti Kummu
Mika Matikainen
Anna Olsson
Mari Simula
Antti Uusitalo
Michael Morgenroth
Michael Morgenroth is the founder and CEO of German-based CAERUS Debt Investments AG, which was initially established in April 2012. Morgenroth is a chartered surveyor (MRICS), property economist (VWA), legal economist (VWA) and banker. He has more than 35 years of professional experience in the areas of investment banking, real estate and property financing.
Morgenroth joined CapMan in 2025 as Managing Partner of CapMan Real Asset Debt investment area when CapMan expanded into real asset debt by acquiring CAERUS Debt Investments.
The main tasks of the Management Group:
(i) coordination of team strategy, fundraising, resources, sustainability as well as coordination of marketing and brand,
(ii) implementation of decisions by the Board,
(iii) supporting decision-making through providing information and active participation and,
(iiii) sharing information within the teams and implementing decisions as agreed in the Management Group.
Chief Executive Officer (CEO)
CapMan’s CEO is Pia Kåll (b. 1980, M.Sc. in Engineering).
She has held the position since 15 March 2023.

The Board elects the company’s CEO. The terms and conditions of the CEO’s service are specified in writing in the CEO’s service contract, which is approved by the Board. The CEO manages and supervises the company’s business operations according to the Finnish Companies Act and in compliance with the instructions and authorisations issued by the Board. The CEO shall see to it that the accounts of the company are in compliance with the law and that its financial affairs have been arranged in a reliable manner.
Generally, the CEO is independently responsible for the operational activities of the company and for day-to-day decisions on business activities and the implementation of these decisions. The CEO appoints the heads of business areas. The Board approves the recruitment of the CEO’s immediate subordinates. The CEO cannot be elected as Chair of the Board.