CapMan holds €115m first close for maiden infra fund

The Helsinki-headquartered manager held the €115m initial close of CapMan Nordic Infrastructure I on 31 October.

Launched with a €400m fundraising target in May, the fund secured LP backing from Finnish investors Ilmarien Mutual Pension Insurance Company, Tradeka-invest and The Church Pension Fund, among others. CapMan has also committed to invest €30m in the fund.

The manager, which hopes to compete fundraising next year, has set the fund's hard-cap at €500m. CapMan is being advised by placement agent Atlantic Pacific Capital and law firm Weil Gotshal & Manges on the process. 

The fund has a 10-year term and will invest over five years in mid-sized core and core-plus-operational assets across the energy, telecoms and transport sectors in the Nordic region.

The fund, which aims to invest between €20-50m per investment, targets a net IRR in excess of 10% and an annual cash yield of 4-5%.

CapMan Infra wants to make use of its knowledge of the Nordic municipality market, which owns much of the region's infrastructure, to source transactions on a bilateral basis. It is understood that the firm will offer co-investment opportunities for anchor investors in the fund.

CapMan Infra signed its first transaction in May, investing €70m in Finnish electricity network and district heating company Elenia through a managed account for a consortium of Finnish investors. 

The team is headed up by managing partner Ville Poukka, who joined the firm from Danske Bank as managing director and head of energy and infrastructure.

Other partners include Harri Halonen, who worked previously at Swiss Life Asset Management, and Torborg Chetkovich, who was previously CEO of Swedish airport operator Swedavia.

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