CapMan holds second close for infra fund

Rory Gallivan, Dermot McCloskey (Inframation)
17 January 2019

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Nordic-focused mid-market manager CapMan Infra is understood to have held a second close for its inaugural infrastructure fund, taking the amount raised to тЌ141m.

The latest close, which took place at the end of December, comes after the fund, CapMan Nordic Infrastructure I, achieved its first close of €115m in October. The fund launched with a €400m fundraising target in May.

The funds in the latest close came from Finnish LPs, it is understood.

The initial close 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 complete fundraising this 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 a 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%.

News of the second close comes as CapMan Infra on Wednesday (16 January) announced an investment on behalf of the Korean financial institutions NH Investment & Securities Co and NH-Amundi Asset Management Co, with the purchase of a 50% stake in the Överturingen onshore wind farm in Sweden for an undisclosed fee.

CapMan Infra made the investment on behalf of the Korean investors rather than through CapMan Nordic Infrastructure I because the risk return profile of the deal did not fit the investment criteria of the fund, it is understood.