CapMan closes CapMan Russia II on €99.1m

The vehicle was announced in July 2012, according to unquote" data, with marketing efforts beginning early in the year. Its initial target was set at €175m. 

A first close was held on €97m in April 2013. The GP's previous Russian fund held a final close on €118m. 

According to CapMan, many investors have pulled the plug on Russian commitments as a result of the Ukrainian crisis.

unquote" discussed the impact of the crisis on the Russian private equity market with Moscow-based CapMan partner Hans Christian Dall Nygård earlier this month. Click here to read our analysis.

Investors
The vehicle has attracted commitments from the majority of investors in the previous fund. 

At the time of the first close, the vehicle had received commitments from CapMan plc and the CapMan Russia investment team, alongside 10 further investors, including institutional and family investors.

The typical investment size from each investor stood at €10-15m. LPs were spread across continental Europe, the Nordic region and the US.

The vehicle received a commitment from European Bank for Reconstruction and Development (EBRD) totaling approximately €20m. The total EBRD commitment is capped at 30% of the fund size and subject to certain other conditions.

Investments
The fund will back sectors in Russia that target Russia's large middle class including consumer goods and services, e-commerce, home improvement, business services and private healthcare. 

The fund has already made two investments.   

People
Hans Christian Dall Nygård is head of CapMan Russia.

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