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Capman launches infra fund

Unquote
20 March 2018

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Finnish private equity firm CapMan is preparing to formally launch its first infrastructure fund towards the end of next quarter, according to Unquote sister publication Inframation.

It is understood that CapMan Infra, the manager of the proposed fund, is yet to set an official fundraising target but sources expect it to be in the region of €500m, according to the Inframation report by Lydia Clark.

The manager is currently in discussions with placement agents and legal advisers to work on the fundraise.

The fund, which will target double-digit net returns, is expected to seek mid-market core and core-plus investments across the transport, energy and telecoms sectors in the Nordic and Baltic regions.

CapMan Infra will seek to leverage local expertise to originate transactions on a bilateral basis and will target complex transactions that pose a higher barrier to entry for investors.

It is understood that the firm will offer co-investment opportunities for anchor investors in the fund.

CapMan launched its infrastructure-focused investment business in April 2017, headed by partner Ville Poukka in Finland and investment director Harri Halonen in Sweden. CapMan's CEO, Joakim Frimodig, discussed the diversification with Unquote in a profile piece published in October.

CapMan Infra was part of a consortium alongside DIF and QIC bidding for the €3.6bn EV Finnish grid company Elenia last year. The consortium was beaten by an Allianz and Macquarie tie-up, though CapMan said in its annual report that "the process itself was of critical importance in establishing investor relations".

CapMan's strategy is to acquire majority or minority stakes in companies that own and operate infrastructure and to improve the quality of infrastructure assets and related services.

The GP is expected to return to market with its latest buyout fund CapMan Buyout XI in 2018, after registering the vehicle in October 2017. It held a final close on €245m for CapMan Buyout X in September 2014 and it was deployed at 70% by April 2017. As of 31 December 2017, CapMan's wider private equity business had €2.8bn in assets under management.