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CapMan to launch first Special Situations fund after summer

Eliza Punshi
17 June 2020

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Nordic private equity firm CapMan has launched CapMan Special Situations to focus on turnarounds.

The GP is in advanced discussions with investors and expects to launch and hold a first close for its first special situations fund in August this year. It is currently carrying out deal origination activities.

CapMan CEO Joakim Frimodig told Unquote: "We have come across a number of companies that are distressed and we want to give them a second chance to succeed. We also see a strong apetite from investors to invest in such a fund."

Frimodig said the firm had been discussing launching a special situations fund for almost two years and the fund was not a response to the Covid-19 pandemic, although that may have accelerated the process.

Frimodig said in a statement: "The Covid-19 crisis coupled with high corporate indebtedness emphasise the demand for special situations expertise. Currently, there are no local investment companies or private equity funds in Finland with a similar investment focus and a local team."

The fund, which will be structured like a normal closed-cap fund, will have a predominantly local LP base, with CapMan also investing in the fund. However, the GP said, it has also seen interest from international investors.

CapMan Special Situations' investment focus is primarily Finnish companies that are facing a financial restructuring, an operational turnaround or a carve-out situation.

The vehicle will be used to invest in seven or eight companies, with the GP typically deploying €10-20m, though individual investments could be up to €40m.

The GP will not use a placement agent and is using its in-house fundraising team to help with the fundraise.

CapMan has appointed Antti Uusitalo, Tuomas Rinne and Jari Vikiö as partners for CapMan Special Situations. Uusitalo joins from EY, where he was partner and led the corporate finance practice in Finland. Rinne joins from BCG where he was partner, and Vikiö joins from Borenius where he was senior partner.