CapMan takes ESG-linked facility for CapMan XI

Raiffeisen Bank International (RBI) and Danske Bank have provided the facility, which has an extended maturity ending in July 2023. Haynes and Boone acted as legal adviser to CapMan on the process.

The facility is the first of its kind that CapMan has used, according to a statement, although it has included ESG reporting in its quarterly statements since 2013.

CapMan Buyout XI is a 2019-vintage fund that continues the GP's strategy of investing in Swedish and Finnish companies, deploying equity tickets of EUR 15m-75m. The fund has made three investments to date and held a final close just below its EUR 250m target in February 2021, according to Unquote Data.

The facility focuses on three ESG metrics: reporting greenhouse gas emissions in line with set targets; ensuring gender diversity in management teams and boards of directors; and the establishment of governance policies, specifically relating to anti-corruption.

CapMan aims to align ESG with its value creation strategy at all stages of an investment until its exit, the firm said in the same statement.

In addition to its buyout strategy, CapMan manages growth equity funds; the GP held a final close for CapMan Growth Fund II in November 2020 on EUR 97m. The GP is expected to launch CapMan Special Situations I, which will aim to back 8-10 companies in Finland via debt and equity investments. The fund writes tickets in the EUR 10m-20m range, with up to EUR 40m available.

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