CapMan Wealth Services forms Investment Partners Fund

CapMan Wealth Services is a wholly owned subsidiary of CapMan that offers wealth management services.

The EUR 90m fund expects to back six to eight mid-market US buyout funds with volumes of USD 1bn-3bn. CapMan is partnering with AlpInvest for the fund and will invest in the same managers as AlpInvest, with the Investment Partners Fund acting as a feeder vehicle in cooperation with AlpInvest's strategy.

PwC provided tax advice on the fund.

The Investment Partners Fund is the first vehicle in the programme. The next one is expected to be launched in 2022 and will target a broader investment base, according to a statement.

"We can see that the pipeline in this programme looks extremely promising," CWS managing director Christian Borgström told Unquote. "Our clients in Finland are ever more looking into private assets as an asset class, but their current allocation is still pretty low and it is expected to grow."

Mikael Falck, head of private markets at CWS, added: "We are definitely looking to expand our own programme. US mid-market funds is where AlpInvest has their speciality, but this is very niche on an alternative investments global scale. We could expand geographically within private equity, but we could also expand to credit, real estate, or infrastructure. Our strict guiding principle is that we do not want to compete with the products that CapMan manages in-house, or are looking to manage in the future. As long as it does not compete, we can go where we want to go. This is only the first programme and we will come out with new vintages."

AlpInvest was formed in 2000 as the private investment house for two Dutch pension investors. Carlyle acquired a majority stake in the business in 2016 and the firm has continued to operate independently under Carlye since then.

Falck joined CWS earlier in 2021. Prior to this, he worked at Swedish pension fund Kåpan, which also has a mandate with AlpInvest. CapMan Wealth Services' programme is now the fourth of its kind with AlpInvest, according to a statement.

Borgström co-founded reporting, analysis and wealth management firm Jam Advisors, which was acquired by CapMan in 2019. He was the CEO of Jam Advisors and now works on CWS's public and private programmes.

CWS advises around 150 clients, including high-net-worth individuals, family offices, institutions and Finnish foundations.

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