CapMan to launch new growth fund with €80m target

The GP is aiming to hold a first close soon, pending approval from financial regulators. The decision should be made within a few weeks, according to CapMan managing partner Juha Mikkola. Fundraising will commence as soon as possible after approval.

The vehicle is the GP’s first growth fund and is being built on Norvestia’s growth business model. CapMan acquired the Finnish investment firm in a €118m deal in late 2016. Juha Mikkola was head of Norvestia's growth equity team since 2011 and is now growing the business under the CapMan umbrella.

Adding to its growth team headcount, CapMan has also appointed Antti Kummu as a partner. He joins from Finnish early education service provider Touhula Varhaiskasvatus, where he was CFO.

In February this year, the GP launched an infrastructure division, CapMan Infra, to invest in Nordic mid-cap infrastructure assets.

Investors
The GP is not able to market the fund until official approval is granted but said there is strong initial interest. It aims to raise commitments from local Finnish LPs, including some institutional investors but mainly family and entrepreneurial offices.

Investments
CapMan specialises in buyouts, growth capital investments and mezzanine financing in mid-market companies in the Nordic region and Russia. The growth equity fund will target unlisted companies, making minority investments in excess of €1m.

Across its other funds, the GP typically invests between €20m–€70m in companies with enterprise values ranging from €50m–€250m, and can also provide mezzanine capital of €10m–€20m per transaction. 

People
CapMan – Juha Mikkola (managing partner); Joakim Frimodig (interim CEO); Antti Kummu (partner).

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