CapMan holds €160m 1st close for 11th fund

CapMan Buyout XI is thought to have been launched in 2018, according to previous Unquote research. If it was to reach its €250m target, it would be marginally larger than its predecessor, CapMan Buyout X, which closed on €244m in 2014.

The predecessor fund is now in exit phase, and has so far made four realisations. These include Suomen Lämpöikkuna, a Finnish door and window renovator; and communication, design and technology group The North Alliance. Companies still in the portfolio include Finland-based KotiSun Group, which offers renovation services for water, heating and drainage systems; and Finnish sauna company Harvia.

The 10th fund had industry standard terms of 2% management fee, 8% hurdle and 20% carry, according to Unquote Data.

CapMan also held a second close at the end of December for its inaugural infrastructure fund, taking the amount raised to €141m.

Investors
CapMan Buyout XI has so far attracted commitments from more than 20 LPs. These include listed company CapMan plc, as well as insurance companies Varma and Ilmarinen, and state-owned investment company Tesi. Overall, the investor base comprises pension funds, funds-of-funds, public sector institutions, trade unions, foundations and family offices, both within Finland and internationally.

CapMan's own commitment to the fund is €30m.

Investments
The vehicle will target control investments in mid-sized unlisted companies in Finland and Sweden. CapMan Buyout has traditionally made equity investments of €15-75m into companies with sales of €50–300m.

People
CapMan Buyout - Pia Kåll (managing partner); Mari Simula (head of IR).

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