CapMan holds first close of ninth fund on EUR203m

13 February 2009

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Fund

CapMan has held a first close of CapMan Buyout IX at EUR203m. Fundraising for the new vehicle began in September 2008. The target and hard-cap have not been disclosed, however CapMan's previous vehicle closed on EUR440m in June 2006 and it is not believed the firm intends to increase the size for the new fund. It is expected the fund will hold a final close later this year. Atlantic-Pacific Capital acted as placement agent in the US, while Ashurst provided legal advice for the fundraising in the Nordic region and Europe.

During the fund's investment period the management fee will be based on the fund's final size. This will start to accrue from the first investment, following which fees will be calculated on the acquisition cost of the remaining portfolio. Carried interest is expected to be generated after six to seven years when investors have regained their investments and a preferred annual return of 8% on their investment.

Investors

Commitments came from 11 institutional investors in the Nordic region, while CapMan Plc also made a EUR13m GP contribution. Minimum subscriptions are EUR10m.

Investments

The fund will focus on investments in the Nordic mid-market. Similar to previous vehicles, the fund does not have a specific sector focus, but will target companies with an enterprise value of EUR50-250m. No investments from the new fund have been made yet.

People

Jerome Bioux is the head of investor services and is responsible for fundraising for CapMan funds. Bioux worked together with fundraising director Maija Nykanen. Heikki Westerlund is the CEO of CapMan Plc.

Name: CapMan Buyout IX

Closed on: 1st close EUR203m

Focus: Nordic mid-market

Contact: Jerome Bouix

Address: Korkeavuorenkatu 32, 00130 Helsinki, Finland

Tel: +358 207 207 500

Advisers: Atlantic-Pacific Capital (US only); Ashurst (Legal).