CapMan sells 30% Access stake to Pohjola

Viktor Lundvall
17 November 2010

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Pohjola Bank plc has agreed to acquire a 40% stake in Access Capital Partners, a private equity fund-of-funds manager, from CapMan and Access’s managing partners.

The transaction will also see Access acquire Pohjola Private Equity Funds Oy (PPEF) from Pohjola. CapMan's 2010 results have seen an impact of approximately €23m as a result of the deal. Closing of the transaction is subject to approval from regulatory authorities in Guernsey and France.

CapMan co-founded Access Capital Partners in 1999 and held a 47.5% stake in the company. In 2006, CapMan sold a 12.5% stake to Access's management. The investor will retain a 5% stake in the company after selling 30% to Pohjola. Pohjola will hold 40% and management 55% of the fund-of-funds manager.

With the acquisition of PPEF, Access's capital under management will increase to approximately €4.5bn.

CapMan's decision to reduce its stake was taken in order to concentrate on its core business of managing private equity funds and making direct investments.