CEE - CapMan Russia fund closes at EUR 118m

The fund, formerly Norum Russia Fund III, was transferred under CapMan's management following the Norum acquisition in August 2008. CapMan Plc committed EUR 13.5m to the fund.

The fund will focus on investing in mid-sized companies based in Russia, with an enterprise value of approximately EUR 5-50m. The companies will operate in the consumer goods and services sectors, as well as manufacturing, telecoms, transportation, financial sevices and media.

To date, the fund has made investments in Russian airline Region Avia and pig farm operator Russia Baltic Pork Invest ASA.

As a result of the fund missing its EUR 150m target, the purchase price for the Norum acquistion decreased from EUR 8m to EUR 7.3m.

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