Finnish buyout specialist CapMan is drawing near to a final close of its seventh fund, CapMan Equity VII. A final target for the fund has not been disclosed. So far the fund has secured EURO188 million from 17 investors. Additional commitments to the fund are still expected and the fund will remain open to new investors until its final closing, scheduled to take place by the end of the year.
The fund increases CapMan’s funds under management to EURO1,330 million, of which EURO465 million is managed through its affiliated company, Access Capital Partners. Investors in the fund include the Swedish pension fund Sjtte AP-fonden and the European Investment Fund. CapMan itself has committed EURO15 million.
CapMan’s investment focus is on the Nordic region and the firm this year extended its reach there with the acquisition of Swedish venture capital company Swedestart. The investment strategy for the new fund is to invest around two-thirds of the capital in mid-sized buyouts and a third in technology companies on the Nordic region. About two-thirds of investments will be made in medium-sized buyouts and a third in technology companies in the IT and telecommunications sectors.
CapMan recently completed its largest Scandinavian investment so far in Danish waste management company RGS90, committing DKK250 million for a 40% stake. Further investments from the fund include Finnish staffing company Extra Group; jewelry chain Kultajousi; Fastrax, a manufacturer of global positioning systems; and Eltel Networks, a specialist in design and construction of power transmission and telecommunications networks.