CapMan
CapMan is a Helsinki-based publicly listed private markets investment manager founded in 1989, managing EUR 7.2 billion in assets across eight Nordic-focused strategies including real estate, infrastructure, natural capital, buyout, growth, wealth, real asset debt, and special situations for institutional investors.
- Company typePublic
- Founded1989
- HeadquartersHelsinki, Finland
- Headcount251–500
- GTM typeB2B
- OfferingServices
What CapMan does
CapMan is a publicly listed Finnish private markets investment manager headquartered in Helsinki, founded in 1989, operating across eight investment strategies: Real Estate, Infrastructure, Natural Capital, Growth, Buyout, Wealth, Real Asset Debt, and Special Situations. The firm invests primarily in the Nordics through more than 20 distinct funds and mandates, including flagship vehicles such as CapMan Residential Fund (approximately EUR 1.3 billion as of 2026), CapMan Hotels II (EUR 455 million), CapMan Nordic Infrastructure II and III, and CapMan Dasos European Forest Fund IV. CapMan manages EUR 7.2 billion in assets under management as of December 2025, up 19% year-on-year from EUR 6.1 billion.
The business model is a classic alternative asset manager structure with two primary revenue streams: recurring management fees calculated on committed capital or NAV across strategies, and performance fees or carried interest earned when fund returns exceed specified hurdles. CapMan operates a sales-led go-to-market, with a dedicated Fund Investor Relations team coordinating fundraising with pension funds, insurance companies, family offices, foundations, and endowments globally. Reported FY2025 group revenue was EUR 63.0 million with operating profit of EUR 23.2 million, against EUR 7.2 billion AUM, implying roughly 87-90 bps of management-fee-weighted revenue intensity but understating the carried interest and transaction-fee component in a typical PE earnings mix.
CapMan's strategic positioning emphasizes local Nordic expertise combined with an active ownership model, supported by tier-one ESG credentials (PRI A+ ratings across PE, Real Estate, and Infrastructure modules; GRESB Global Sector Leader for CapMan Residential Fund, scoring 94/100 in 2025). The firm has expanded both organically and through acquisitions, including Dasos Capital Oy (natural capital platform, 2023), Midstar Fastigheter AB (hotel portfolio, 2025), and CAERUS Debt Investments AG (real estate debt, 2025). Recent exits from PDSVISION and DEN Group demonstrate active portfolio management across vintages. No proprietary technology platforms, APIs, or AI/ML capabilities are disclosed in the available source material; the firm's intangible assets are concentrated in its 35-year track record, sustainability credentials, and institutional investor relationships rather than in a technology stack.
CapMan firmographics
Firmographics- Name
- CapMan
- Legal name
- CapMan Plc
- Website
- https://capman.com
- Company type
- Public
- Founded year
- 1989
- Operating status
- Operating
- Headcount range
- 251–500 employees
- Short description
- CapMan is a Helsinki-based publicly listed private markets investment manager founded in 1989, managing EUR 7.2 billion in assets across eight Nordic-focused strategies including real estate, infrastructure, natural capital, buyout, growth, wealth, real asset debt, and special situations for institutional investors.
- Ownership category
- akta.pro rank
CapMan industry classification
Industry- Product category
- Private Markets Asset Management
- NAICS
- Portfolio Management and Investment Advice (523940), All Other Financial Investment Activities (52399), Securities, Commodity Contracts, and Other Financial Investments and Related Activities (523)
- SIC
- Finance Services (6199), Investment Advice (6282)
- akta.pro primary industry
- Middle-Market Lending (FSANADAI)
- akta.pro secondary industries
- Multi-Asset Fund-of-Funds & Multi-Manager Allocation (FSAAAJAI), Large-Cap / Sponsor Finance Direct Lending (FSANADAJ)
Keywords
Where CapMan is headquartered
LocationHeadquarters
- HQ city
- Helsinki
- HQ country
- Finland
- HQ region
- Europe
Offices1 record
Markets served
CapMan business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Technology or R&D, Marketing or Sales
Revenue model
- Management fees: CapMan earns management fees on assets under management across its various funds, typically calculated as a percentage of committed capital or NAV.
- Carried interest / performance fees: CapMan earns carried interest when fund investments generate returns above specified hurdles, aligning interests with fund investors.
Go-to-market motion1 record
Distribution channels1 record
Marketing channels4 records
CapMan product offering
Product offeringCore offering
CapMan is a Nordic private markets investment company that manages a diversified set of alternative investment funds across private equity, real estate, infrastructure, natural capital, growth equity, buyout, real asset debt, and special situations strategies. The firm sources, manages, and realizes investments on behalf of institutional and professional investors, raising capital through closed-end funds and delivering returns via capital appreciation, dividends, and interest income.
Product overview
CapMan is a Nordic private asset management firm operating as a platform of investment strategies and funds. The company offers eight distinct investment strategies: Real Estate (Nordic property investments), Infra (infrastructure across energy, transportation, digital), Natural Capital (sustainable forestry and forest-related investments), Growth (mid-market Nordic companies), Buyout (Nordic buyout investments), Wealth (wealth management for family offices and institutions), Real Asset Debt (real estate and infrastructure debt), and Special Situations (flexible capital for Nordic companies). These strategies are delivered through approximately 20+ distinct funds including CapMan Residential Fund, CapMan Hotels II, CapMan Nordic Infrastructure II/III, CapMan Nordic Real Estate I/II/III, CapMan Buyout XI, CapMan Growth II/III, Nest Capital funds, and various Dasos timberland funds. CapMan manages €7.2 billion in assets under management across these strategies.
Differentiator
Problem solved
Functional benefit
Brands
- CapMan Real Estate: Nordic real estate investments focusing on office, retail, residential, and hotel assets
- CapMan Infra
- CapMan Natural Capital
- CapMan Growth
- CapMan Buyout
- CapMan Wealth
- CapMan Special Situations
- CapMan Real Asset Debt
Products and services
- Buyout Private Equity Funds Closed-end private equity funds that acquire and develop mid-market Nordic companies, delivering returns through operational improvement and exits. Targeted at institutional investors and professional wealth investors.
- Growth Equity Funds
Quantifiable outcome
- Assets under management grew 19% year-on-year to EUR 7.2 billion
- +6 more outcomes
Companies that use CapMan
Customer profileNamed customers16 records
Segments4 records
Ideal customer profiles2 records
CapMan technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
CapMan partnerships and signals
Strategic signalPartnerships
Five partnerships are on record, tiered major and minor.
- ColliersmajorCapMan Real Estate selected Colliers as its financial services partner in Finland and Sweden, covering office, social infrastructure, and hotel portfolios. Thirteen financial services experts transferred from CapMan Real Estate to Colliers, strengthening Colliers' financial services team in Jyväskylä and expanding property management services to Sweden.
- COR GroupmajorCapMan Growth Equity Fund III made a significant investment in Finnish fitness chain Kuntokeskus Liikku. COR Group, which had been Liikku's main shareholder since 2016, carried out an ownership restructuring to facilitate the investment.
- Ernst & Young OyminorErnst & Young Oy was re-elected as auditor for CapMan Plc at the Annual General Meeting held on March 25, 2026.
- Teemu HelistekangasminorTeemu Helistekangas was appointed Group CEO of CapMan Infra's portfolio company ProPellet, effective early December 2025. Helistekangas brings over a decade of experience in the energy sector to lead ProPellet's growth in sustainable heat-as-a-service solutions.
- CAERUS Debt Investments AGmajorCapMan acquired German real estate debt specialist CAERUS Debt Investments AG in July 2025, marking CapMan's entry into real estate debt and adding approximately EUR 1.0 billion to assets under management.
Scale indicators16 records
Recent moves15 records
Expansion highlights6 records
CapMan competitors and assessment
Company assessmentBroad incumbents
- Investor AB: Stockholm-listed Swedish holding company managed by the Wallenberg family. While much larger and focused on long-term ownership of listed Nordic companies, Investor AB is comparable as a Stockholm-listed investment vehicle with Nordic focus.
- Ares Management: US-listed global alternative asset manager with significant real estate debt and credit capabilities. Particularly relevant given CapMan's expansion into real estate debt via the CAERUS acquisition, as Ares represents a larger-scale version of this strategy.
- Kinnevik AB: Stockholm-listed investment company with focus on growth-stage consumer and tech businesses. Comparable Nordic listed investment structure, though Kinnevik's growth/tech tilt differs from CapMan's diversified multi-strategy approach.
Direct peers
- Bridgepoint: European mid-market private equity firm. Recently acquired PDSVISION from CapMan, demonstrating active participation in the same Nordic mid-market deal ecosystem. Comparable mid-market European PE strategy.
- Nordic Capital: Private Nordic private equity firm focused on mid-market healthcare, technology, financial services, and industrial companies. Comparable fund size range and Nordic mid-market focus to CapMan Buyout, with similar active ownership approach.
- Patrizia SE: German-listed European real estate investment manager. Most directly comparable to CapMan Real Estate given its European multi-sector real estate focus and listed investment manager structure, though Patrizia is significantly larger.
- EQT AB: Stockholm-headquartered global alternative investment firm with a strong Nordic franchise across private equity, infrastructure, and real estate. While significantly larger than CapMan (EUR 200B+ AUM vs. EUR 7.2B), EQT is the most direct Nordic PE peer with overlapping strategies in buyout, growth, infrastructure, and real estate.
- Triton Partners: Frankfurt-headquartered European mid-market private equity firm with comparable investment focus and fund size range. Operates a similar active ownership approach in European mid-market buyouts.
- Altor Equity Partners: Private Nordic private equity firm investing in mid-market companies across the Nordics with focus on value creation through active ownership. Comparable investment philosophy and Nordic mid-market strategy to CapMan.
- Ratos AB: Stockholm-listed Swedish investment company that acquires and develops Nordic companies, similar to CapMan Buyout's mid-market focus. Ratos operates a comparable multi-strategy Nordic platform with publicly listed structure, making it a directly comparable alternative.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat4 records
Key risks6 records
Key highlights6 records
Customer concentration
CapMan social profiles
Digital presenceCapMan compliance and trust
Trust signalCompliance8 records
CapMan financial estimates
Financial estimateRevenue estimate
Valuation estimate
CapMan leadership team
Management profileNumber of profiles
Profiles1 record
CapMan subsidiaries and ownership
Company hierarchySubsidiaries4 records
CapMan funding detail
Funding detailFunding overview
Funding rounds2 records
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
CapMan M&A and investment
M&A and investmentM&A50 records
Investments61 records
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about CapMan
What does CapMan do?
CapMan is a Nordic private markets investment company that manages a diversified set of alternative investment funds across private equity, real estate, infrastructure, natural capital, growth equity, buyout, real asset debt, and special situations strategies. The firm sources, manages, and realizes investments on behalf of institutional and professional investors, raising capital through closed-end funds and delivering returns via capital appreciation, dividends, and interest income.
Is CapMan a public or private company?
CapMan is a public company. It is classified as public and is currently operating.
When was CapMan founded?
CapMan was founded in 1989. It employs 251 to 500 people.
Where is CapMan based?
CapMan is headquartered in Helsinki, Finland, in the Europe region.
How does CapMan make money?
Two revenue lines are on record. Management fees are the primary driver. The others are carried interest / performance fees.
Who are CapMan's main competitors?
Broad incumbents on record are Investor AB, Ares Management and Kinnevik AB. Direct peers are Bridgepoint, Nordic Capital, Patrizia SE, EQT AB, Triton Partners, Altor Equity Partners and Ratos AB.
Does CapMan have an API?
No public API is recorded for CapMan.
What industry is CapMan in?
CapMan's product category is Private Markets Asset Management. Its primary akta.pro industry code is FSANADAI, Middle-Market Lending, with a secondary code of FSAAAJAI, Multi-Asset Fund-of-Funds & Multi-Manager Allocation. Its NAICS code is 523940 and its SIC code is 6199.