CapMan

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.

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

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

• Private equity funds
• Asset management
• Alternative investments
• Real estate investments
• Infrastructure investing

Headquarters

HQ city

Helsinki

HQ country

Finland

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales

Revenue model

1. Management fees: CapMan earns management fees on assets under management across its various funds, typically calculated as a percentage of committed capital or NAV.
2. 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

Core 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

Named customers16 records

Segments4 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Five partnerships are on record, tiered major and minor.

• ColliersmajorStrategic or Co-development Partner · 1 April 2026CapMan 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 GroupmajorStrategic or Co-development Partner · 26 February 2026CapMan 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 OyminorOthers · 1 January 2026Ernst & Young Oy was re-elected as auditor for CapMan Plc at the Annual General Meeting held on March 25, 2026.
• Teemu HelistekangasminorOthers · 5 November 2025Teemu 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 AGmajorStrategic or Co-development Partner · 1 January 2025CapMan 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

Broad 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

• LinkedInlinkedin.com/company/capman
• Xx.com/CapManPE

Compliance8 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Subsidiaries4 records

Funding overview

Funding rounds2 records

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A50 records

Investments61 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about CapMan