Finland-based private equity house CapMan has added to its portfolio management team with the appointment of Matti Copeland as investment director.
Copeland joins the firm from Finnish technology venture capital firm Aura Capital, where he was managing partner. He has previously held a number of management positions in the banking sector with Sampo, Merita-Nordbanken and Citibank.
Heikki Westerlund, head of CapMan’s buyout business, said the appointment will benefit the firm by improving the firm’s portfolio management as well as its financing and business development competencies.
CapMan is currently in the process of raising its seventh fund. Launched in autumn 2001, the fund held a first close in January at E166m. CapMan had planned to hold a final closing in June but the fund, which currently stands at E188m, is now scheduled to close by the end of 2002. The firm has not disclosed a final target for the fund.
CapMan’s most recently published results for the six months to June 30 showed a 92 per cent drop in profits against the corresponding figures for 2001 to E2.3m. The year-on-year fall in profits was due to gain from the sale in 2001 of the firm’s interest in Finnish financial group Sampo plc, in which it sold nearly 3 million shares in May 2001 at a profit of E18m.
CapMan manages funds totaling E1.6bn of which around E530m is managed by affiliate fund of fund company Access Capital Partners, which invests in European private equity funds. To date, CapMan, which is listed on the Helsinki Stock Exchange, has invested in 126 companies in the Nordic countries and exited from 48 companies.