Helsinki-headquartered CapMan has held a final close on its ninth buyout fund, raising €294.6 million amid extraordinarily tough fundraising conditions.
“The market disappeared when we launched the fund,” said Jerome Bouix, CapMan’s deputy chief executive officer and senior partner charged with fundraising.
The publicly listed alternative asset manager in September 2008 went to market with the fund, which had been targeting €10 million more than its €440m predecessor. It held a €203 million first close in December 2008 including a GP commitment of €13 million.
The market disappeared when we launched the fund.
The fund has “more than 20” limited partners hailing from the Nordic region, Central Europe and the US. A “handful” of them are new, Bouix said.
Fund IX has already made three investments, and due to its smaller size, will only make five to seven more. “So within 18 to 24 months we will be launching the next fund,” Bouix said.
Fund IX’s portfolio companies include Swedish metal powder and products maker Thomas Klier; Finish care home company Esperi Care and Havator Group, a crane and transport company serving the Nordic region.