CapMan closes Fund IX below target, eyes Fund X

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. Jerome Bouix

Bouix said the firm kept the fund open for the last six to nine months primarily to allow for some LPs who couldn’t commit until receiving their allocation for this year. He noted in a statement that CapMan was pleased with the support from new and returning limited partners given market conditions: “Investments made by institutional investors in private equity funds fell by 80 percent in Europe in 2009 compared to year 2008 and the fundraising environment continues to be challenging.”

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.