CapMan holds first close on Fund IX

The Finnish alternatives group has so far garnered €203m for its ninth buyout fund.

CapMan has held the first close on its ninth buyout fund, which will target Nordic midmarket companies, having raised €203 million since its fund launch in September.

The firm has not disclosed a target size for the vehicle, but depending on market conditions it is likely to be larger than the fund's €440 million predecessor, according to a source close to the situation.

The fund has so far attracted commitments from 11 institutional investors. CapMan, which is publicly listed on Helsinki Exchanges, has committed €13 million to the fund.

Jerome Bouix, senior partner at CapMan described the fundraising environment as “extremely tough” in a stock exchange announcement.

The firm declined to comment further.

The fund's predecessor was closed in July 2006, ahead of its original €375 million target on €440 million. CapMan now has approximately €3.4 billion under management.