CapMan, a listed Finnish private equity firm, has held a first close of €110 million ($143 million) on a new fund that will target technology investments in the Nordic region.
CapMan Technology 2007, which is targeting a final close at €150 million, plans to make between 15 and 18 technology investments in the Nordic region over the next few years, according to CapMan senior partner Petri Niemi.
CapMan said that as a condition of the fund, it has decided to distribute 50% of all carried interest to the members of the investment team. This is the amount of profit the fund makes once investors have recouped their initial investment and an agreed hurdle rate – in this case 8 percent – has been passed.
The firm also said it will contribute €15 million from its own balance sheet to the fund.
The latest fundraising means CapMan, which has been listed on the Helsinki stock exchange since 2001, now has about €2.9 billion under management.
CapMan said the fund would not have a significant impact on its 2007 results.