CapMan reaches €312m on first close

Finnish private equity firm CapMan has held a first closing of its eighth buyout fund at €312 million.

Helsinki-based buyout firm CapMan has held a first closing of CapMan Buyout VIII, its eighth buyout fund, at €312 million ($369 million). The target for the fund is €375 million.

Like previous CapMan buyout funds, CapMan Buyout VIII will invest in middle-market buyout transactions in the Nordic countries.

The fund’s first closing saw commitments from 19 institutional investors, including Nordic-based investors in previous CapMan funds. CapMan’s own commitment to the fund represented 10 percent of total commitments – around €31 million – according to a press release.

According to a source, the first closing also saw commitments from new investors based in Western Europe and the US.

“[CapMan] hadn’t really offered previous funds to international investors, so this was an opening up of the investor base for them,” said the source. “They felt that the Nordic story is very compelling for them.”

The same source added that the final closing of CapMan Buyout VIII was expected “within months”.

CapMan manages and advises Nordic funds with approximately €2.2 billion in committed capital, investing in 147 companies and exiting from 76 to date. As well as Helsinki, CapMan has offices in Stockholm, Copenhagen and Oslo.