– The most significant events in 2002 were the acquisition of Swedish venture capital company Swedestart Management AB in April, the new Nordic organisation implemented in the beginning of September, and the successful closing of CapMan’s newest equity fund CapMan Equity VII and affiliated company Access Capital Partners’ newest fund of funds Access Capital Fund II.
– Total capital managed/advised by CapMan increased from EUR 1,177.2 million to EUR 1,652.3 million, or by 40 per cent, as a result of the aforementioned fundraising and acquisition. At the same time the amount of management fees received from the funds increased considerably.
– The funds managed/advised by CapMan invested EUR 104.5 million in portfolio companies in 2002, which was a clear growth from 2001 (EUR 89.4 million).
– CapMan funds have capital of approximately EUR 490 million for new and follow-on investments, which enables continued active investment activities also in 2003.
– CapMan’s operations are organised into three Nordic Business Units that make investments (Buyout, Technology and Life Science) and two Support Units (Group Finances and Administration and Group Development). During 2002, CapMan’s human resources grew from 52 to 66 employees, mainly as a result of the Swedestart acquisition. The Nordic investment teams were strengthened, especially in Sweden with the appointment of new Senior Advisors. Recruitment has continued on an active level in Sweden and Denmark in early 2003.
– Nordic integration has progressed well in CapMan’s investment activities and other functions. In 2002 the funds managed/advised by CapMan made their first three co-investments with Swedestart funds.
