CapMan 30 - Building value since 1989

Strong growth continues in 2019 when CapMan celebrates its 30 years of value creation.

CapMan’s business is becoming more versatile with five strong investment areas and three profitable and growing service businesses. New products, innovative service solutions, and solid professional teams are the key drivers of our growth strategy.

The year has been active across our business segments. In 2019, CapMan acquired the majority of reporting, analytics and wealth management firm JAM Advisors to complement its service offering. CapMan Nordic Infrastructure I fund made its first investment in the leading Norwegian ferry and express boat operator Norled and CapMan Buyout held the first closing of its eleventh fund, CapMan Buyout XI.

CapMan starts building an Infra team in 2017 and establishes its first Nordic infrastructure fund in 2018.

CapMan’s service business is carved out into separate business areas focused on fundraising and fund advisory, as well as procurement services. The service business capitalizes on CapMan’s solid experience in private equity.

CapMan acquires the Finnish investment company Norvestia after taking a minority stake in the business in 2015. The acquisition expands CapMan’s footprint into growth investments, which complete the gap between the venture and buyout field.

CapMan exits a total of 12 portfolio companies and real estate, breaking the previous record from 2006.

A book by Marko Erola: “Into the driver’s seat -stories about entrepreneurs and CapMan” commemorates CapMan’s 25 years in business.

CapMan Procurement Services, CaPS, is established to drive down costs of non-strategic procurement for portfolio companies in CapMan’s funds. The service is the first of its kind in the Nordic countries.

CapMan’s capital under management exceeds EUR 3.2 billion.

CapMan expands into Russia through the acquisition of Norum, a seasoned private equity investor, and establishes a fund deploying an activist investment strategy in Nordic public markets.

The real estate market is booming and CapMan exits the first real estate fund following one of the largest portfolio transactions in Europe at the time. At the same time, CapMan develops its internal service teams in order to improve its ability to expand into new investment areas.

CapMan establishes its first real estate fund in response to investor demand and capital under management grows by 76% as a result. CapMan makes 18 real estate investments in total in the first year.

CapMan expands its operations to Denmark, Sweden and Norway in 2001-2004. Capital under management reaches EUR 1 billion for the first time.

CapMan’s shares are listed on the Helsinki Stock Exchange in April 2001 as one of the first private equity companies to go public in the world.

CapMan’s designated Technology team partners up with Alta Berkley Associates in 1997 to invest in European technology companies. CapMan is the first private equity investor to list technology companies on the Helsinki Stock Exchange. Aldata goes public in 1999 and Satama Interactive in 2000. CapMan invests in Iobox in 1999 and sells its holdings to Spanish Telefónica in 2000.

1995 is an eventful year. CapMan forsees the appeal of fund-of-funds and is involved in the establishment of Access Capital Partners. Today, Access is a leading investor in European private equity funds.

CapMan expands its operations into mezzanine, providing financing between equity and debt. Mezzanine enables several Finnish pension funds to invest in CapMan’s funds. CapMan’s capital under management grows to FIM 400 million (approx. EUR 70 million). By the end of the year, CapMan employs 30 people.

CapMan’s Eastern European fund, Alliance ScanEast Fund L.P., was established in 1994. The fund has invested a total of USD 19 million in seven companies in Poland, the Baltic States and Russia.

CapMan’s entrepreneurial partners and first employees CEO Ari Tolppanen, Vesa Vanha-Honko, Tuomo Raasio and Olli Liitola acquire CapMan’s entire equity. CapMan’s second fund is established in 1994 and attracts Finnish banks, insurance companies and foundations among its investors.

CapMan’s first fund, Finnventure I, is the second venture fund ever established in the Nordic countries. The fund raised a total of FIM 66 million (equivalent of approx. EUR 11 million) in 1990, which was a considerable amount at the time. The first investment is made in the Kuusamon tropiikki hotel & spa in Northeastern Finland.

Risk capital lands in Europe from the United States and there is a growing interest for unlisted companies also in Finland. CapMan is born out of the co-operation between Finnish banks KOP and Pohjola and Programator and focuses on the analysis of unlisted companies. The first employees are Tuomo Raasio and Ari Tolppanen.