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CEO’s review Q4 2023

Continued growth in fee profit as our strategy advances

Fee profit continued to grow for the fourth consecutive year, but the result was weak overall due to fair value changes. Our growth strategy has advanced as planned despite a challenging market environment and 2024 will be a year of strong growth for CapMan.

Fee profit continued to grow

The Management Company business and procurement service CaPS developed well taking the market situation into account. Fee base was strengthened following new funds under management and CaPS’s strong growth. Fee profit, which is a key metric of our business, remained on a positive track in 2023 supported by a moderate development in expenses. Fee profit has grown annually over already four consecutive years and I expect this growth to continue.

Carried interest and especially changes in fair value fell below 2022. Consequently, results for 2023 were lower in comparison. CapMan’s own funds developed positively on average due to the strong development of Private Equity and Infra funds.

The single most significant factor for the weaker result compared to the previous year was the fair value development of external venture capital funds, which turned negative in 2023 after a strongly positive 2022.

Interest from international investors in new funds creates growth opportunities

Despite a more challenging fundraising market, we succeeded in expanding our customer base even further among international institutional investors. During 2023, we raised nearly MEUR 400 in new assets under management. Over half of the capital came from outside the Nordic countries and about a third from investors who made their first investment in a CapMan fund. This is a testament to the strong value creation of our funds, the ability to realise value for investors, and to make new and attractive investments despite the slow transaction market and uncertain operating environment.
Fundraising was promoted across all investment areas. At the end of 2023, we established a Social Real Estate Fund, with the aim of raising MEUR 500 over the next few years. Nordic Real Estate IV, our flagship real estate fund, is preparing for fundraising. We expect it to hold its first close in 2024 and reach a final close of MEUR 750. CapMan’s second infrastructure fund continues fundraising and is now nearly MEUR 300, exceeding the size of the previous fund by 50 per cent. As for our Private Equity strategies, the Growth team has continued its impressive performance. The third fund received significant commitments in the latter part of 2023, and the fund is expected to hold its first close in early 2024. Due to these and other fundraising projects ongoing this year, assets under management are expected to grow significantly in 2024.

Expansion into natural capital following the acquisition of Dasos Capital

In December, we agreed to acquire Dasos Capital, a sustainable timberland and natural capital investor. Dasos is a leading player in terms of the breadth of its European investment portfolio, the international profile of its investors, and its strong track record. Dasos is perfectly compatible with CapMan’s growth strategy and sustainability focus. CapMan’s assets under management will immediately increase by approximately MEUR 630 at the closing of the transaction. By combining Dasos’s expertise in a growing asset class with CapMan’s experience in scaling products, we create excellent conditions for rapid growth in a new business area.


As part of the value creation work of all our funds under management, we are promoting our mission to become the most responsible private assets company in the Nordics. At the end of 2023, we set a net-zero emissions target for 2040, 10 years earlier than the global target. The target covers our own operations as well as all CapMan’s portfolio companies and assets. However, reducing emissions alone is not enough, and we are therefore one of the first in our industry to launch an initiative to promote nature-positive business models across all our investment areas.

We are promoting our mission to become the most responsible private assets company in the Nordics

As part of the value creation work of all our funds under management, we are promoting our mission to become the most responsible private assets company in the Nordics. At the end of 2023, we set a net-zero emissions target for 2040, 10 years earlier than the global target. The target covers our own operations as well as all CapMan’s portfolio companies and assets. However, reducing emissions alone is not enough, and we are therefore one of the first in our industry to launch an initiative to promote nature-positive business models across all our investment areas.

I would like to thank CapMan’s investors and shareholders for their trust and all our employees for their good work and commitment to our common goals. We continue to implement our strategy systematically and are well positioned to achieve our growth targets. Consequently, we take determined measures to build a more international, sustainable, and financially stronger private markets frontrunner.

Latest reports

See our latest reports to find out how we build value for the enrichment of society while driving sustainable change and pursuing our strategic objectives.

2023 Financial Statements Bulletin

pdf | Feb 07, 2024

2023 result presentation

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1-9 2023 Interim Report

pdf | Oct 26, 2023

Sustainability report 2022

pdf | Jun 09, 2023