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CapMan in 2023

We are today building the society we want to see in 2040. The long-term perspective of private assets allows us to align with our vision for the future as we carry out active value creation that integrates sustainability factors.

CEO’s Review

I started as CapMan’s CEO in March 2023 at a time when many industry practices were being put to the test. Rapid interest rate increases during the year and growing geopolitical uncertainty have impacted the parameters driving investment activity. The M&A market is slower, fund return requirements have risen, and the fundraising environment is more competitive than ever before.

Challenging periods demonstrate the in-built resilience of investing in private assets. It is during times like these that the funds that outperform the market are created and the best deals are made. Our mission is to create value for our investors while we promote a sustainable and human-centric society through our investments. Active value creation that integrates sustainability is in CapMan’s DNA. It is the key to attractive returns on investments over the long term, successful growth and increasing shareholder value.

Now is an opportune moment to invest in growth. Our objective is to double our assets under management to EUR 10 billion by 2027. During 2023, we have strengthened our Real Assets investment focus with the introduction of new funds and expansion of existing investment strategies and they
now account for 70% of our assets under management. Real Assets includes real estate, infrastructure and in the future also timberland and natural capital following the acquisition of Dasos Capital. Our Private Equity funds remain on track with their value creation agenda, laying the ground work for further expansion. Due to these and other fundraising projects ongoing this year, assets under management are expected to grow significantly in 2024.

Fee profit, which is a key metric of our business, continued to grow for the fourth consecutive year, although the result was significantly weaker due to lower carried interest and fair value changes of especially external venture capital funds.


Highlights over the year 2023



Strong value creation continued



Value realisation continued



High employee satisfaction



Inclusion index above our target

At the end of 2023 CapMan acquired Dasos Capital Oy, an asset management company focusing on sustainable timberland investment, and expanded its activities into natural capital. This further strengthened our Real Assets investment focus that includes real estate, infrastructure and also timberland and natural capital.

The acquisition also supports CapMan’s vision of becoming the most responsible private asset company in the Nordics and significantly promotes CapMan’s strategic objective to increase assets under management to EUR 10 billion during the ongoing strategy period.

In 2023 the Science Based Targets initiative (SBTi) validated CapMan’s target to reduce absolute Scope 1 and 2 GHG emissions 51% by 2032 from a 2021 base year. As a natural progression, we have also committed to achieving net-zero emissions by 2040 and to manage our real estate and infrastructure assets and portfolio companies in line with net-zero by 2040 at the latest, a decade earlier than the global target of 2050.

Although working proactively towards climate goals is important, it is not enough. For long-term sustainable operations we need to stay within the planetary boundaries, which represent the critical processes within which humans can thrive. As a solution, 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.

  • Infra made three investments during 2023 from its second fund.
  • Growth exited Coronaria and invested in Silmäasema.
  • Real estate invested in a Swedish logistics centre project and residential properties in Copenhagen and the Helsinki area, as well as exited warehouse and industrial properties in Denmark and Sweden.
  • Buyout exited Malte Månson and continues to realise value from the portfolio.
  • Special Situations closed its first fund and invested in Aro
  • Nest Capital made three new investments during the year and exited one investment.

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 raised 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.

CapMan Nordic Infrastructure II fund reached MEUR 272 at the end of 2023. CapMan established a new CapMan Social Real Estate fund at the end of 2023, which targets MEUR 500 of equity commitments and total investment capacity of nearly EUR 1 billion over the coming years. 

In 2023 CapMan established an internal working group that focuses on discussing and highlighting pertinent Diversity, Equity & Inclusion (DEI) issues across the organization. Composed of various members across teams, functions, seniorities and geographic locations, the DEI working group provides practical guidelines and recommendations to management in biannual workshops.

The DEI working group is sponsored by the Audit and Risk Committee Chair of CapMan’s Board of Directors. The goal is to continuously increase diversity, equity and inclusion across CapMan, especially on a decision-making level, including Management Group, investment professionals and partners.

Key financial figures from 2023

Turnover 2023, meur


Group turnover 1 January–31 December

Comparable fee profit, MEUR


Comparable operating profit 2023 excl. carried interest and fair value changes.

€ cents / share


The Board of Directors expects the dividend distribution for 2023 to be 10 cents per share, of which 6 cents per share is proposed to be paid in the spring and 4 cents per share in the autumn following a Board resolution.

Fee profit, which is a key metric of our business, continued to grow for the fourth consecutive year, although the result was significantly weaker due to lower carried interest and fair value changes of especially external venture capital funds.

Full Annual Report 2023

Read more on the Annual Report 2023 or browse through our Financial Statements.

Annual Report 2023

pdf | Mar 04, 2024

Financial Statements 2023

pdf | Mar 04, 2024