20/05/2026
SPOTLIGHT
Harri Halonen has helped to build CapMan Infra business and team, which invests in energy and utilities, transportation, and digital infrastructure in the Nordics. “We have a strong focus on growing companies in a sustainable manner, which is an important driver of long-term value”, he says.
In February this year, CapMan Infra signed an agreement to sell its 60 per cent stake in Valokuitunen to Brookfield Infrastructure Structured Solutions and Telia. Valokuitunen was established in April 2020 by CapMan Nordic Infrastructure I and Telia to accelerate the roll-out of high-quality FTTH connectivity in Finland.
“At CapMan, we were monitoring key sectors and trends within the different infra sectors. In Sweden and Norway, the fibre markets were already more mature, while Finland was still a mobile data-driven country. The operators weren’t investing in fibre as they were more focused on rolling out 4G and 5G mobile networks. So, there was an opportunity for a new fibre company in the market”, Harri Halonen, Partner at CapMan Infra, explains.
Valokuitunen built a nationwide fibre network and a market-leading position in a few years, enabling households across the country to access reliable, high-speed fibre. The business operates an open-access network model, which today offers services via multiple service providers. Valokuitunen continues to expand its coverage, which today is over 450 000 households in Finland, compared to the 20 000 households it had when it was established.
The success of Valokuitunen, which grew to become Finland’s leading fibre-to-the-home company, is down to active asset management and a team effort across many organisations, says Harri.
“Together with Telia and Valokuitunen’s management team, we built a strong organisation with industry-leading commercial and operational capabilities. Under Brookfield and Telia’s ownership, the company is exceptionally well-positioned for its next phase of growth,” says Harri.
CapMan Infra’s own growth journey
In parallel with Valokuitunen’s growth journey, CapMan Infra has continued its growth.
Today CapMan Infra consists of 16 investment professionals in Stockholm and Helsinki, having raised c. 800 million euros to date. The team invests in infrastructure across the Nordics and northern Europe, in energy and utilities, transportation, and digital infrastructure sectors. The team has begun fundraising for Fund III, with a target size of EUR 750 million euros, which is double the size of Fund II.
“We have been fortunate to be able to recruit a very good team, and I think we will continue to grow that team in the coming years. We believe in recruiting in a way that provides everyone in the team a chance to continue developing and taking on more responsibility. That has also been important for me in my own career.”
An active investor that works closely with the portfolio companies
Born to Finnish parents living in Sweden, Harri grew up in seven different countries. He studied at King’s College, London, and began his career there with Macquarie Group, which, at the time, was one of the world’s largest infrastructure managers.
In the early 2010’s, Harri worked in Switzerland for Swiss Life, a Swiss life insurance company that wanted to launch an infrastructure investment program. Harri joined the team at the start, and did deals in various sectors, such as renewable energy, utilities, energy, transportation, and public-private partnerships (PPPs). He also spent a lot of time analysing Nordic opportunities.
In late 2017, he joined CapMan to help build CapMan Infra. Harri likes the challenge of starting something new, because it provides the opportunity to be a part of building something and influencing what it becomes.
“Our team and our way of working means that you can take on more responsibility than you would in larger organisations. As we are close to the portfolio companies, you can see how the work is directly contributing to the growth of those companies.”
CapMan Infra invests in the lower mid-market, where an active owner can come in as the first professional owner of assets, grow the companies, and then exit them to larger infrastructure funds or platforms.
“Sometimes, when people think of infrastructure, they see it as passive and long-term. But we have a private equity mindset with a focus on sustainability. We invest in young companies or even companies that are to be established, then grow them both organically and inorganically”, Harri explains.
Being the first professional owner of assets, says Harri, means there is an opportunity to improve overall processes, management and ESG, all of which result in tangible value creation.
Long-term value creation
As infrastructure investments are long-term, the perspective at work needs to be long-term.
“We are developing long-lasting critical infrastructure services and companies, so you need to trust that you are doing the right things and that the hard work and active ownership will deliver results in the long-term. It may not always be visible right away. Valokuitunen is a good example where we struggled early on but were able to push through the necessary changes to create a market-leading player over the long-term.”
Long-term value creation is also driven by making investments that are not only financially sound but also improve society. One sector where this is very evident is the transportation sector with the ongoing green shift.
For example, during CapMan’s ownership of Norled, a Norwegian ferry business, around EUR 250 million of investments were made into zero or low-emission vessels that reduced CO2 emissions by over 30%. CapMan exited Norled in 2022 as the first exit of Fund I.
Another example is Koiviston Auto, Finland’s largest bus operator, which serves communities nationwide and is at the forefront of the transition to zero-emission public transportation. It operates just under 300 electric buses, with more than 50 additional electric buses expected to be deployed into traffic during 2026.
“We have a strong focus on sustainability, which is an important driver of long-term value.”
Vital services for a functioning society
For CapMan, to act in a sustainable manner also means taking care of CapManians. As infrastructure investing is a long-term game, you need to find a structure to make the long-term model work for employees, too, says Harri. For him, it is important to have a team that supports getting all of life’s puzzle pieces to work.
When growing a company, CapMan aims to create organisations and cultures that support both business growth and the growth of the people in it. This is a people business ultimately, says Harri, and adds that a lot of his time is spent managing people in CapMan’s portfolio companies.
“This is extremely important in infrastructure, because we are providing vital services for a functioning society. We need people who are ultimately happy in their work. That will lead to better services and better results. You cannot underestimate how crucial it is to have the right people with the right attitude.”
Harri Halonen
Education: BSc Business Management, King’s College London, UK.
Role: Partner, CapMan Infra
Previous Experience: Director, Brunswick Real Estate, Stockholm (2016–2017). Senior Investment Manager, Swiss Life Asset Managers, Zurich (2013–2016). Executive, Macquarie Group, London (2010–2012).
Interests: training, football, travelling, and spending time with family.
Spotlight series – stories from behind the scenes at CapMan
This is the fourth part of the Spotlight series offering a look behind the scenes at CapMan through the eyes of our people. In each edition, we’ll share career stories, insights into the work of CapManians, and what motivates them in their roles.