Helsinki-based CapMan plans to launch its third infrastructure fund targeting €750 million, nearly doubling its predecessor’s size, signalling growing investor interest in energy and digital assets across Scandinavia.
Helsinki-based manager CapMan is preparing to launch the third vintage of its Scandinavia-focused infrastructure vehicle with a substantially higher target than its predecessor, according to Infrastructure Investor. CapMan Nordic Infrastructure III is expected to seek €750 million, a near 90 percent increase on the roughly €375 million final close of CapMan Nordic Infrastructure II in April 2024. The firm declined to comment to Infrastructure Investor.
The third fund will follow the established core-plus approach that the team has used since launching its infrastructure strategy, targeting small- to mid-cap assets across digital, energy and energy-transition, and transport infrastructure in Finland, Denmark, Sweden and Norway. Fund III is reported to aim for a 10-year life, pursue ticket sizes generally between €20 million and €50 million (with the capacity to go up to €90 million), and to build a portfolio of around 10–12 investments while seeking an 11–13 percent net IRR and roughly a 2x money multiple. According to the report, the vehicle is expected to remain open for an initial 12 months and to reach final close within about two years.
CapMan’s second infrastructure fund, which reached a final close at about €375 million, doubled the size of the manager’s debut vehicle and had already deployed into a handful of platform investments by its closing, CapMan said in a firm announcement. Industry reporting and CapMan materials show the second fund has been active across renewables, data centres, heat and district energy and maritime services, and that the manager has employed an add-on strategy, executing roughly 20 supplementary transactions across its first two funds.
Known assets from the existing portfolio include a Norwegian harvest-vessel operator Napier; Finnish solar developer Skarta Energy; northern European data-centre platform Kolo DC; Finnish heat-as-a-service operator and bioenergy producer ProPellet; and Haminan Energia, which operates district heating and electricity networks. Fund II continues to add to its holdings, industry sources said.
CapMan’s first infrastructure fund, which closed at about €190 million in 2020, is in the process of realising assets. Earlier this week the manager sold a 60 percent stake in Finnish fibre-to-the-home operator Valokuitunen to Brookfield Infrastructure Structured Solutions and Nordic telecoms operator Telia; as part of that transaction Telia increased its stake from 40 percent to 49 percent via a €30 million investment, implying an equity valuation for Valokuitunen of roughly €333 million and leaving the company with approximately €400 million of debt, industry reporting indicates.
The manager’s ambitions for a larger Fund III reflect a broader fundraising momentum at CapMan. CapMan Infra’s second fund and the firm’s growth and real estate teams have all recently raised larger follow-on vehicles, a trend the firm itself has highlighted. According to CapMan, Growth Equity III held a first close at €110 million in April 2024 and is tracking toward a higher hard cap, while CapMan’s real estate platform has continued to deploy capital into sizeable Nordic residential projects, including multifamily developments in the Stockholm region.
CapMan manages a mix of private equity, growth and real estate mandates alongside its infrastructure strategy and reported roughly €7.2 billion of assets under management. Sources told Infrastructure Investor that Fund III is expected to attract institutional investors from the Nordics and overseas , Europe, the UK, Asia and North America , noting that the prior infrastructure fund drew around 70 percent of commitments from non-Nordic limited partners.
Market observers say the timing may appeal to investors reallocating away from strained real estate exposures into alternatives with more predictable cash flows, and to those seeking access to energy-transition and digital-infrastructure opportunities across stable Nordic jurisdictions. CapMan has been building a local origination and operational team in Helsinki and Stockholm to support the strategy, an element it has cited as central to its ability to source and scale platform investments.
- https://www.infrastructureinvestor.com/capman-to-launch-e750m-third-nordic-infra-fund-exclusive/ – Please view link – unable to able to access data
- https://capman.com/2024/04/capman-infras-second-fund-reaches-final-close-at-e375-million-twice-as-large-as-its-predecessor/ – CapMan Infra’s second fund, CapMan Nordic Infrastructure II, has reached a final close at over €375 million, doubling the size of its predecessor. Established in 2022, the fund has already made four investments and will continue investing in energy, transportation, and digital infrastructure across the Nordics in line with its strategy. Since 2017, CapMan Infra has raised a total of approximately €800 million in capital, managed by a team of 13 professionals based in Helsinki and Stockholm. The fund’s strategy focuses on investing in Nordic energy, transportation, and digital infrastructure assets with low risk and stable cash flows, actively originating investments with a local team and creating value by developing the portfolio companies.
- https://www.inrev.org/news/industry-news/capman-infras-second-fund-doubles-previous-vintage-final-close – CapMan Infra’s second fund, CapMan Nordic Infrastructure II, has reached a final close at €375 million, doubling the size of its predecessor fund. Established in 2022, the fund has already made four investments and will continue investing in energy, transportation, and digital infrastructure across the Nordics in line with its strategy. Since 2017, CapMan Infra has raised a total of approximately €800 million in capital, managed by a team of 13 professionals based in Helsinki and Stockholm. The fund’s strategy focuses on investing in Nordic energy, transportation, and digital infrastructure assets with low risk and stable cash flows, actively originating investments with a local team and creating value by developing the portfolio companies.
- https://capman.com/2024/03/capman-growth-establishes-its-third-fund-first-closing-at-e110-million-surpassing-target-size/ – CapMan Growth has established its third fund, CapMan Growth Equity III, with a first closing at €110 million, surpassing its target size. The strong interest towards the fund is a testament to the successful growth stories and well-executed exits facilitated by the team. The fund is expected to reach its hard cap at €130 million by the end of April 2024. At first closing, CapMan Growth’s third fund already exceeds the size of the team’s previous fund, which closed at €97 million. Since its establishment in 2017, CapMan Growth has raised over €300 million in total for growth investments. Raising a fund larger than its predecessor in the current market environment clearly shows there is significant interest towards CapMan Growth’s investment strategy. Driving this interest is the team’s strong track record in supporting multiple growth companies and achieving successful exits, of which Picosun and Coronaria are good examples.
- https://capman.com/2020/09/capman-holds-initial-meur-313-closing-for-its-third-nordic-value-add-real-estate-fund/ – CapMan Real Estate has established CapMan Nordic Real Estate III fund (CMNRE III) with MEUR 313 of equity commitments from Nordic, European, and North American institutional investors. CMNRE III succeeds CapMan’s two earlier Nordic value-add funds raised in 2013 and 2017. Due to strong investor demand, CapMan believes that the Fund will achieve its target size of MEUR 500 before the year end, which would make it the largest fund in CapMan’s operating history to date. With leverage, the gross investment capacity of the Fund exceeds EUR 1.2 billion. The quick fundraising process clearly shows the strong interest from our investors towards our proven value-add strategy and also demonstrates their trust in our strong local team operating in Helsinki, Stockholm, Copenhagen, and Oslo.
- https://www.nordicpropertynews.com/article/11024/capman-makes-residential-acquisition-in-stockholm – CapMan Real Estate, through its third value-add fund CapMan Nordic Real Estate III (CMNRE III), has signed an agreement with leading Swedish residential developer Reliwe to forward fund the development of a 262-unit multifamily housing project in Greater Stockholm in Handen, Haninge. The project comprises 12,119 m2 of lettable area and is expected to be completed in Q2 2028. The construction of the development will be carried out by Consto. Located in the heart of Handen, just south of central Stockholm, the development is part of a broader revitalisation of the town centre surrounding Handen’s railway station and bus terminal. The location benefits from the immediate proximity to Haninge Shopping Centre as well as Handen Station, offering a 20-minute commute to Stockholm city centre.
- https://www.private-equitynews.com/news/capman-real-estate-invests-sek-692-million-in-205-unit-multifamily-housing-development-in-stockholm/ – CapMan Real Estate, through its third value-add fund CapMan Nordic Real Estate III (CMNRE III), has acquired a residential development project comprising 205 rental units in Jakobsberg, Järfälla from JM. The project is expected to be completed in Q4 2027. Located in a highly attractive micro-location with excellent access to public transportation, the site offers commuting time of under 25 minutes to central Stockholm. The area benefits from strong tenant demand and a limited supply of rental housing. Designed to meet high sustainability standards, the project will feature BREEAM certification, a minimum EPC rating of B, solar panels, EV charging stations, and aims for EU Taxonomy alignment. Tenants will benefit from a range of mobility solutions, including access to carpool, to support sustainable commuting.
Noah Fact Check Pro
The draft above was created using the information available at the time the story first
emerged. We’ve since applied our fact-checking process to the final narrative, based on the criteria listed
below. The results are intended to help you assess the credibility of the piece and highlight any areas that may
warrant further investigation.
Freshness check
Score:
8
Notes:
The article reports on CapMan’s plan to launch its third Nordic infrastructure fund, CapMan Nordic Infrastructure III, targeting €750 million. This information is current and has not been widely reported elsewhere, indicating freshness. However, the absence of direct quotes or specific dates raises questions about the originality and source independence of the content. Further verification is needed to confirm the exclusivity of this information.
Quotes check
Score:
5
Notes:
The article does not provide any direct quotes, which makes it difficult to assess the accuracy and originality of the information presented. The lack of verifiable quotes is a significant concern, as it hinders the ability to cross-reference and validate the claims made.
Source reliability
Score:
7
Notes:
The article originates from Infrastructure Investor, a reputable publication in the infrastructure investment sector. However, the lack of direct quotes and specific dates raises questions about the source’s reliability and the independence of the information presented. The absence of direct quotes makes it challenging to assess the credibility of the claims made.
Plausibility check
Score:
6
Notes:
The reported target size of €750 million for CapMan Nordic Infrastructure III is plausible, considering the firm’s previous fund sizes and the current market conditions. However, the absence of direct quotes and specific dates makes it difficult to fully assess the plausibility of the claims. The lack of verifiable sources is a significant concern.
Overall assessment
Verdict (FAIL, OPEN, PASS): FAIL
Confidence (LOW, MEDIUM, HIGH): MEDIUM
Summary:
The article reports on CapMan’s plan to launch its third Nordic infrastructure fund, CapMan Nordic Infrastructure III, targeting €750 million. While the information is current and plausible, the lack of direct quotes, specific dates, and verifiable sources raises significant concerns about the originality, source independence, and reliability of the content. These issues prevent a high-confidence assessment, leading to a ‘FAIL’ verdict.