Capman
also invests · investor profileFounded 1989 · 281 employees on LinkedIn · Public · 1 known investors
CapMan is a Nordic private markets investment firm whose funds invest in real estate, infrastructure, natural capital, real asset debt and unlisted companies through active ownership. It also provides wealth management and investment solutions across public and private markets for investors in the Nordic region.
Also known as CapMan Group · CapMan Oyj · CapMan Plc
Investors · 1
Company profile
researched Aug 2026CapMan Oyj is a private asset management company headquartered in Helsinki, Finland, that manages funds investing across Nordic real assets and unlisted companies. Its investment areas comprise real estate (office, retail, residential and hotel properties), infrastructure (energy and utilities, transportation and digital infrastructure), natural capital (sustainable forest assets and forest-related circular economy), private equity (buyout, growth, special situations and private debt/credit strategies), real asset debt, and wealth management. CapMan Wealth, the group's wealth management unit, offers solutions across global public and private markets and asset classes, while CapMan Real Asset Debt operates in partnership with German real estate debt specialist CAERUS Debt Investments and provides real estate and infrastructure debt solutions in Western and Nordic Europe.
The firm describes itself as a Nordic private markets pioneer with more than 35 years of history and states assets under management of EUR 7.7 billion. Capital is raised mainly from European institutional investors including pension funds, insurance companies, endowments, family offices, funds of funds and public institutions. CapMan is a signatory of the UN Principles for Responsible Investment (since December 2012) and positions sustainability and ESG integration as a core element of its investment activities.
Portfolio and asset examples cited by the company include renewable energy developer Skarta Energy, Nordic multi-cloud company Cloud2, forestry business Davvi, and real estate assets such as the Red Warehouse in Copenhagen, Sørkedalsveien 6 in Oslo and Hagastrand in Frösundavik. Historic investments include Norled, Cederroth, Esperi Care, Design-Talo, Lumene, Kämp Group, The North Alliance, Walki, Komas, LämpöLux and Havator Group.
Founding story
CapMan was founded in Finland in 1989 through co-operation between Finnish banks KOP and Pohjola and Programator, at a time when U.S.-style risk capital was arriving in Europe and interest in unlisted Finnish companies was growing. Its focus at inception was analysing unlisted companies, and its first employees were Tuomo Raasio and Ari Tolppanen.
Business model
CapMan raises and manages closed-end funds, open-ended funds and mandate-based solutions for institutional and other investors, acting as an active owner of the underlying real estate, infrastructure, natural capital and unlisted company investments. Alongside fund management it operates a wealth management unit and, historically, service businesses in fundraising, advisory and procurement (including the CaPS procurement service launched in 2011). Management fees and fund-related earnings are complemented by returns on its own balance sheet investments; the company reported revenue of EUR 67.5 million and operating income of EUR 55.7 million for 2022.
Fee income from managing funds and mandates across its investment areas plus carried interest and returns from investments, supplemented by wealth management and service business fees. Reported revenue for 2022 was EUR 67.5 million.
Traction
CapMan reports EUR 7.7 billion in assets under management, more than 35 years of private markets experience, over 200 employees and offices in eight countries. Its 1-6 2026 half-year report was headlined as record capital intake with first closes in flagship funds. Recent activity includes real estate acquisitions and divestments in Finland, Sweden, Denmark and Norway, a 262-unit multifamily development in Stockholm and 262 rental apartments in Haninge (2025), a minority investment in Cloud2, and an exit from marketing services company Aste in July 2026.
Latest developments
In 2025 CapMan launched the Real Asset Debt investment area following an agreement to acquire a majority of CAERUS Debt Investments AG, launched the rental housing concept Leona, appointed James O'Neill as Managing Director, Real Estate in its Fund Investor Relations team, invested as a minority shareholder in Cloud2, and acquired residential assets in Stockholm and Haninge. In 2026 the company reported record capital intake and first closes in flagship funds in its 1-6 half-year report (published 6 August 2026), exited marketing services company Aste, announced a partnership between CapMan Natural Capital and FSC I&P on forest biodiversity impact measurement, and completed real estate divestments in Aarhus and Mölnlycke.
▸Full profile — market position, go-to-market, geography, history
Market position
CapMan describes itself as a leading private asset management company and private markets pioneer in the Nordic region, and was one of the world's first publicly traded private equity firms following its 2001 Helsinki listing. It reports EUR 7.7 billion in assets under management and a stated strategic objective of reaching EUR 10 billion.
The company positions itself on active, hands-on ownership combined with local Nordic presence and industrial expertise, a diversified multi-strategy platform spanning real estate, infrastructure, natural capital, private equity, real asset debt and wealth, and stated values of active ownership, dedication and high ethics with sustainability embedded across investment activities.
Go-to-market
CapMan raises capital through dedicated fund investor relations and fundraising teams for its closed-end and open-ended funds and mandates, sources deals through local Nordic teams in each investment area, and distributes wealth management and investment solutions directly to clients. As a listed company it communicates with shareholders through regulatory and general stock exchange releases and half-year and annual reporting.
European institutional investors such as pension funds, insurance companies, endowments, family offices, funds of funds and public institutions; wealth management clients seeking access to global public and private markets; and Nordic companies, entrepreneurs and asset owners seeking capital and active ownership.
Geography
Nordic-focused investing with offices in eight countries; approximately 250 employees across Helsinki, Stockholm, Copenhagen, Oslo, Luxembourg, London and Düsseldorf. The real asset debt business covers Western and Nordic Europe, and historically the firm ran funds targeting Eastern Europe, the Baltics and Russia.
History
CapMan launched its first fund, Finnventure I, in 1990, raising FIM 66 million (about EUR 11 million) and making its first investment in the Kuusamon Tropiikki hotel and spa. In 1993 entrepreneurial partners Ari Tolppanen, Vesa Vanha-Honko, Tuomo Raasio and Olli Liitola acquired the company's entire equity in a management buyout, followed by a second fund in 1994 and the Eastern Europe-focused Alliance ScanEast Fund L.P., which invested USD 19 million in seven companies in Poland, the Baltics and Russia. In 1995 CapMan helped establish Access Capital Partners and expanded into mezzanine financing, with capital under management reaching FIM 400 million (about EUR 70 million) and headcount of 30. A 1999 partnership with Alta Berkley Associates supported European technology investing, with Aldata and Satama Interactive listing in Helsinki and Iobox sold to Telefónica in 2000.
CapMan listed on the Helsinki Stock Exchange in 2001, expanded into Denmark, Sweden and Norway in 2004 as AUM passed EUR 1 billion, and launched its first real estate fund in 2005. It exited its first real estate fund in 2007, entered Russia by acquiring Norum in 2008, launched the CaPS procurement service in 2011, acquired Norvestia in 2016 to add growth investments, and established its first Nordic infrastructure fund in 2018. In 2019 it marked 30 years with five investment areas and three service businesses. Later steps included acquiring a majority stake in JAM Advisors, the first infrastructure investment in Norwegian ferry and express boat operator Norled, and a first closing of CapMan Buyout XI; the 2023 acquisition of timberland specialist Dasos Capital created the Natural Capital area; and in 2025 the firm entered real asset debt through a partnership with and majority acquisition of German real estate debt specialist CAERUS.
Compiled by commissioned research from 8 cited public sources — announcements, filings, and press listed under research sources below.
Key figures
latest reportedCompany-reported or press-reported figures, each dated to when it was claimed — not independently audited.
Timeline · 26
launches, deals, and filingsCapMan Real Estate completed the sale of a newly developed residential property in Aarhus, Denmark.
CapMan Real Estate divested a logistics property in Mölnlycke, Gothenburg, Sweden.
CapMan Natural Capital and FSC I&P announced a partnership to advance forest biodiversity impact measurement in Europe.
CapMan Plc published its half-year report for January-June 2026, reporting record capital intake and first closes in flagship funds.
CapMan Growth exited its stake in marketing services company Aste.
CapMan Real Estate sold the Seminaari School property in Hämeenlinna, Finland after approximately 1.5 years of ownership.
CapMan Real Estate acquired a 262-unit multifamily housing development project in Stockholm, Sweden, and 262 rental apartments in Haninge.
CapMan Growth invested in Nordic multi-cloud company Cloud2 as a minority shareholder, with existing owners remaining involved.
CapMan appointed James O'Neill as Managing Director, Real Estate in its Fund Investor Relations team.
CapMan signed an agreement to acquire a majority of German real estate debt specialist CAERUS Debt Investments AG and launched its Real Asset Debt investment area.
CapMan launched a new rental housing concept called Leona.
CapMan acquired timberland investment specialist Dasos Capital, creating its Natural Capital investment area.
CapMan established its first Nordic infrastructure fund and expanded its service operations into dedicated fundraising, advisory and procurement units.
CapMan acquired Norvestia, broadening its platform into growth investments.
CapMan launched CaPS to reduce procurement costs for portfolio companies, described as the first service of its kind in the Nordics.
CapMan entered the Russian market by acquiring Norum and launched a fund with an activist strategy in Nordic public markets.
CapMan launched its first real estate fund, driving a 76% increase in assets under management and completing 18 investments in the first year.
CapMan expanded into Denmark, Sweden and Norway and assets under management surpassed EUR 1 billion for the first time.
CapMan listed on the Helsinki Stock Exchange, becoming one of the first publicly traded private equity firms.
CapMan partnered with Alta Berkley Associates to invest in European technology companies and listed Aldata and Satama Interactive on the Helsinki Stock Exchange.
CapMan helped establish fund-of-funds manager Access Capital Partners and expanded into mezzanine financing; capital under management reached FIM 400 million (about EUR 70 million) with 30 employees.
CapMan established Alliance ScanEast Fund L.P., which invested USD 19 million in seven companies in Poland, the Baltics and Russia.
$19M source ↗
Founding partners and first employees Ari Tolppanen, Vesa Vanha-Honko, Tuomo Raasio and Olli Liitola acquired CapMan's entire equity.
CapMan launched its first fund, Finnventure I, raising FIM 66 million (about EUR 11 million); the first investment was in the Kuusamon Tropiikki hotel and spa.
Dated company events from announcements, filings, and press; legal rows summarize public dockets and regulator releases.
▸Research sources · 8
primary sources listed
- Capmancapman.com · web
8 public sources were cited for this profile; the first-party ones are listed here.
Frequently asked questions
- What does Capman do?
- CapMan is a Nasdaq Helsinki-listed Nordic private assets manager investing in real estate, infrastructure, natural capital and unlisted companies.
- Who are Capman's investors?
- Capman's investors include Tesi (Finnish Industry Investment Ltd).