Helsinki · Series A–Late Stage
Also known as CAPMAN AB · CAPMAN CAPITAL MANAGEMENT LTD · CAPMAN INFRA MANAGEMENT OY · CAPMAN REAL ESTATE LTD · CMRF ADVISORS OY
Investment thesis
CapMan positions itself as a Nordic private markets pioneer, investing across real estate, infrastructure, natural capital, real asset debt and unlisted Nordic companies. It emphasizes active ownership and deep industrial expertise to develop leading Nordic businesses and resilient real assets. The firm combines local market knowledge with a hands-on approach to drive long-term value creation, strategic growth and sustainability. Sustainability is embedded across investment activities, with a focus on measurable outcomes, responsible governance and support for thriving communities and healthy environments. CapMan also offers holistic wealth management services spanning global public and private markets, aiming to build value for the enrichment of society.
Source: firm website, verified Aug 25, 2026.
What they invest in
from 8 of 16 portfolio companiesEnergy ×3Mobility & Transportation ×3AI & Machine Learning ×2Cleantech ×2Climate Tech ×2Logistics & Supply Chain ×2Travel & Hospitality ×2Cloud Computing ×1
HQs:Finland×5Norway×1Sweden×1
Investments · 16 tracked
founders shown can be your intro pathHeli Air Sweden offers helicopter flights including sightseeing tours, aerial photography, charter and taxi flights, and other services with customizable routes.
Mobility & TransportationTravel & Hospitality
Innofactor provides digitalization, AI-enabled ways of working, and secure cloud services to help organizations optimize their business processes.
AI & Machine LearningCloud ComputingEnterprise Software
Koiviston Auto is a Finnish passenger transport company operating long-distance and local bus services across Finland, from Helsinki to Ivalo and Hetta.
Logistics & Supply ChainMobility & Transportation
Loviisan Lämpö operates a district heating plant that has supplied heat since 1999, producing over 99.5% of its energy from bioenergy.
CleantechClimate TechEnergyLoviisa, FI
Skarta Energy is an industrial-scale solar power project developer and electricity producer that builds emission-free solar projects, complemented by energy storage, both for its own generation and for sale to others.
CleantechClimate TechEnergy
Fund performance · per public LP disclosures · 2
as of Sep 2025| Fund | Vintage | Committed | Net IRR | TVPI | DPI |
|---|---|---|---|---|---|
| CAPMAN NORDIC RE III FCP RAIFLPs: Los Angeles County Employees Retirement Association | 2021 | — | -1.3% | 0.97x | 0.02x |
| CapMan Nordic Real Estate Fund IILPs: Los Angeles County Employees Retirement Association | 2017 | — | 7.6% | 1.32x | 0.70x |
Source: public limited-partner disclosures (CalPERS, CalSTRS). Net IRR / TVPI / DPI as reported by the limited partner; a fund's early-year IRR is an interim estimate (J-curve).
Frequently asked questions
- How many investments has CapMan made?
- CapMan has 16 tracked investments.
- What stage does CapMan invest at?
- CapMan invests at the Series A, Series B, Series C, Growth, Late Stage stages.
- What is CapMan's typical check size?
- CapMan typically writes checks of $2.2M – $64.8M.
- What sectors does CapMan focus on?
- CapMan focuses on Advanced Manufacturing, Biotech, Cleantech, Climate Tech, Data & Infrastructure, Energy, Enterprise Software, Hardware, Healthtech, Impact & Social Good, Medical Devices, Mobility & Transportation, New Materials, PropTech, SaaS, Semiconductors.
- Where is CapMan located?
- CapMan is headquartered in Helsinki, FI.
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