Fundraising Fox
Helsinki · Growth–Late Stage · 19 people tracked
Also known as CAPMAN AB · CAPMAN CAPITAL MANAGEMENT LTD · CAPMAN INFRA MANAGEMENT OY · CAPMAN REAL ESTATE LTD · CMRF ADVISORS OY
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Investment thesis
CapMan is a Nordic private markets pioneer that invests through its funds in real estate, infrastructure, natural capital and unlisted companies, while also providing wealth management and access to investment solutions. It emphasizes active ownership, deep industrial expertise and a hands-on approach to create long-term value. Real asset strategies target resilient assets and essential services across the Nordics; private equity strategies develop leading Nordic companies through active ownership. Sustainability is embedded across all investment activities, with a focus on measurable results, responsible governance and support for thriving communities and resilient businesses. The firm's Real Asset Debt strategy, in partnership with CAERUS, provides real estate and infrastructure debt across Western and Nordic Europe.
Source: firm website, verified Sep 29, 2026.
Team · 19 people
from the firm's website & public directories
What they invest in
from 11 of 19 portfolio companiesMobility & Transportation ×4AI & Machine Learning ×3Cleantech ×3Energy ×3Logistics & Supply Chain ×3Climate Tech ×2Cloud Computing ×2Enterprise Software ×2
HQs:Finland×7Estonia×1Norway×1Sweden×1
Investments · 19 tracked
founders shown can be your intro pathCloud2 is a cloud services provider that builds, operates, and secures multi-cloud platforms, offering governance, migration/modernization, FinOps, security, and AI enablement for enterprise clients in healthcare, energy, and technology.
Cloud ComputingCybersecurityEnterprise Software
Groweo is a Finnish SaaS platform that turns a company's website into an active sales and service channel by combining AI-based customer service, lead and contact capture, customer data, and marketing automation under a single license.
AI & Machine LearningMarketing TechSaaS
Janne Mäenpää(Founder)inAapo Lundberg(Founder)in
Hansabuss provides chartered bus and coach transport for companies, events, and groups across Estonia.
Logistics & Supply ChainMobility & Transportation
Heli Air Sweden offers helicopter flights including sightseeing tours, aerial photography, charter and taxi flights, and other services with customizable routes.
Mobility & TransportationTravel & Hospitality
Innofactor helps organizations in the Nordic countries digitalize their business and improve decision-making by delivering Microsoft ecosystem solutions, including consulting, implementation, and custom software development services.
AI & Machine LearningCloud ComputingEnterprise SoftwareSaaSEspoo, FI
Sami Ensio(Founder and CEO)in
BoardRisto Linturi
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
TerraWise builds autonomous AI-powered robots (rovers) and a software platform for operations and maintenance of utility-scale solar farms, automatically inspecting panels to detect anomalies such as cracks and faulty connectors.
AI & Machine LearningCleantechRobotics
Co-investorsDorm RoomMultiball Capital
Other
Tracked investments with no reachable website or further public details — typically companies that wound down, renamed, or were absorbed.
AsteHaminan EnergiaKolo DCNapierNiemi ServicesNydalen Energi AsProPelletValokuitunen
Portfolio news
latest coverage across their companiesHeliAir Sweden · heliairsweden.com · Feb 14, 2026
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 19 tracked investments.
- What stage does CapMan invest at?
- CapMan invests at the 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, Circular Economy, Cleantech, Climate Tech, Data & Infrastructure, Energy, Enterprise Software, Hardware, Healthtech, Impact & Social Good, Logistics & Supply Chain, Medical Devices, Mobility & Transportation, New Materials, PropTech, SaaS, Semiconductors.
- Where is CapMan located?
- CapMan is headquartered in Helsinki, FI.
- Who does CapMan co-invest with?
- CapMan most often shares deals with 3i Group, Dorm Room, Multiball Capital, among 3 tracked co-investors.
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