Capman closes second fund in a week

The Nordic buyout firm has raised a later stage venture technology fund a week after it closed a real estate fund specially set up to acquire Nordic hotels.

Nordic buyout firm CapMan has closed its latest technology fund on €142.3 million ($207.2 million).

The fund is focussed on expansion and later-stage technology companies. The fund held its first close in February last year on €112 million.

Petri Niemi, a senior partner at CapMan, said the fund was ready to close in the Autumn but Capman kept the fund open to give one investor, who committed €2 million, a chance to invest.

Niemi said: “The [initial public offering) market currently is tough. But one of the beauties of having a portfolio in the later stages is the companies have revenues and cashflows. You have the time to wait if the company is doing favourably.“

Jerome Bouix, another senior partner at CapMan, said the Nordic mid-market was relatively isolated from problems in the global credit markets as local banks continued lending in the region.

Bouix said: “In 20 years our creditors [to portfolio companies] have never lost money. We’ve lost money but they never have. This helps in tough times.”

The fund has already invested 20 percent in four portfolio companies: healthcare sector ICT business Finnish Mawell; Biofuel manufacturer KMW Energi; intellectual property communications developer Finnish Movial Applications; and financial sector software developer Danish IT2 Holding.

Yesterday Ventizz Capital Partners raised €450 million for a technology buyout fund focussed on the German-speaking markets.

Last week CapMan invested €805 million in 38 Finnish hotels and the Holiday Club Åre in Sweden. The investment was CapMan’s first close on its €835 million real estate fund specially raised to accommodate the deal.

The firm also separately signed a contract to build four spa hotel resorts in Finland.

CapMan carried out a reorganisation of its business in September last year with five appointments, including the promotion of Kaisa Arovaara to chief financial officer.