About This Fund
CapMan Buyout X Fund is the tenth fund in CapMan's Nordic buyout series, established in November 2012 with an initial first close of €152 million and a final size of €244 million. CapMan Plc, the fund's manager, is a publicly listed Finnish private equity firm founded in 1989 — one of the longest-established private equity managers in the Nordic region, listed on the Helsinki Stock Exchange since 2001. The fund was raised primarily from institutional investors and family offices based in the Nordic countries, continuing the deep domestic LP concentration that has characterized the CapMan Buyout series for over three decades.
The fund invests in majority and significant minority equity positions in mid-size unlisted Nordic companies — typically businesses with ambitious growth trajectories and scalable operating models. CapMan's value creation approach is hands-on and operationally driven, involving active board representation, buy-and-build acquisition programs, and organic growth initiatives. CapMan Buyout X operates a multi-sector mandate reflecting the diversified nature of the Nordic mid-market, with historical portfolio concentration in business services, education, hospitality, and consumer-facing companies. The fund is domiciled as two parallel structures: a Guernsey limited partnership (CapMan Buyout X Fund A L.P.) and a Finnish limited partnership (CapMan Buyout X Fund B Ky), consistent with CapMan's practice of accommodating both offshore and domestic Nordic investors.
CapMan Buyout X Fund reached full deployment and entered its value creation and exit phase after several years of active investment. Notable exits include Kämp Collection Hotels (sold to Nordic Choice Hospitality Group), YrkesAkademin (a leading Swedish vocational education provider, exited 2024), Renoa (exited 2024), and Forenom (a corporate temporary housing operator, exited to a Bravedo-led consortium in January 2026) — the final exit of the fund after approximately 13 years from first close. The fund is currently in a Divesting phase as the remaining portfolio is resolved.