About This Fund
CapMan Growth is the growth equity arm of CapMan, the Helsinki-headquartered Nordic alternative asset manager with more than three decades of investment history. The Growth team focuses on minority investments in unlisted Finnish and broader Nordic companies exhibiting strong organic revenue growth, typically in technology, software, digital services, and business-to-business services. Rather than control buyouts, CapMan Growth acts as an active minority shareholder providing capital, strategic advice, and access to CapMan's networks to help companies scale internationally and build towards liquidity events. The strategy targets companies at inflection points — past the startup phase, generating revenues, but needing growth capital and board-level support to reach the next tier of scale.
CapMan Growth Equity Fund 2017 is the first dedicated growth equity fund in CapMan's history, with first and final closing held in December 2017 at EUR 86 million. The fund represented CapMan's formal entry into the growth equity segment as a standalone vehicle, separating the strategy from the firm's mid-market buyout approach. LPs included Finnish institutional investors, family offices, and international private equity allocators attracted to the Nordic growth equity market, which at the time was underserved relative to buyout capital availability. The EUR 86 million fund size provided sufficient firepower to make meaningful minority investments in a portfolio of approximately 8–12 companies.
The fund's portfolio included companies such as Insplan (enterprise planning software), Picosun (atomic layer deposition equipment), and Arctic Security (cybersecurity). CapMan Growth subsequently raised a second fund (CapMan Growth Equity Fund II) that closed at EUR 97 million, and a third fund in 2024 that reached its hard cap of EUR 130 million — indicating strong LP re-up rates and institutional validation of the strategy. The CapMan Growth 2017 fund achieved its EUR 86 million target size at closing in December 2017, establishing the template for a growth equity platform that has grown substantially in the years since.