CapMan Posts EUR 50.7 Million Revenue as Exit Carried Interest Lifts Results

CapMan Plc reported revenue of EUR 50.7 million for January to September 2026, up 19% from EUR 42.5 million a year earlier, as carried interest from successful exits rose to EUR 3.9 million from EUR 0.3 million. The Helsinki-based private markets investment manager, listed on Nasdaq Helsinki since 2001, disclosed the figures in its interim report published on November 5, 2026.

CapMan's Fee Income and Exit Activity

Fee income for the period was EUR 46.8 million, up from EUR 42.2 million, while operating profit fell to EUR 15.3 million from EUR 17.2 million. Comparable operating profit was EUR 17.2 million, down EUR 1.9 million, as fair value changes were EUR 5.6 million lower than a year earlier. Fee profit was EUR 6.6 million, slightly above the EUR 6.5 million reported for the same period of 2025.

CapMan completed four exits in the third quarter. Real Estate sold the final asset of Nordic Real Estate I, a shopping centre in Denmark, completing the fund's lifecycle and generating carried interest, and Growth exited its first fund, which also generated carried interest. Real Estate further sold properties in Gothenburg and Copenhagen from Nordic Property Income and Nordic Real Estate III. CapMan distributed some EUR 480 million to fund investors during 2026.

"Fundraising for the flagship funds remains our top priority," CEO Pia Kåll said in the report. CapMan raised some EUR 550 million of new capital in the first nine months, with the June first closings of Nordic Real Estate IV and Nordic Infrastructure III as main contributors.

CapMan's Fundraising and Balance Sheet

According to akta.pro company records, the June first close of CapMan Nordic Infrastructure III drew over 20 institutional investors, with roughly one-third of commitments from outside the Nordics. The fund and Nordic Real Estate IV each carry a target size of EUR 750 million. The same records put assets under management at EUR 7.2 billion at the end of 2025, up 19% from EUR 6.1 billion.

CapMan's Path to the Interim Report

In September 2026, CapMan's board approved an additional dividend of 0.06 euros per share, payable on 17 September 2026, bringing the total dividend for the year to 0.12 euros per share, Kauppalehti reported. The same month, CapMan Nordic Real Estate IV acquired the 366-room Crowne Plaza Copenhagen hotel in a 50/50 joint venture with AP Pension, EuropaWire reported. In October 2026, CapMan agreed a EUR 30 million sustainability-linked loan facility split into two EUR 15 million tranches, to refinance a EUR 40 million senior bond maturing in April 2027, according to news.cision.com.

CapMan's Year-End Fund Closings

CapMan said it is working towards the next closings across several strategies before the end of 2026, supporting targeted final closings of Nordic Real Estate IV, Nordic Infrastructure III and European Forest Fund IV during 2027. The company estimates assets under management and fee profit to grow in 2026.