But they don’t put them into listed stocks, and private equity funds are unlikely to make write-downs on values based on this mess.
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Company acquisitions, real estate investments…? Surely the general market downturn has an impact.
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How is CapMan’s current situation viewed here? I don’t really understand any other reason for such a large drop than going along with the rest of the market. CapMan operates in the Nordics, so tariff policy should only affect it indirectly, for example, through a general economic downturn. Therefore, I would see that there shouldn’t be a significant impact on CapMan’s performance and, for example, dividend payments in the future. Other opinions?
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I personally don’t see tariffs affecting CapMan’s clients in any way, because institutional clients purchase these services regardless of economic cycles, and tariffs impact all European asset managers similarly. Of course, performance-based fees might decrease in some situations?
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Sauli had commented on the topic in another thread earlier:
This is probably how it is, that CapMan does not live in a vacuum, and uncertainty is not poison only for consumers and industrial investments. When the wheels of the economy are not turning and people dare not trust the future, millions are not enthusiastically pushed into CapMan’s new funds, and everyone remains in a mode of hoarding money and waiting for uncertainty to dissipate.
CapMan has been hit, but it was already “cheap” (or in a value trap?) even before the tariff shenanigans.
CapMan should not directly suffer from tariffs, and both capital and investors are from Europe, so currencies don’t matter much, at least EUR USD.
But Sauli has highlighted the USA and global private equity situation, that no one is making exits and rolling investments forward normally and organically! At the same time, in Excels, it looks like returns and values are good, but no one is selling and putting money back into investors’ pockets or into the next targets 
Looking at where CapMan’s assets are
The CEO has repeatedly promised that the assets are doing well and everything is going like in the movies.
We have over 3 billion tied up in real estate. At the same time
We have a billion tied up in PE, which is globally in trouble.
We have 700 million tied up in expensively bought forests, where the situation looks like this
And then we have 600 million tied up in infrastructure, where we can guess investors’ willingness to invest when cement is poured into the wheels of the economy.
The stock looks cheap enough that I have bought a little more.
But with all the uncertainties, I dare not claim to sleep peacefully as a shareholder 
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Here are Sale’s pre-comments as Capman publishes its Q1 results on Friday. 
The news flow has been quiet in the early part of the year, and in terms of results, the beginning of the year has been subdued. At its Capital Markets Day in March, CapMan outlined ambitious growth targets, and the name of the game is exceptionally clear: new sales must accelerate significantly in the coming quarters. If growth makes an upward adjustment, profitability should scale significantly, and consequently, the stock would also start to look cheap. On the report, the main attention will therefore be on new sales and the outlook. We will go through the results in a live broadcast starting at 7:50 AM.
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@Sijoittaja-alokas already had a link in their message, but in case someone missed it, we’d like to remind you that we’ll soon have a treat in the form of an earnings live stream! 
Come join us online to ask questions, so @Sauli_Vilen can answer them live! 
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Earnings development for continuing operations and significant events 1-3 2025:
CapMan has classified the CaPS business as a discontinued operation in the income statement and adjusted the figures for the comparative periods accordingly.
- Assets under management were EUR 6.4 billion on March 31, 2025 (EUR 6.1 billion on December 31, 2024)
- The Group’s net sales were EUR 13.0 million on January 1 – March 31, 2025 (EUR 15.6 million on January 1 – March 31, 2024)
- Management fees were EUR 13.0 million (EUR 12.0 million)
- Carried interest income was EUR -0.0 million (EUR 3.5 million)
- Operating profit was EUR 6.9 million (EUR 5.6 million) and comparable operating profit was EUR 7.2 million (EUR 6.9 million)
- Fee income was EUR 1.5 million (EUR 1.0 million)
- Fee income before Group expenses was EUR 2.2 million (EUR 1.9 million)
- Diluted earnings per share were 2.3 cents (0.8 cents) and comparable diluted earnings per share were 2.5 cents (1.5 cents)
- In March, the real estate fund CapMan Hotels II completed the acquisition of Midstar Fastigheter AB, increasing CapMan’s assets under management by EUR 0.4 billion
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Sale interviewed CEO Pia Kåll after the Q1 release.
Topics:
00:00 Introduction
00:07 Year-to-date summary
00:20 Midstar transaction
02:00 Use of own balance sheet in the transaction
03:23 Market uncertainty
04:25 Exit market situation and outlook
07:46 Fundraising outlook
09:48 Simultaneous fundraising for flagship funds
11:47 Asset management business situation
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Sale has completed a new analysis on Capman on Sunday evening. 
CapMan’s Q1 report was ultimately quite neutral. The market situation continues to make new sales difficult in the short term, but the strong earnings growth outlook for the coming years remains unchanged. If earnings growth materializes, the stock is cheap, but due to the uncertainty related to the realization of new sales, we are currently withholding a stronger view. We reiterate our target price of 2.1 euros and our Add recommendation.
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CapMan Real Estate Launches a New Nordic Living Concept, Leona
CapMan Real Estate has launched Leona, a new Nordic rental living concept that offers its customers a carefree everyday life. Leona was launched in May 2025 in Finland, and it is expected to expand soon to Denmark and Sweden. The concept focuses on customer experience and ease of living by utilizing modern digital solutions. Leona distinguishes itself from its competitors by combining high-quality living, a user-friendly resident application, a wide range of services, and the possibility of flexible relocation between Leona homes.
The basic idea of Leona is to make residents’ everyday lives easier and more pleasant. Residents have access to the MyLeona digital platform and mobile application, through which all rental housing-related functions can be effortlessly managed – from booking parking, sauna slots, clubrooms, and laundry rooms to making and tracking maintenance requests. The Leona Plus program, developed in cooperation with CaPS Procurement Services, offers customers exclusive benefits. These include practical services supporting living, as well as well-being and travel benefits. In addition, Leona Flex enables residents to smoothly transition between Leona apartments – the home flexibly adapts as life situations change.
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A long story about how Onnibus monopolized the Finnish bus market.
Onnibus is indirectly owned by Capman.
“Koiviston Auto has bought several bus companies from different parts of the country. Koiviston Auto is owned by the private equity firm Capman.”
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Also for your information, here’s the May 14th press release related to the CapMan Special Situations I fund, as it seemed to be missing from here:
The CapMan Special Situations I fund invests in two community living providers for the elderly, Nonna Group Oy and Aurahovi Oy, with the aim of building a leading national player in the sector.
Both companies offer individualized housing and service solutions for the diverse needs of the elderly. Nonna Group manages five residential units in Rovaniemi, Oulu, Turku, and Kuopio. The company, founded in 2020, had a turnover of approximately 5 million euros in 2024. Aurahovi, founded in 2017, manages four units in Lieto, Huittinen, Uusikaupunki, and Helsinki, and its turnover last year was approximately 4 million euros.
By combining these two operators, CapMan Special Situations creates one of Finland’s leading community living providers, forming a national entity consisting of nine residential units and approximately 500 apartments.
‘Community living is a new service model that has been given strong emphasis in the service strategies of welfare areas; community living is aimed at the elderly whose needs cannot be met by home care, but who do not yet require round-the-clock care. Both companies have enormous potential, satisfied customers, and excellent staff, on which it is good to build upon,’ comments Jere Pessala, the new CEO of Nonna Group and Aurahovi.
The investments in Aurahovi Oy and Nonna Group Oy constitute the seventh investment of the CapMan Special Situations I fund.
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The investments of the Capman special situation fund in the wellbeing services county, if successful, could affect Capman’s result by perhaps 0.1%. This company thrives on real estate investments and to some extent infrastructure investments, and the development of their value. The value development of both depends on interest rate levels. Tariffs do not directly affect this company in any way, because real estate and local infrastructure do not trade with the US. The new business now is forest funds, but that also requires billions in capital for it to become a proper business for a listed company. It’s good that there are these real asset funds in which private individuals can invest if they wish. I wonder most why this company needs loans in the form of hybrid bonds or what that money is used for?
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Tässä on Nordealta vähän kattavampi analyysi Capmanista. 
CapMan is a leader in the Nordic investment and asset management space with AuM of EUR 6.4bn. The company has ambitions to increase its focus on real-asset strategies, which include real estate, natural capital and infrastructure investments (combined, accounting for ~75% of AuM). In line with the strategy, we expect new flagship funds and other organic growth to drive a 29% increase in AuM by 2027, with a fee profit CAGR of 37% (2024-27E). We regard the challenges in the fundraising market as temporary, leaving our view on the underlying growth prospects unchanged, although we now expect this growth to take somewhat longer to materialise. Our SOTP-based fair value range is EUR 1.6-2.0 (1.7-2.1). Marketing material commissioned by CapMan Oyj.
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Capman has reorganized its organization.
Now, as an investor, I trust and hope that increasing shareholder value is CapMan’s core strategy, guiding the company’s operations towards sustainable success and long-term value creation.
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Here is the release itself.
“CAERUS is a leading real estate debt investor in Germany and one of the market pioneers. CAERUS, which currently has approximately 700 million euros in assets under management, enables institutional investors to make real estate debt investments through funds and individual mandates.”
“Key points of the transaction:
CapMan partners with CAERUS founder and CEO Michael Morgenroth by acquiring a 51 percent stake in CAERUS’s share capital
CapMan’s fee-based assets under management will increase by approximately 700 million euros as a result of the transaction
The transaction is expected to have a slightly positive impact on CapMan’s fee income and fee-based profit in 2025, and it will not affect CapMan’s outlook estimate for 2025
In 2024, CAERUS’s fee-based profit was 1.7 million euros (1.7 million euros in 2023)”
Only 1.7 million in fees for 700 million AUM
Does that mean performance-based fees or all recurring revenue from the business?
“This is a significant step for CapMan, further strengthening our focus on real asset investments and expanding our operations into Germany”
This probably leads to the famous CROSS-SELLING POTENTIAL
“The transaction is based on an enterprise value that can be a maximum of 13 million euros for a 100 percent stake in CAERUS, including a potential additional purchase price. In the transaction, CapMan acquires a 51 percent stake in the share capital for a debt-free and cash-free purchase price of 4 million euros at the time of closing, plus an additional purchase price of up to 2.6 million euros, payable provided that CAERUS achieves certain operational targets during 2026. The amount payable at closing and any potential additional purchase price will be paid in cash. No external financing will be used to finance the transaction.”
Is this surprisingly cheap? 
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Put the Midsummer mead back in the cooler and tell us mortals your view on this deal.
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I would also be interested to hear from @Sauli_Vilen what he thinks about CapMan’s focus at the moment.
“Relatively recently” CapMan acquired Davos, and expanded its offering to the forest sector. The first CapMan-owned forest funds are just getting started there. Now, a new bullet in the chamber and expansion into the debt sector.
When combining this with the fact that CapMan’s organic AUM growth has not been exceptional in recent quarters, I can’t help but think that AUM is now being acquired purely to achieve strategic period goals 
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