What does the exit from Silmäasema mean in practice for CapMan shareholders?
CapMan owns approximately 10 percent of that fund which is divesting from Silmäasema.
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CapMan Infra invests in Hansabuss to promote the development of public transport in the Baltics
The CapMan Nordic Infrastructure II fund has agreed to acquire Hansabuss from Hansa Group. Hansabuss is the largest privately-owned bus company operating contract-based local transport in the Baltics. The investment supports CapMan Infra’s strategy to strengthen core public transport infrastructure in Northern Europe.
Founded in 1995, Hansabuss has grown to become the leading local bus transport operator in the Baltics. In addition to contract-based local transport, the company provides charter services and other bus transport services for corporate and public sector clients. The company operates in Estonia and Latvia and has grown profitably through competitive tenders and acquisitions. Hansabuss is well-positioned to expand its business as the opening of the Baltic public transport market to competition continues. As part of this long-term development, green transition requirements, such as the introduction of low-emission and electric fleets, will become increasingly prominent in tenders.
CapMan Infra’s investment supports Hansabuss in its next phase of growth. As the new owner, CapMan Infra is prepared to invest in low-emission and electric fleets as well as the company’s operational development, further strengthening Hansabuss’s competitiveness and growth potential.
All current employees of Hansabuss will continue in their current roles following the completion of the acquisition. The transaction will have no immediate impact on Hansabuss’s current customers or services.
The completion of the transaction is subject to approval by the Estonian Competition Authority.
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CapMan Nordic Real Estate IV (CMNRE IV), the fourth fund in CapMan Real Estate’s value-add fund series, completed its first closing on June 17, 2026, supported by both existing and new investors. Following strong investor interest, the fund is progressing towards its target size of EUR 750 million.
The fund has already secured its first investment in a residential real estate project in Copenhagen and is currently advancing several other interesting investment opportunities within its target sectors, supporting the efficient deployment of capital. CapMan Real Estate has acquired eight significant residential real estate projects in the Nordics over the past 12 months, reflecting the team’s strong sector expertise and vision.
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Here are Sauli’s comments regarding CapMan’s first closing of its Nordic Real Estate IV fund 
The news did not come as a surprise to us, as the company already communicated in connection with its Q1 report that it expected the fund’s first closing within the coming months. The company did not provide the exact size of the first closing, and we consider it likely that, due to the challenging market situation, it remained moderate at best. In any case, the first closing is an important milestone in this year’s fundraising efforts, and it once again provides a bit more backing for our strong growth expectations for 2026–2027. The announcement does not trigger a need for changes to our forecasts, as we had already incorporated the successful fundraising of the fund for the current year into our expectations.
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CapMan Infra completes the first closing of the Nordic Infrastructure III fund
CapMan Nordic Infrastructure III, the third fund in CapMan Infra’s Nordic infrastructure fund series, completed its first closing on June 24, 2026. The fund is progressing as planned towards its target size of EUR 750 million, which it is expected to reach during 2027. The fund’s investor base consists of both existing and new institutional investors from the Nordics and outside the Nordic region.
The strategy of the CapMan Nordic Infrastructure III fund is to invest in small and medium-sized infrastructure companies and assets operating in the Nordic countries. The fund focuses on energy and infrastructure services, transportation, and digital infrastructure. The fund is classified as an Article 8 product under the SFDR and invests in infrastructure assets providing essential services for society that benefit from long-term structural trends, such as the energy transition, digitalization, and the need to strengthen societal security of supply.
The fund is expected to grow into CapMan Infra’s largest infrastructure fund to date. The target size of EUR 750 million is double that of its predecessor, the EUR 375 million CapMan Nordic Infrastructure II fund.
In the first closing, more than 20 institutional investors invested in the fund, and approximately one-third of the commitments came from outside the Nordic countries. This share is expected to increase significantly in subsequent closings, as international investors continue to show strong interest in a Nordic infrastructure strategy executed by an experienced local team. Approximately two-thirds of the commitments came from German and Finnish pension companies.
Several investors who participated in the first closing have also expressed interest in increasing their commitments as fundraising progresses, supporting the fund’s path towards the final closing. The fund has a strong pipeline of potential investment targets in its target sectors and is well-positioned to make its first investments during 2026.
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Here are Kassu’s comments regarding the first closing of the Nordic Infrastructure III fund
CapMan announced on Thursday that it has completed the first closing of its new Nordic Infrastructure III fund. In our view, the rapid closing indicates that fundraising has proceeded excellently, so the development is in line with our expectations. However, we consider the news important, as it significantly reduces the risk associated with the success of the ongoing extensive fundraising cycle.
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CapMan Growth exits its investment in marketing services company Aste
The CapMan Growth Equity Fund 2017 has signed an agreement to sell its stake in Aste Holding Oy. The company is being acquired by Eniro Treasury AB, a subsidiary of the Swedish listed company Eniro Group AB. With this transaction, CapMan Growth completes a successful investment during which Aste has transformed its business from print-based media into a broad-based provider of marketing and communication services. This exit is the ninth for the CapMan Growth Equity Fund 2017 and the eleventh overall for CapMan Growth.
Aste is a marketing and media partner that combines creative design, multi-channel production, and technology solutions into a seamless entity across all channels. The company’s largest customer segments include media companies, retail and telecommunications operators, as well as organizations and associations. Aste’s business model is based on long-term and recurring customer relationships, where the company acts as an integral part of its clients’ processes. The company employs approximately 140 professionals, and its revenue in 2025 was approximately EUR 12.3 million.
CapMan Growth became a minority shareholder in Aste in 2018.
Aste returned to a growth trajectory in 2025 and strengthened its position by securing contracts with significant clients. On this basis, the company was deemed ready for its next stage of development supported by a new owner.
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Well, the stock has been down today, this week, this month, over the last 3 months, this year, over the rolling 12 months, over the last 3 years, and over the last 5 years, so it’s at least not priced with overly high expectations. The talk has always been tough, but could we now start to see some actions at CapMan?
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Inderes’ preliminary comments ahead of Capman’s Q2 report release on Thursday, August 6th
We expect the company to show a strong earnings improvement driven by previous new sales and good investment returns, but the absolute highlight of the review period is the already announced first closings of the Infra III and NRE IV funds, which clearly lower the company’s growth-related risk level.
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Tomorrow, for the first time in a while, there’s a suuuper interesting report coming from CapMan! Sales have been picking up well in Q2, and that super-fast first closing for Infra, in particular, is excellent news. Getting the real estate fund off the ground is also critical. As new sales start to gain momentum, the focus will shift increasingly toward costs. The company should have significant scalability potential, but that requires cost discipline in addition to top-line growth. Historically, this hasn’t been CapMan’s greatest strength, and now the company has a clear opportunity to prove itself in this area as well. It’s worth remembering that if that predicted earnings improvement comes through, the stock is really cheap. 
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CapMan’s operating profit fell significantly short of two analysts’ forecasts
Private equity firm CapMan’s earnings fell short of two analysts’ forecasts. The company’s assets under management reached an all-time record high.
Capmanin liiketulos jäi runsaasti kahden analyytikon ennusteista | Kauppalehti..
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Wasn’t the realization of AUM growth the essential factor for the stock’s valuation, rather than the Q2 result missing forecasts and the increase in one-off (?) expenses?
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In the long run, this is probably true. But unfortunately, it still looks like costs are increasing and the value created is trickling down to the management and other key personnel operating within it.
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So, the cost trend was precisely the positive surprise this quarter. Personnel costs and headcount are clearly on the decline.
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Here are Sale’s quick comments on this morning’s result; the headline already says a lot.
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When you own Capman, the feeling year after year is this:
Today’s interim report wasn’t exactly miserable, but it doesn’t provide much comfort when you’re just getting “defensive victories” year after year.
Things are moving in the right direction, so to speak, but very slowly. And if one thing goes well, something else inevitably goes less well. If money comes in, expenses increase in the same proportion. AuM (Assets under Management) is growing, true (by acquisitions). Even now, fundraising went “well,” but still fell short of analysts’ expectations.
Management fees are making us wait, and as Inderes pointed out, how can the investment returns always be so weak? 
Inderes keeps repeating time after time that the company has potential and the stock is cheap IF things progress even in an OK way.
The bar for the stock has been set low. We’ve been building momentum for 3 years in a row (or much longer, depending on how you look at it). Could we finally start clearing that low bar?
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That may be true, but this is just one quarter and the long-term theme is clear. How those promised growing fee revenues materialize for equity holders depends on future cost discipline. There are many middlemen who take their own bonuses before it filters down to earnings per share. If Pia is confident that the fee revenues will indeed go specifically to equity holders, then that could easily be provided as guidance.
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Here is Pia’s interview.
00:00 Q2
01:05 Profitability
03:05 Infrastructure
04:03 Nordic Real Estate
06:25 Caeros
08:02 Headcount
10:28 Carried interest income
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Sauli’s updated comments.
Why do I get the feeling that this is in the same vein as Rapala? Good on paper, and that’s about it.
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