CapMan - Private Market Pioneer in the Nordics

Stocks
1438

CapMan posted a very solid set of numbers for Q1 for a change. In my opinion, the most important takeaway was that the company is now talking about months, not quarters, regarding fundraising. The tone in their commentary, especially regarding NRE4, is also clearly more positive. Generally speaking, fundraising hasn’t become significantly more difficult despite the war in Iran. Today’s share price reaction is well-deserved. Attached is an interview where, in addition to the usual themes, we finally discussed the development of an individual portfolio company (Valokuituinen). I don’t recall ever covering a single investment target during my 10 years of CapMan interviews, but this was a great opportunity! :detective:

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1439

CapMan update fresh out of the oven. The big picture remains unchanged; the stock is cheap if fundraising succeeds and the fee result scales. A step forward in fundraising was taken in the early part of the year, and the company expects fund closures in the coming months. This is likely to remove uncertainty regarding the success of fundraising. One could certainly justify a bolder view here, but personally, I want to see concrete progress in fundraising first. :balance_scale:

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