CapMan expands into infrastructure debt
By Sauli Vilén
Summary
- CapMan is expanding its Real Asset Debt investment area into infrastructure debt in collaboration with CAERUS, appointing René Kassis to lead the new strategy and opening an office in Paris to strengthen its Western European presence.
- The expansion into a new asset class was unexpected, as it was assumed CAERUS would focus on launching its next fund, which is critical for CapMan's success.
- The initiative appears promising and aligns with CAERUS's offerings, but its viability depends on building a new fund around this strategy, with no immediate changes to forecasts due to the time required for product launch.
- CapMan's short-term focus is on successful fundraising during the current year to achieve expected earnings growth, with CapMan owning 51% of CAERUS.
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Translation: Original published in Finnish on 3/20/2026 at 7:45 am EET.
CapMan announced on Thursday that it is expanding its Real Asset Debt investment area into infrastructure debt together with CAERUS. René Kassis has been appointed to lead the new strategy, and concurrently, the company is strengthening its presence in Western Europe by opening an office in Paris. We were surprised by the expansion into a new asset class, as we had assumed that CAERUS would focus on launching its next fund, the success of which is critical for CapMan.
On paper, at least, the initiative seems promising and fits well with what CAERUS offers. Furthermore, based on his experience, René Kassis appears to be an excellent hire, which is crucial for launching a new strategy. Ultimately, the move's viability depends on the company’s ability to build a new fund around this strategy. The announcement does not result in any immediate changes to our forecasts because the launch of the first product will inevitably take time, and the scale of the venture will certainly be small for CapMan, even in the best-case scenario. It is also worth noting that CapMan owns 51% of CAERUS (our comment on the acquisition on 6/25).
In the short term, our focus is on CapMan's fundraising, as the company needs to succeed in new sales during the current year for the expected earnings growth to materialize.
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CapMan is an investment company. The vision is to be a long-term owner and create added value for the shareholders in the long term. CapMan mainly invests in medium-sized unlisted companies, properties and infrastructure facilities around the Nordic market. Furthermore, the company offers asset management, purchasing activities as well as analysis, reporting and back office services. CapMan was founded in 1989 and its headquarters are in Helsinki, Finland.
Read more on company pageKey Estimate Figures12.02.
| 2025 | 26e | 27e | |
|---|---|---|---|
| Revenue | 63.0 | 73.2 | 86.8 |
| growth-% | 9.4 % | 16.2 % | 18.5 % |
| EBIT (adj.) | 25.8 | 36.8 | 49.5 |
| EBIT-% (adj.) | 41.0 % | 50.2 % | 57.0 % |
| EPS (adj.) | 0.09 | 0.15 | 0.19 |
| Dividend | 0.12 | 0.13 | 0.14 |
| Dividend % | 6.3 % | 7.3 % | 7.9 % |
| P/E (adj.) | 21.4 | 11.8 | 9.6 |
| EV/EBITDA | 13.2 | 8.8 | 6.5 |
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