Translation: Original published in Finnish on 6/26/2026 at 8:10 am EEST.

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 progressed 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.

Strong demand bodes well for successful fundraising

CapMan did not disclose the exact size of the first closing, but we estimate that the company has raised over 300 MEUR in capital for it. Over 20 institutional investors committed to the fund in the first closing, and roughly one-third of the commitments came from outside the Nordics. In addition, several investors who participated in the first closing have also expressed interest in increasing their commitments as fundraising progresses.

Given the rapid progress of fundraising and strong investor demand, we consider it highly likely that the Infra III fund will ultimately reach its target size of 750 MEUR. The company itself estimates this will happen during 2027. If realized, the 750 MEUR fund would be CapMan Infra's largest to date and double the size of its 375 MEUR predecessor.

Strong investor demand lowers the risk level of the fundraising cycle

Although the first closing was in line with our expectations, we consider the news very encouraging for CapMan's outlook. The company is undergoing an exceptionally broad fundraising cycle, simultaneously raising funds for several flagship products. In addition to the infrastructure fund, the company has now completed the first closings for a new forest fund and a real estate fund. The progress in fundraising provides strong support for our growth expectations for 2026–2027, and we expect the company's earnings to scale strongly with the growth of assets under management.