CapMan: First signs of an improving fundraising market - Nordea

Ahead of CapMan's Q1 report on 3 May, our SOTP-based fair value range of EUR 2.0-2.4 is intact. We include the recently completed Dasos acquisition in our estimates, but expect unfavourable FX in VC funds to turn fair value changes negative. We note the first close of the Growth Equity III fund is above the targeted level, which could signal better fundraising sentiment after a slow market in 2023. The current fund pipeline, supported by a new natural capital offering, could enable a material AuM increase in 2024. Marketing material commissioned by CapMan Oyj.

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