CapMan: Slow fundraising environment continuing - Nordea

Ahead of CapMan's Q2 report, due on 3 August, our SOTP-based fair value range of EUR 2.8-3.4 is intact. While slowness in fundraising has likely continued, we model a EUR 60m increase in AuM and expect a slight pick-up during H2. The exit of Coronaria (Growth) has likely boosted carry in Q2, while we expect postponements in carry from real estate. We believe the company is preparing for new fund openings and we note upcoming closings of Infra II (final close in Q3) and Social Real Estate (first close in H2).

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