CapMan just announced its second exit from its Infra I fund (2020). Divestment of Valokuitunen marks the second exit from the first Infra vintage and the portfolio with raised capital of EUR 190m still holds three targets. No special mention on the possible carry. Yet, we think that CapMan’s infra funds could deliver material carry in the coming few years. We expect CapMan to launch Infra III capital raising during 2026. Hence, the exits from the older series are important milestones.
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