CapMan just announced that its Buyout XI is exiting Pharmia. This is the second exit from the 2019-raised fund (AUM of EUR 190m) and we understand the fund has not yet reached carry. However, the move coupled with the recent overall market IPO activity lets us think the exit market has notably improved, meaning an improving carry outlook toward 2026E, which is one of our key points in our initiation of coverage published last week.
LÄS MER
