CapMan delivered a solid Q3, proving the scalable nature of the fee profit (AUM up 19% y/y and fee profit up 29% y/y). However, the fundraising market remains challenging, and the next flagship real estate fund is pushed forward. While the AUM can still be increased through open-ended funds, mandates and strategic moves the visibility on these is more limited. We lower our fair value range to EUR 2.0-2.3 from EUR 2.2-2.5 previously.
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