Helsinki-based CapMan is preparing to launch CapMan Nordic Infrastructure III this week, targeting €750 million for its third Scandinavia-focused infrastructure fund, according to sources familiar with the matter. The firm aims for a first close in H2 2026 and final close within two years. This represents nearly double the size of its predecessor, which closed at €375 million in April 2024.

The fund employs a core-plus strategy targeting small- to mid-cap digital, energy, and transport infrastructure assets across Finland, Denmark, Sweden, and Norway. With a 10-year term, it seeks 11-13 percent net IRR and 2x money multiple, deploying €20-€50 million per investment with potential for up to €90 million in 10-12 deals. The strategy comes as some investors shift away from challenging real estate markets toward alternative assets like infrastructure.

Fund III builds on CapMan's track record, with Fund II still deploying capital across seven platform investments including Napier, a Norwegian harvest vessel operator, and Skarta Energy, a Finnish solar developer. The firm's debut fund closed at €190 million in 2020 and recently exited its stake in Valokuitunen to Brookfield Infrastructure for €330 million enterprise value. With €7.2 billion in assets under management, CapMan expects to attract institutional investors from across Europe, Asia, and North America, following Fund II's success in drawing 70 percent of capital from non-Nordic LPs.