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Third party research

CapMan expands to private credit via majority acquisition - Nordea

CapMan

This is a third party research report and does not necessarily reflect our views or values

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CapMan has acquired the majority (51%) of German based real estate debt specialist CAERUS Debt Investments AG, and thus launching a new investment area “Real Asset Debt”, which acts as support for the company’s real asset driven strategy. Currently CAERUS has some EUR 700m of AuM, with a focus on the DACH and Benelux-region, with seven funds active today. In 2024 the acquired company generated EUR 1.7m of fee profit, corresponding to ~0.2% of AuM. The transaction is based on a debt and cash free valuation of EUR  13m (7.6x fee profit), however, given the 51% stake CapMan will pay a debt and cash free up-front consideration of EUR 4.0 million at closing and an earn-out consideration of up to EUR 2.6 million, subject to CAERUS reaching certain operational targets during 2026. The deal is expected to close in Q3 2025 and is expected to have a slightly positive impact on CapMan's fee income and fee profit in 2025, according to management.
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