CapMan continues to execute on its growth strategy, as shown by the recent EUR 320m increase in the BVK mandate. In Q4 2018, the company raised EUR 115m for its new infra fund and in the same quarter it started raising funds for its new buyout fund; both will boost future management fees and add earnings stability. Following the BVK news, we increase our 2019-20 EBIT estimates by 8% and 7%, respectively, but we take our 2018 estimate down significantly due to market volatility (the OMXH 25 was down 12% q/q in Q4). For Q4, we estimate the value of CapMan's market portfolio decreased by EUR 5m, although this is a non-cash expense. The market decline in Q4 also likely had a negative effect on the value of CapMan's private assets.