CapMan, the Helsinki-based private equity firm, has integrated the two investment businesses it acquired last year by reorganising itself along functional lines.

Ari Tolpannen, CapMan's chief executive, has done away with the country focus it adopted after acquiring Nordic Private Equity, the Danish firm, and Swedestart Management of Sweden. He has created three investment teams, one concentrating on buy-outs and the other two concentrating on early stage investments in the technology and life science sectors.