CapMan, the Finnish private equity firm, has hired Yrjö Wichmann to lead a life science venture capital operation in Finland, the first step in an expansion of its life science business across the Nordic region.

CapMan had no interests in life sciences until 18 months ago, when it acquired Swedestart, the Swedish venture capital firm. However, life sciences has become the fastest growing sector for venture capital investment. Investment in US biopharmaceutical companies doubled in the second quarter of 2003 and European venture capitalists are following a similar trend.