CapMan, the Finnish venture capital firm, has posted profits of €900,000 ($818,824) for the first quarter of the year, 74% down on the same period last year, because of a reduced share of carried interest on exits.

Turnover for the period was €3.3m, 40% down year-on-year. While the share of turnover from management fees increased 35% to €2.7m, the share of carried interest from exits by CapMan funds fell 90% to €300,000.