A very warm welcome to CapMan's half year result presentation. My name is Joakim Frimodig. I'm the CEO of the company. I'm happy to tell you that CapMan's strong performance continued in the second quarter of the year, despite more demanding market conditions. We were able to advance our strategic agenda and also able to maintain a very good overall drive in our business operations. As a consequence, we are today reporting the best half year result in CapMan's history. Let me take you through the results first and then discuss the broader strategic agenda. I'm happy to see that the strong growth continued in the first half of this year. The growth is broad-based. All of our segments grew, all of our income streams grew in the first half of the year.
In terms of turnover, the growth is 38% and it corresponds to EUR 32 million in overall turnover. Our fee profitability grew by 39% and reached a new record level, and our EBIT grew by over 50%, reaching EUR 33 million. The EPS grew in line with EBIT at 53% and ended up at EUR 0.16 per share. As said, it's a record first half for CapMan. It's the best half year result in our history. EBIT stands at EUR 33 million. Otherwise, also development is very much in line with what we have planned. Assets under management are at a new record level, EUR 4.8 billion, and year to date we have raised some EUR 450 million in new assets under management. Our management company business continues to develop very well.
There we saw turnover growth of 38% and EBIT more than double. Of course this is important. Management company business is an important driver for our fee-based profitability going forward as well. In fair values, we saw a very strong development, EUR +24 million in the first six months of the year. Almost all of our own strategies made a positive contribution, and we got additional boost from external fund investments. Two of our funds turned into carry in the first half of the year, Nordic Real Estate I in the first quarter and Growth Equity I Fund in the second quarter of the year. Our balance sheet is a strong equity ratio, close to 50% and liquid assets almost EUR 60 million at the end of June.
From this graph you can see the turnover and profitability development from 2020 up until first half of 2022, and you can see a very positive quarter-on-quarter development. The low point in the short term of course was the first quarter of 2020 when we saw the COVID impacts, but since you have seen very strong robust development and as said, growing quarter-on-quarter in terms of profitability and turnover. Let's then dig a bit deeper into the earnings of the first half of the year. Here you can see a breakdown of the EBIT by segment, and as I said, all segments improved, all of the income streams improved compared to the same period in 2021.
The management company business, we have the fee-based profitability and carried interest income combined over EUR 10 million in profits and more than 100% growth compared to last year. Also, the service business developed very strongly, improvement of close to 60% compared to last year, both CaPS and JAY Solutions showing good top-line growth. Investment business already posted good figures last year, but even better in the beginning of this year, so EUR 24 million in positive contribution, and that's a growth of close to 40% compared to last year. If we look at other, costs and eliminations, there you can see that the costs have increased by some EUR 2 million compared to last year. A large part of that is explained by a one-off item that is the early vesting of our 2020 Performance Share Plan.
That corresponds to about EUR 1.4 million out of the EUR 2 million increase. I said that is not a recurring item, but that was booked in the second quarter of this year. Adding all of our segments together, we end up with the EUR 33 million EBIT, and as we said before, about 53% growth in total. Here you can see a bit longer time series and also how our latest 12-month, rolling 12-month EBIT has developed. We are now at a new record level, so the last four quarters combined, EUR 56 million in EBIT operating profit. Overall, the last two or three years, the development has been very strong. Let's dig a bit deeper into our segments and our earnings components, and just a reminder that we are reporting three different segments.
We have the management company business, the service business, and then the investments from our own balance sheet, i.e. our investment business. From the management company business, we earn management fee and carried interest income. From the service business, we receive service fees and of course, investment income and fair value changes when it comes to our own balance sheet, investments. I propose that we start by looking at the fee-based business. This is the management company and the service business combined. If you look at a time frame of approximately five years here, you can see that the annual growth has been around 17% per annum in terms of top line. If we look at operating profit in total, the segments combined, the operating profit has grown by some 30% per annum.
If we exclude the impact of carried interest and look at the fee-based profitability, that has grown by some 47% per annum in this time frame. We foresee that the fee-based profit will continue strong over coming years. Our existing cost base provides a good support for our planned growth initiatives. As you can see, our costs are mainly personnel costs, so about 70% of the costs are related to personnel and then 30% other costs. If we look at the development in the first half of the year and compare it to the same period last year, and we exclude the impact of the one-time item I mentioned before, then we see about a 13% increase in total operating costs. This is mainly due to growth in headcount.
This is our investment into coming growth. Our balance sheet is very solid. We have good liquidity. At the end of June, book equity stood at EUR 126 million, corresponding to an equity ratio of close to 50%. Liquidity is good. Cash at hand close to EUR 60 million and also an undrawn credit limit of EUR 20 million. This means that we can meet existing fund commitments, we can make new fund commitments, and we have financial stability to support our business in all foreseeable market situations. Our liquidity in the first half of the year has been strongly supported by exits that have returned capital to CapMan's own investments and also provided us with carried interest income.
If we look a bit more in detail on our own balance sheet investments, you can see that EUR 166 million is split between private equity, real estate, and infrastructure. The bulk of it lies in the private equity side, where also we have the largest outstanding commitments at the moment. In total, we have about EUR 91 million in remaining commitments at the end of June. On average, with this allocation, we are looking at about 10%-15% annual return on own investments. The beginning of this year was exceptionally good, so we saw an annualized return of about 35%. Here you can see a more detailed split.
This is figures at the end of June, and you can see that about three quarters of our own investment capacity is currently invested into the private market, and one quarter is in cash at the moment. The private market investments are well-diversified into all main segments of the non-listed market into our own strategies, own products, and complemented selectively with external fund investments. Here you can see a time frame how this exposure has developed, and you can see how this diversification has grown over years. You can also see how our remaining commitments of EUR 91 million are distributed. You see especially the private equity side there is with 60% weight, so that share is likely to grow over coming years. We have seen a lot of volatility in the market in the beginning of the years.
We have seen drastically rising inflation rates and consequently rising interest rates. The impacts on CapMan's business have so far been relatively moderate, but I thought it would be good to go through what the impacts are on our different income streams and expenses. If we look at management fees from existing funds and existing service fee income, we cannot see any immediate impact there. If the situation prolongs, it might be that we see some impact when it comes to fundraising of new products. This is mainly due to allocation issues. As interest rates rise and public equities decrease, we see a shift in the total allocation of some of our LPs that could negatively impact fundraising in the short term. We have not seen any significant impacts as of yet, but that is potential. Fair value changes.
Their inflation and rising interest rates may impact the costs of our investments, the valuation multiples of the assets, and also the availability of financing for the assets and companies that we have in the different portfolios. Here, our downside protection comes from a very diversified balance sheet, as described before, when it comes to strategies, when it comes to products, and when it comes to underlying assets. Carried interest, of course, exit valuations may be negatively impacted if market values decrease. Of course, we are long-term owners. We have flexibility when it comes to timing of our portfolio holdings and their exits. Clearly, the impacts in terms of income can more be seen on the fair value and carried interest side than on the fee-based business.
If we look at CapMan's expenses, our employee expenses, there we have no inflation adjustments, but of course, there may be some upward pressures if the situation in terms of inflation is prolonged. When it comes to interest on our own debt on the balance sheet, there we are in a good position. We have outstanding bonds with fixed interest rates and long maturities, and the latest bond was raised earlier this year. Overall, in this fairly volatile environment, the impacts on CapMan overall are relatively moderate. Let me turn to the strategic direction, and look at where we are heading in terms of the long term. We have had three main components in the strategy that we launched in 2017.
It has been to broaden the access to capital, to introduce new and flexible products, and also to develop our offering in the private asset space. As you can see, and if you have been following us from before, you know that when it comes to access to capital, we have become a lot more international in recent years. Today, over or close to 60% of our assets under management come from investors outside the Nordic space. We are also steadily increasing the share of slightly smaller institutional investors, what we call here tier two or three investors. We are also introducing new types of products, so open-ended structures, mandates, and the like to complement our traditional offering of closed-end funds. We are in a 50/50 position at the moment between closed-end and other types of products.
When it comes to our offering, that has been diversifying a lot in recent years, as you can see from this graph. Overall, happy with the direction in which our business is moving. Growth is, of course, a key driver. We are looking to grow. We have ambition to grow. Assets under management is a key driver for our business, and happy to see, as mentioned before, that we have reached a new record there, EUR 4.8 billion in assets under management at the end of June. If you look at the latest 12 months, we have raised over EUR 800 million in new assets from investors. That's a growth of close to 20%. Of course, at the same time, we have been making good exits. We have been returning capital to our investors.
On a net basis, the number is about EUR 500 million. About EUR 300 million returned to investors in the same time. Of course, our assets under management figures are based on the net changes. If you look at the development in the first seven months of this year, we have grown about EUR 450 million in new assets. We foresee continued strong growth in assets under management in coming years. If you look at the sources of this growth, you can see the key projects that we are working on, the fundraisings in the short and mid-term on this slide. Maybe a couple of highlights here. We have now made a first closing into our Infra II fund, so we have EUR 150 million capital in place there.
The target size is EUR 400 million, and we are expecting a next close in the fund in the second half of this year. We have also established a new strategy under real estate. We call it Social Real Estate. We are investing in real estate with social policy goals. We could talk about hospitals, rescue services, schools, nursing homes, and the like. We have a Nordic focus on this strategy, and we are working with a long-term fund. Fundraising is ongoing. We are targeting mainly international investors, and we are looking for a first closing in the second half of this year when we will provide further details on this exciting new product. As you can see, the streams are many, and we are raising capital for most of our active strategies.
We have also seen continued strong deal activity in the first half of the year. We have been making exits. We have also been making new investments, and a lot of the fair value change that you saw in the beginning of year is driven by successful recent exits. I won't go through all of these transactions in this presentation, but there is one transaction I would like to highlight in particular. That is the exit from Picosun in our Growth Equity I fund. The fund originally invested into the company in 2019, and now about three years later, we are exiting the investment. It has been very successful. Under CapMan's ownership, the company has invested in growth, in new facilities, entered new markets, and also developed new technologies.
A successful exit which takes the fund into carry at the end of June. CapMan, of course, is a big investor in the fund, so we also get a very positive fair value impact and positive cash flow impact from this transaction. This is, by the way, the largest exit in CapMan's operating history if you measure it by portfolio company exit value. Overall, this fits well into the agenda of realizing more carry potential. As said in the first quarter, our Nordic Real Estate I fund entered carry. There we have four assets remaining, and now Growth Equity I is in carry, and there we have eight companies remaining. As these funds are making further exits, then CapMan will receive carried interest income.
In addition to this, we have several funds that are developing well, and we expect that some of them are approaching carry in the next 12 months. Hopefully from now onwards, we have a much steadier income from carried interest than what we have historically seen. Sustainability is a key focus area for our operations. We have been putting a lot of effort into this also in the beginning of this year. We have, for example, committed to Science Based Targets. We have issued a sustainability-linked bond. We have hired new ESG experts to the group. We have organized internal trainings for our employees and also strengthened the ESG dialogue between CapMan and our portfolio companies. High on our agenda today and will remain so for the foreseeable future. Another topic high on our agenda is our dividend policy.
Our objective is to distribute an annually growing dividend to our shareholders. We have been doing so for nine consecutive years now. The annual general meeting this spring decided on a EUR 0.15 distribution, out of which EUR 0.08 was paid in March and remaining EUR 0.07 to be paid in September. This distribution of EUR 0.15 can be compared to last year's EPS of about EUR 0.21, and now the EPS for the first six months of this year is EUR 0.16. Let's have a look at our long-term financial objectives and recent performance in relation to these. We want to grow. We have set a target of over 10% growth, and this target we have exceeded both in the short and in the longer term. In terms of return on equity, historically, we've been below the target of above 20%.
In 2021 and the beginning of this year, we have clearly exceeded this target. Equity ratio, we target over 60%. Not quite there, but we have a very solid balance sheet, around 50% equity ratio recently. As mentioned, the objective of annually growing distribution to our shareholders, that we have followed now for nine consecutive years. When it comes to our outlook estimate for the full year, we can note that this is unchanged at this moment. To conclude, I would say that I'm very pleased with how CapMan has performed in the beginning of this year. The market environment has been challenging, but despite that, we have been able to advance our strategic and operational agenda and now posting record results. Of course, we have been operating in a very positive market environment in recent years.
It might be that we are seeing more demanding conditions in the years to come. I'm really happy to say that CapMan is well-positioned if this would be the case. We have a clear strategic agenda. We have a growing international customer base, well-performing products, a solid balance sheet, and good financial position. We have all the elements in place to continue to deliver strong value to our clients and our shareholders. Thank you.