Altamar makes space for secondaries in €400m Fund VIII

Secondaries are expected to play an important part of the firm's latest fund of funds.

Spanish fund of funds Altamar Capital has started marketing its Fund VIII, targeting €400 million with a hard-cap of €500 million, according to two sources with knowledge of the fundraise.

The fund would focus on primaries but have a separate sidecar for secondaries and co-investments, according to one source.

Altamar did not respond to requests for comment at press time.

Most recently Altamar launched a €200 million direct secondaries fund targeting distressed Spanish real estate, according to one of the sources.

In December 2009, Altamar Secondary Opportunities IV reached a final close of €65 million, exceeding its original target of €50 million, according to PEI data.

The fund, raised exclusively among Spanish institutional investors, was brought about by the response of previous Altamar buyout global funds, according to PEI data.

Altamar’s site states it closed its most recent secondaries fund, Altamar Secondary Opportunities VII, on a combined total of €150 million at the end of December 2013. Altamar said its fund held a first close on €70 million in July 2013, and will focus on Europe, North America and emerging markets.