Spanish private equity firm Altamar has launched its latest dedicated secondaries vehicle, Altamar Global Secondaries IX, which is targeting €500 million.
The fund will invest globally, focusing on buyout funds. It will have a three to four year investment period, investing between €150 million and €175 million per year.
Investors in this fund will have greater exposure to the US market, the firm said, thanks to the hire earlier this year of former PineBridge Investments head of secondaries Harvey Lambert as head of Altamar Secondaries and leader of its New York office, the firm said.
The firm has also hit the €500 million hard-cap on its eighth fund of funds.
Altamar Global Private Equity Program VIII received its final investor commitment last week. It has already made several investments in primary funds, predominantly in the US, as well as in Europe and to a lesser extent in emerging markets, the firm said. It has also made deals within the secondaries market, as well as co-investments.
Altamar is also in market with its first venture capital fund of funds, Galdana Ventures I, which will principally focus on the primary market. The fund will also have the capacity to make sporadic purchases on the secondaries market, as well as equity co-investments.
That fund will invest mainly in top-tier global venture capital funds and managers in the information, communications and technology (ICT), software and mobile sectors, according to Altamar’s website.