Altamar CAM closes secondaries fund above hard-cap

Altamar CAM Partners has held final close on its fourth secondaries fund as it looks to rapidly grow its assets under management.

The Madrid-headquartered firm raised €1.025 billion for ACP Secondaries 4, according to a statement seen by Secondaries Investor. This was helped by a late surge of interest from German investors brought into the fold by CAM Alternatives, which merged with Altamar Capital Partners in the summer.

Fund 4 had a target of €750 million and has already committed €650 million across 50 transactions, the statement said. LPs include institutional investors, family offices, and private banks from Spain, Germany, Latin America and other parts of Europe with a “very high” reinvestment rate from existing investors, the statement said.

Given the demand, Altamar requested permission from LPs to exclude the €25 million GP commitment from the fund’s hard-cap, according to co-founder José Luis Molina.

“We should be doubling the size of the business in the next five years. [Investors from] Germany should get us there,” he told Secondaries Investor. 

German insurance companies have a combined balance sheet of more than €2.5 trillion compared with €300 billion in Altamar’s home market of Spain, he added.

The fundraise brings Altamar’s assets under management to €16 billion. It is set to return to market with another secondaries fund in 2022, targeting around €1.5 billion, Secondaries Investor understands.

Altamar’s secondaries funds target smaller, niche secondaries transactions that are less reliant on paying the highest price at auction. It will also join syndicates on large GP-led secondaries deals.

Altamar merged with Cologne-headquartered CAM in June, nearly doubling the Spanish asset manager’s AUM.

“The big firms are getting bigger and bigger. This is a business that needs some critical mass and having €14 billion is a critical mass that’s expected to be invested in technology, sustainability and all the digitisation that is coming,” co-chief executive and founding partner Claudio Aguirre told affiliate title PEI at the time.

The firm operates across private equity, venture capital, real estate and private credit. In April, it raised €430 million for Altamar Infrastructure Income II, which invests in funds, secondaries and co-investments, Secondaries Investor reported.