Altamar deploys €65m in 2014 – exclusive

Madrid-based fund of funds manager Altamar has invested in nine secondaries transactions using its €150m Altamar Secondary Opportunities VII.

Altamar invested €65 million in nine secondaries transactions in 2014, Secondaries Investor has learned.

In the third quarter, the firm completed four transactions and expects to close another deal in early 2015, a source familiar with the matter said.

Altamar declined to comment.

Miguel Zurita
Miguel Zurita

The Spanish fund of funds manager is currently deploying its Altamar Secondary Opportunities VII (ASO VII), which  raised €150 million last year, according to PEI’s Research and Analytics division. Limited partners in the fund include HarbourVest Partners and several Spanish institutional investors. Altamar is also expanding its LP base to include Latin American institutional investors and family offices, Altamar executive directors Ignacio de la Mora and Miguel Echenique told Secondaries Investor earlier this month.

ASO VII concentrates on secondaries opportunities in the US and Europe, but will also invest in emerging markets including Asia Pacific and Latin America. Targeted secondaries investments include restructurings and tail-end funds.

Altamar also makes secondaries investments from its fund of funds. It’s currently in market with Altamar VIII, which launched earlier this year and held a first close of €100 million in August. It has a €400 million target, according to PEI data.

Altamar’s secondaries team is led by managing partners Miguel Zurita and José Luis Molina. Zurita was previously a partner at Spanish mid-market private equity firm MerCapital, and Molina spent 10 years at Lehman Brothers, according to Altamar’s website. The firm was founded in 2004 and is based in Madrid and Santiago, Chile.