Altamar targets €750m for secondaries – exclusive

The Madrid-headquartered manager is targeting 38% more for its latest secondaries fund than for its 2016-vintage predecessor.

Altamar Capital Partners is seeking 38 percent more for its latest flagship secondaries fund, Secondaries Investor has learned.

The Madrid-headquartered investment manager is targeting €750 million for ACP Global Secondaries XI, according to two sources familiar with the matter, having registered the vehicle in June. Like its predecessors, the fund will target small, complex deals that offer a better price on entry, said one of the sources.

The vehicle’s predecessor Fund IX raised €541 million, against a €500 million target, by final close in March 2018 after around 20 months in market, according to PEI data.

Altamar came to market in March 2018 targeting €750 million for Altamar X Global Private Equity Program, a buyout and growth-focused fund of funds that makes primary, secondaries and co-investments, Secondaries Investor understands. That fund, numerically part of the same series as Altamar’s secondaries funds, will close soon.

High-net-worth individuals and family offices make up a significant portion of Altamar’s investor base, with pensions and insurance companies making up most of the remainder, managing partner Miguel Zurita told Secondaries Investor last year.

“I’d say about one third [of limited partners] come from outside of Spain. Historically, that was all Latin America. In this secondaries fund [Fund IX], for the first time, we had some non-Spanish European investors,” he said.

Altamar’s secondaries funds have historically invested more in Europe, but this has changed in recent years with the opening of a New York office: “Being able to just cross the street and have a conversation with the GP or the lawyers helps,” he said.

Secondaries funds raised $14.3 billion in the third quarter, compared with $5.2 billion for he whole first half of 2019, Secondaries Investor reported.

Altamar declined to comment on fundraising.

– Adam Le contributed to this report.