Altamar seeks hard-cap extension on VC FoF – exclusive

Galdana Ventures I had an initial hard-cap of €250m and will be able to make secondaries purchases, Secondaries Investor has learned.

Altamar Capital Partners, a Spanish private equity firm, is seeking to extend the hard-cap on its debut venture capital fund of funds which can invest in secondaries.

Galdana Ventures I launched in July 2015, initially seeking to raise €150 million to invest in top-tier global venture capital funds and managers in the ICT, software and mobile sectors through primary commitments, secondaries deals and co-investments.

The fund is oversubscribed and has already hit its €250 million hard-cap. The firm has approached its investors to ask permission to extend the fund to €275 million.

Galdana Ventures I has already invested in 12 funds and is in the process of committing to a further two, it is understood. Altamar expects to make a dozen further commitments over the next two years to complete the portfolio.

On Thursday, Altamar announced the launch of its latest dedicated secondaries vehicle, Altamar Global Secondaries IX, which is targeting €500 million. The fund will invest globally, focusing on buyout funds and will have a three to four year investment period, investing between €150 million and €175 million per year.

Investors in Altamar Global Secondaries IX 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 also hit the €500 million hard-cap on its eighth fund of funds, Altamar Global Private Equity Program VIII, which received its final investor commitment in mid July.

It has already made several investments including secondaries deals, the firm said.

Founded in in 2004, Altamar has about €3 billion in historically committed capital and employs more than 90 professionals in its Madrid, Barcelona and Santiago de Chile offices, according to its website.