AltamarCAM nears one-third mark of latest flagship target

The firm is seeking €1.3bn for ACP Secondaries 5, having launched the vehicle in the first quarter of this year.

AltamarCAM Partners, Spain’s biggest secondaries firm by fundraising, has raised roughly one-third of the target of its latest private equity secondaries fund, Secondaries Investor has learned.

The Madrid-headquartered firm has collected almost €400 million for ACP Secondaries 5, according to a source familiar with the matter. The fund launched in February.

AltamarCAM’s website notes Fund 5 is seeking €1.3 billion. A previous version of its website showed the fund was seeking €1.5 billion in investor commitments.

The firm’s predecessor vehicle beat its €750 million target to close on €1.02 billion in 2021, according to Secondaries Investor data.

Speaking on affiliate title Private Equity International‘s secondaries roundtable this month, AltamarCAM managing partner Miguel Zurita said current dynamics were in favour of buyers.

“Less than 2 percent of NAV is transacted each year, and there is still only just over a year of dry powder out there, which is as good as it gets. And while there are thousands of funds doing direct deals, there are less than 100 doing secondaries. All of that means this is truly a buyer’s market.”

Private equity secondaries funds in market were seeking a total $107.4 billion as of 21 April, PEI data shows. The largest of these are Ardian Secondary Fund IX and Lexington Capital Partners X which are both seeking $15 billion; Dover Street XI which is seeking $13.5 billion; Coller International Partners IX which is seeking $12 billion and AlpInvest Secondaries Program VIII which is seeking north of $10 billion.

AltamarCAM was the 10th-ranked Europe-headquartered firm in last year’s SI 50 list of the biggest secondaries fundraisers over a five year period, having amassed $3.93 billion for the strategy.

A spokesperson for AltamarCAM declined to comment on fundraising.