Abante, Altamar to manage Mapfre fund-of-funds

Alessia Argentieri
23 June 2020

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Spanish insurance company Mapfre has launched a new private equity fund-of-funds in partnership with Spanish GPs Abante and Altamar Private Equity.

The vehicle, named Mapfre Private Equity, will be managed by Abante, while Altamar will act as investment adviser. Mapfre has already committed €250m to the fund.

With the launch of this vehicle, Mapfre plans to further diversify its portfolio and increase its exposure to alternative investments.

The fund is an evergreen vehicle that allows insurance companies and other institutional investors to invest in long-term assets. It also offers LPs the opportunity to participate in the deals with a co-investment model.

José Luis Jiménez, group chief investment officer at Mapfre, said: "Alternative investments allow us to diversify our balance sheet in a climate of low-interest rates, and tend to be less sensitive to market developments and sharp declines such as those we have seen recently."

"In addition, the market moment is particularly attractive because great opportunities can be generated in the coming months," he added.

Mapfre's board approved a €500m commitment to alternative investments last year, in addition to €550m it had previously approved. As of the end of the last quarter, Mapfre managed a total of €59.27bn in assets.