Altamar holds first close for €750m secondaries fund

The GP has already started to deploy the fund's capital.

"We prefer to do a series of rolling closings for our existing investors as opposed to one official first close because this allows us to be very flexible," Altamar managing partner Miguel Zurita told Unquote.

The vehicle, originally called ACP Global Secondaries XI, was renamed ACP 4. It was launched at the end of 2019 with a €750m target and expects to hold a final close by the end of the year, according to the GP.

The fund is larger than its predecessor, which was closed on €541m in March 2018, exceeding its €500m target, and was fully invested in three years.

In addition, Altamar manages a private equity fund-of-funds, Altamar Global X, which closed on €750m in 2019. It invests in funds across Europe and the US primarily, but has 10% of capital to deploy in emerging markets as well. It targets buyout funds and supports them in building their array of companies. It also has an allocation of around 25% for secondaries and co-investments.

Altamar also manages a venture capital fund-of-funds, Galdana II, which closed on €465m in 2019, surpassing its initial target. The vehicle targets venture capital funds that have historically achieved the best returns from investing globally in the technology sector.

Investors
Altamar expects to attract primarily institutional investors, including insurance companies and pension funds, which constitute the largest portion of its investor base, while family offices and high-net-worth individuals will make up most of the remainder.

"Following the coronavirus emergency, we expect some delays," Zurita said. "The fundraising will require more work given the circumstances, but we feel very confident that we will be able to reach our €750m target by the end of the year."

Altamar expects a high re-up rate to this new vehicle. In addition, it intends to attract numerous new international investors, primarily from Europe and Latin America.

The GP expects to build an LP base composed of around 65% Spanish investors and 35% international LPs, half of which from Latin America and half from the rest of the world.

Investments
The fund strategy primarily targets the growing market for GP-led secondary transactions, and also invests in complex fund restructurings. It has a global reach with a special focus on Europe and the US.

Zurita said: "You would never want a crisis to start while you are fundraising, but if you have to choose which product to raise in an emergency it would definitely be a secondaries fund. For the secondary market the best opportunities have always been generated in times of crisis. We are confident that we will find a wide array of good opportunities for our new vehicle."

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Send to  

• Topics
• Funds
• Secondaries
• Fund-of-funds
• Southern Europe
• UK / Ireland
• Nordics
• France
• DACH
• CEE
• Spain
• coronavirus
• United States