Altamar launches €120m debt fund-of-funds

The vehicle expects to hold a first close in March 2021.

In addition to its private debt range, Altamar manages a private equity fund-of-funds, Altamar Global X, which closed on €750m in 2019. The vehicle primarily invests in funds across Europe and the US, 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.

The GP is also investing its €750m secondaries-dedicated fund ACP 4, which 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.

Investors
The fund expects to build a wide and diversified LP base primarily composed of institutional investors, family offices and high-net-worth individuals.

Investments
Altamar Private Debt III plans to invest in 10-15 debt funds. Like its predecessor, the new fund focuses on offering exposure to liquid and illiquid credit markets simultaneously.

It aims to generate an attractive return in terms of relative value and prevailing capital preservation through an investment selection process across a diversified portfolio of direct-lending closed funds and senior loan funds.

The geographical focus of APD III will be Europe with a limited exposure to the US and Asia.

People
Altamar Capital – Claudio Aguirre, José Luis Molina (founding partners).

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• Topics
• Funds
• Fund-of-funds
• Debt
• Southern Europe
• Spain