Altamar holds first close after three weeks

The vehicle has a €400m target, with a hard-cap of €500m.

Earlier this year, Altamar launched its eighth international vehicle, Global Private Equity Global Program VIII. The investor simultaneously filed documents with the Spanish regulator for a €200m fund to target distressed real estate opportunities in the local market.

According to a source speaking at the time of the real estate fund launch: "The appetite for co-investment was driven by foreign investors initially, but now mid-size Spanish family offices are also very interested. But these investors need dealflow and a team to manage the investments."

The firm will target small-cap deals, pitching its strategy below that followed by global giants, such as Apollo, that are already active in Spanish real estate in the upper mid-cap segment.

Investments
Altamar VIII will earmark up to 30% of the vehicle for co-investments and secondaries opportunities. The fund primarily targets mid-cap opportunities.

Investors
Investors in Altamar's previous vehicles include pension funds, insurance companies and family offices across Spain and Latin America, according to unquote" data.

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• Topics
• Southern Europe
• Fund-of-funds
• Fundraising
• Spain