AltamarCAM Partners, through its management company Altamar Private Equity SGIIC, has officially launched and registered with the CNMV its new fund of funds for secondary investments: ACP Secondaries 6 FCR, with a target total committed capital of €1.3 billion. This vehicle is part of the global ACP S6 programme, which will also include parallel vehicles and complementary structures managed or advised by the group.
According to data from Lazard, the global volume of transactions in the secondary market reached $150 billion in 2024 and could reach $200 billion in the next two years. The launch of the new fund comes a few months after Altamar announced, last February, the closing of ACP Secondaries 5, after reaching €1.6 billion in committed capital. The firm is currently among the top 20 secondary fund managers worldwide, in a market dominated by Ardian. Altamar already manages more than €20 billion in assets and has set itself the goal of doubling that figure within five years.
ACP Secondaries 6 is designed to invest predominantly in secondary transactions in private equity funds, selecting mainly international underlying funds — buyouts, growth and venture capital — as well as complementary private assets, including infrastructure and distressed debt.
The fund’s investment strategy is based on three pillars: secondary transactions, co-investments and primary (on and opportunistic basis). Regarding the secondary transactions, the vast majority of investments will be made in the secondary market for private equity fund interests, where Altamar has extensive experience. As for co-investments: up to 20% may be allocated to direct co-investments with other funds or strategic partners. Last, a limited and selective exposure to primary transactions is envisaged.
In terms of geographical scope, ACP Secondaries 6 will take a global approach, with a primary focus on Western Europe, the United States and emerging markets, without setting minimum or maximum limits per region.
The fund may invest up to 100% in other venture capital entities in accordance with Law 22/2014 (LECR) or equivalent foreign entities, while also retaining the possibility of co-investing directly in target companies alongside such entities.
ACP Secondaries 6 also contemplates the creation of parallel vehicles to adapt to the regulatory, tax or structural requirements of different types of investors. All investments will be made under substantially equivalent conditions between the main fund and its associated vehicles.
This new strategy reinforces AltamarCAM’s position as one of the key players in the European secondary fund investment market, combining access to quality opportunities with a focus on global diversification and risk control.
Original Story: Capital Riesgo
Edition and translation: Prime Yield