Altamar launches new secondaries fund with a €1.3 billion target

AltamarCAM Partners, through its management company Altamar Private Equity SGIIC, has officially launched and registered with the CNMV its new fund of secondary funds: ACP Secondaries 6 FCR, with a target committed capital of €1.3 billion. This vehicle is part of the global investment program ACP S6, which will also include parallel vehicles and complementary structures managed or advised by the group.

According to data from Lazard, the global volume of secondary market transactions reached $150 billion in 2024 and could rise to $200 billion within the next two years. The launch of the new fund comes just a few months after Altamar announced, in February, the final close of ACP Secondaries 5, which reached €1.6 billion in committed capital. The firm currently ranks among the top 20 secondary fund managers worldwide, in a market dominated by Ardian. Altamar already manages over €20 billion in assets and aims to double that figure within five years.

ACP Secondaries 6 is designed to invest predominantly in secondary transactions of private equity funds, primarily selecting international underlying funds — including buyouts, growth, and venture capital — as well as complementary private assets such as infrastructure and distressed debt.

The fund’s investment strategy is built around three core pillars:

Secondary transactions: the vast majority of investments will be made in the secondary market for private equity fund stakes, a space where Altamar has extensive experience.
Co-investments: up to 20% of the fund may be allocated to direct co-investments alongside other funds or strategic partners.
Primary investments (opportunistically): a limited and selective exposure to primary fund investments is contemplated.

In terms of geographical scope, ACP Secondaries 6 will follow a global investment approach, with a primary focus on Western Europe, the United States, and emerging markets, without setting minimum or maximum exposure by region.

The fund may invest up to 100% of its capital in other private equity entities in accordance with Spain’s Law 22/2014 (LECR) or equivalent foreign entities, and may also invest directly in target companies alongside such entities.

ACP Secondaries 6 also contemplates the creation of parallel vehicles to accommodate the regulatory, tax, or structural needs of different investor types. All investments will be made on substantially equivalent terms between the main fund and its associated vehicles.

This new strategy strengthens AltamarCAM’s position as a key player in the European secondary fund investment market, combining access to high-quality opportunities with a global diversification approach and robust risk control.