Altamar eyes next buyout fund

The Spanish fund of fund manager will next year raise a fund that for the first time will have a special situations component. In September the firm increased to 32 its headcount with eight new hires.

Madrid-based Altamar Private Equity is likely to launch its fourth fund of funds – its third focusing on buyouts – during 2009. As well as Altamar’s normal mix of buyout funds in Europe and the US, the fourth fund will feature an allocation to special situations and an exposure to Asia.

The firm’s €425 million second buyout fund still has €150 million to be invested.

Claudio Aguirre

Partner and co-founder of Altamar Claudio Aguirre is confident that LP commitments to private equity will not dry up, in spite of a slowdown in distributions. “We have strong relationships with most, if not all, the Spanish LPs and many assure us they have further capacity to invest in the PE asset class,” he told PEO’s sister publication Private Equity International.

In related news, Altamar has reached the €150 million target on its debut private equity real estate fund, which the firm hopes to close by the end of 2008 on its €200 million hard cap.

The real esate fund, dubbed Altan, will be Altamar’s third. The fund of fund manager’s previous two funds – €325 million and €425 million respectively – were focused on private equity buyout investments.

In September, Altamar boosted its headcount with eight new hires. The firm now has 25 professionals focused on private equity and seven focused on real estate.