A new AltamarCAM background has emerged as the National Securities Market Commission CNMV approves a fresh vehicle from a private fund manager led by José Luis Molina and Claudio Aguirre. This initiative centers on private equity co-investments, inviting participation from managers beyond the core fund family.
AltamarCAM, speaking to ACTIVOS, the economic section of Prensa Ibérica, frames the tool as a way to keep offering clients access to direct investments in private equity assets. The approach builds on a strategy the manager has pursued across several funds since 2013, but this time the initiative functions as an independent investment vehicle.
The ACP Private Equity Coinvestments Fund I will target transactions executed by managers with established track records in Europe and North America, though there are no geographic limits. The portfolio aims for diversification across sectors and company sizes. The plan includes leveraged buyouts, where a target company is acquired using a combination of the buyer’s and lenders’ capital, with debt repaid from the company’s cash flows.
According to the CNMV prospectus, the fund may favor debt-based investments, including participatory loans and other financing forms. The framework also caps exposure so that no single company can absorb more than 15 percent of the fund’s capital. The vehicle is designed for an eight-year horizon from its initial closing, with a potential extension of up to three additional years, reaching a maximum of eleven years at AltamarCAM’s discretion.
The operation will be overseen by PwC for auditing, with BNP Paribas acting as custodian. Legal counsel includes Malpica Estudio Jurídico and Jiménez & Sanz Abogados. The vehicle offers six different background options with varying fee structures. Two of these are exclusive to AltamarCAM’s other instruments, one is allocated to the management company staff, and the remaining three apply to publicly financed instruments. Fees range from 1 to 2.5 million euros, 10 million, and 25 million euros, tied to capital commitments from limited partners.
AltamarCAM raises capital for real estate investment
AltamarCAM, which has been 40 percent owned by investment giant Permira since last summer, introduced its second real estate–focused fund shortly before October. The plan is to grow through a joint venture with its first partner, Elix, announcing a 150 million euro investment to acquire, renovate and rent residential properties in Madrid and Barcelona, with a particular emphasis on the capital city. The chosen structure is a Socimi, a listed real estate vehicle, which is expected to be listed on a stock exchange within two years. The listing is anticipated on the Euronext Access market, according to supporters.
The first real estate fund born from the collaboration between AltamarCAM and Elix, led by CEO Teresa Marzo, was later sold to Allianz’s investment arm for roughly 140 million euros, just four years after inception. In total, the Elix Vintage Residencial Socimi portfolio comprised 22 buildings and 421 homes across Madrid and Barcelona.