Marsh McLennan, through its investment advisory subsidiary Mercer, has agreed to acquire AltamarCAM Partners, in a strategic move to expand its capabilities across private markets.
As part of the deal, Permira, which acquired a 40% stake in AltamarCAM in 2024, has agreed to exit its position. The transaction is subject to customary regulatory approvals and is expected to complete in the second half of 2026, with the combined platform set to operate under the Marsh brand thereafter.
The acquisition will integrate AltamarCAM’s platform—spanning secondaries, co-investments, bespoke mandates and evergreen structures—into Mercer’s global private markets offering, enhancing its ability to deliver end-to-end solutions to institutional and private wealth clients. AltamarCAM currently manages approximately €20 billion in assets and has built a diversified client base including insurers, pension funds, family offices and banks across Europe and Latin America.
A key element of the transaction is the positioning of Madrid as a strategic hub for the combined group’s private markets activities. AltamarCAM’s headquarters in the Spanish capital will play a central role in the integration, leveraging the firm’s investment expertise and operational capabilities alongside Mercer’s global distribution and advisory platform.
Mercer has been steadily expanding its exposure to private markets, which already represent a significant share of the approximately $692 billion in assets under management globally. The firm has developed a longstanding track record advising investors on private assets, supported by deep relationships with general partners and a broad suite of investment solutions.
“As private markets continue to evolve — marked by growing demand and complexity — innovation, specialist expertise, global reach and scale have never been more critical. Our combination with AltamarCAM further strengthens our private markets offerings and our role as a leading, global private markets solutions and advisory firm,” said Michael Dempsey, Mercer’s Global President for Investments and Retirement.
Claudio Aguirre, AltamarCAM’s Co-Founder and Executive Chairman, added: “This is the ideal match for AltamarCAM. We continually analyze how we can optimise and enhance our service to clients. The complementary capabilities brought together by this transaction will directly benefit our clients and colleagues, and our senior partners will play a key leadership role in the combined private markets business.”
Founded more than two decades ago, AltamarCAM employs over 280 professionals and has developed a global private markets platform focused on sourcing, executing and managing investments across a range of strategies. The acquisition marks a further step in consolidation within the private markets advisory sector, as global players seek to scale capabilities and capture growing investor demand for alternative assets.
