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Altamar closes 8th fund-of-funds on 500 mln euro hard cap

  • Altamar closes eighth fund-of-funds on hard cap
  • Launches ninth secondary fund
  • Hired secondary exec Harvey Lambert to open NY office

Altamar Capital Partners of Madrid closed its eighth fund-of-funds on its 500 million euro ($550 million) hard cap, the firm said.

Altamar Global Private Equity Program VIII made several investments, mainly in the U.S., including in special-situations funds, as well as in Europe, the firm said. The fund also will look at opportunities to a lesser extent in emerging markets.

How long the fund was in the market is unclear. The firm most recently raised Altamar Global Private Equity Program VIII and VIII BP in 2014 and 2015 to focus on the low-to-upper-middle market. Fund VIII raised 400 million euros, while Fund VIII BP was in market targeting 100 million euros.

Altamar did not return requests for comment.

The firm in June said it hired longtime secondaries professional Harvey Lambert to open and run its New York office. Altamar plans to expand its presence in the U.S.

Along those lines, the firm recently launched its next secondary fund, targeting 500 million euros.

Fund IX targets middle-market secondary investments. Altamar raised two previous secondary funds: Altamar Secondary Opportunities IV, which raised 65 million euros, and Altamar Secondary Opportunities VII, which raised 150 million euros.

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A carnival reveller dressed as a “Peliqueiro” runs through a street in Spain’s northwestern village of Laza February 5, 2008. Peliqueiros, or ancient tax collectors, pursued villagers through the streets ringing their cowbells and hitting villagers with their sticks. Photo courtesy Reuters/Miguel Vidal