Mercer Acquires AltamarCAM, Permira Exits Stake

Mercer, a global leader in talent, health, retirement, and investments, is set to acquire AltamarCAM, a prominent European private markets solutions provider. This strategic move will facilitate the full exit of Permira Growth Opportunities II (PGO II) from its 40% stake in AltamarCAM, marking a significant realization event for the private equity firm.

The transaction, announced today, sees Mercer, a business of Marsh, integrating AltamarCAM's capabilities into its own extensive investment advisory services. Since PGO II's initial investment in 2024, AltamarCAM has demonstrated robust growth, significantly expanding its assets under management (AUM) and bolstering its offerings in secondary markets and separately managed accounts (SMAs). The firm has also solidified its presence across key European financial hubs and enhanced its operational infrastructure.

Permira partners Pedro López, Head of Spain, and Philip Muelder, Co-Head of Services, highlighted their strategic alignment with AltamarCAM's management team, led by Global CEO and Co-Founder José Luis Molina. They emphasized their shared vision for organizational development and platform expansion within the financial and business services sector. "Our investment in AltamarCAM was rooted in a shared ambition to support the firm’s growth and organisational evolution," stated López and Muelder in a joint comment. "As thematic investors with deep expertise in financial and business services, it has been a pleasure partnering with Claudio, José Luis and the broader management team as they have continued to strengthen AltamarCAM’s platform and broaden its offering."

This divestiture underscores Permira's successful Growth Equity strategy. Stefan Dziarski, Partner and Head of Permira Growth Opportunities, commented, "This successful exit is a strong validation of our Growth Equity strategy and our ability to accelerate growth in midsized companies through strategic partnerships focused on governance, alignment and active partnership." The deal's successful conclusion is expected to provide a blueprint for future growth equity investments in the specialized financial services sector, which has seen increasing consolidation as firms seek scale and broader service capabilities.

AltamarCAM's integration into Mercer is anticipated to create a more comprehensive suite of private markets solutions for clients. José Luis Molina expressed enthusiasm for the next chapter, stating, "We are grateful for the support and partnership of Permira over the years. This transaction marks an exciting next phase in our journey. At AltamarCAM, we continually analyse how we can optimise and enhance the services we provide to our clients, and the complementary capabilities brought together through this transaction will directly benefit both our clients and our colleagues." The transaction is subject to regulatory approvals and is projected to finalize in the latter half of 2026.

The private markets advisory space is experiencing significant expansion, driven by institutional investors seeking diversified exposure beyond traditional public markets. Firms like AltamarCAM, with specialized expertise in areas like private equity secondaries and co-investments, are becoming increasingly attractive targets for larger, diversified financial services groups like Mercer aiming to enhance their alternative investment offerings. This trend reflects a broader market movement towards integrated wealth and investment management solutions.