Global consultancy Mercer has agreed to acquire Madrid-based private markets firm AltamarCAM for an undisclosed amount, creating a strategic hub in Spain for its expanding private markets platform. The deal comes as Mercer seeks to enhance its secondaries capabilities and scale operations to meet growing client demand for customized private market solutions.

AltamarCAM, which has grown its assets under management to €20 billion since Permira's 2021 investment, offers Mercer crucial expertise in secondaries and separately managed accounts. The acquisition follows Mercer's recent spree of deals including Vanguard's OCIO unit and Cardano, as the firm builds out its investment solutions platform. AltamarCAM's managing partners will retain equity stakes alongside Mercer's full ownership.

The transaction positions Mercer to address increasing client needs for liquidity management and portfolio customization in private markets. By combining AltamarCAM's established European presence with Mercer's global scale and brand, the merged entity aims to accelerate growth in wealth management and institutional services. The deal is expected to close in the second half of 2025 after regulatory approvals.