Key Takeaways
- • Mercer, the investment and consulting arm of Marsh McLennan, has agreed to acquire private markets manager AltamarCAM, which manages approximately $22 billion in assets, to broaden its alternatives reach.
- • The acquisition is expected to strengthen Mercer's capabilities in secondaries, co-investments, evergreen strategies and tailored mandates for institutional and wealth clients.
- • AltamarCAM, founded more than 20 years ago, serves insurers, pension schemes, banks, foundations and family offices, particularly in Europe and Latin America, and employs more than 280 professionals.
- • Completion is subject to regulatory approvals and standard closing conditions and is expected in the second half of 2026; the combined business will operate under the Marsh brand from 2027.
- • Madrid, AltamarCAM's headquarters, will become a strategic hub within Mercer's global private markets operations.
Summary
Mercer, the investment and consulting business of Marsh McLennan, has agreed to acquire private markets manager AltamarCAM as it seeks to expand its reach in alternative investments. According to the announcement, AltamarCAM manages approximately $22 billion in assets and will be integrated into Mercer's private markets platform once the transaction is finalised. Mercer's roughly $692 billion in global assets under management already includes a substantial alternatives allocation.
Mercer's leadership cited rising appetite among institutional and wealth investors for private assets, alongside growing structural complexity in investment strategies, as the rationale for the deal. The acquisition is expected to enhance the firm's capabilities across secondaries, co-investments, evergreen strategies and tailored mandates. Michael Dempsey, Mercer's global president for investments and retirement, said that "innovation, specialist expertise, global reach and scale have never been more critical" as private markets evolve, and described the combination as strengthening Mercer's role as a leading global private markets solutions and advisory firm.
AltamarCAM, founded more than 20 years ago, has built a global alternatives franchise serving insurers, pension schemes, banks, foundations and family offices, particularly across Europe and Latin America. The firm employs more than 280 professionals focused on sourcing and managing private market opportunities. Claudio Aguirre, co-founder and executive chairman of AltamarCAM, said the transaction would benefit clients and colleagues and that senior partners would play a key leadership role in the combined business. Madrid will serve as a strategic hub within Mercer's global private markets operations.
The transaction is subject to regulatory approvals and standard closing conditions, with completion expected in the second half of 2026. The combined business is set to operate under the Marsh brand from 2027. Publisher coverage describes the deal as underscoring consolidation in the alternatives investment sector.
Mercer's leadership cited rising appetite among institutional and wealth investors for private assets, alongside growing structural complexity in investment strategies, as the rationale for the deal. The acquisition is expected to enhance the firm's capabilities across secondaries, co-investments, evergreen strategies and tailored mandates. Michael Dempsey, Mercer's global president for investments and retirement, said that "innovation, specialist expertise, global reach and scale have never been more critical" as private markets evolve, and described the combination as strengthening Mercer's role as a leading global private markets solutions and advisory firm.
AltamarCAM, founded more than 20 years ago, has built a global alternatives franchise serving insurers, pension schemes, banks, foundations and family offices, particularly across Europe and Latin America. The firm employs more than 280 professionals focused on sourcing and managing private market opportunities. Claudio Aguirre, co-founder and executive chairman of AltamarCAM, said the transaction would benefit clients and colleagues and that senior partners would play a key leadership role in the combined business. Madrid will serve as a strategic hub within Mercer's global private markets operations.
The transaction is subject to regulatory approvals and standard closing conditions, with completion expected in the second half of 2026. The combined business is set to operate under the Marsh brand from 2027. Publisher coverage describes the deal as underscoring consolidation in the alternatives investment sector.
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