Annual Review 2022

Client Solutions and Services

Product Portfolio and Performance

Consistency, diversification, investment discipline and steady deployment pace, regardless of the stage of the cycle, are the pillars of AltamarCAM’s long-term focus

With this approach, AltamarCAM builds its investment programs alongside international managers with a proven track record

Investment philosophy and value generation

AltamarCAM’s investment programs are based on the mainstays of a long-term perspective, capital preservation and the quest for Alpha.

The funds managed by AltamarCAM Partners have applied this investment philosophy since the first program that was launched.

In our search for ways to protect our investments we are constantly asking ourselves: Why do we think we will recover our capital? What could go wrong? How can we eliminate the risks of this investment?

This process is applied to all the firm’s investment areas, with our investors benefiting from the broad and indepth knowledge provided by our global multi-asset platform. It’s not a case of having a lot of investments but rather of building a robust investment portfolio with low correlation. We deploy our resources where there is value.

Our investment teams work on Primary, Secondary and Co-Investment opportunities, giving AltamarCAM a competitive edge by developing long-term, value-added relationships with fund managers. Our flexible investment approach, global presence and multiple asset classes give us privileged and preferential access to the best investment opportunities.

Funds Strategy

AltamarCAM is a Pan-European private assets investment platform focused on providing investment solutions to clients. The firm is specialized in six different assets classes: Private Equity, Venture Capital, Life Sciences, Real Estate, Infrastructure and Private Credit

AltamarCAM has extensive knowledge of the international private assets market and manages a range of strategies across different asset classes

Fund Vintage Investment strategy Market Segment % Area
Private Equity (Buyouts/Growth)
CAM II
2000 Global Buyout & Growth Mid to Large Market Europe c. 50% North America c.50%
CAM III
2004 Global Buyout & Growth Mid to Large Market Europe c. 50% North America c.40% Asia / RoW c.5%
Altamar Buyout Europe
2005 European and Global Buyouts Large & Mid Market Europe 85% USA / RoW 15%
Altamar Buyout Global II & III
2007 Global Buyouts Large & Mid Cap Market Europe 60% USA / RoW 40%
CAM Evergreen
2005 - 2021 Global Buyout & Growth Large & Small Cap Market Europe c.75% North America c.20% Asia / RoW c.5%
CAM IV
2007 Global Buyout & Growth Small to Large Market Global
Altamar Secondary Opportunities IV - ACP S1
2010 Global Buyouts (Secondary Market). Secondaries Secondaries
Altamar V Private Equity Program
2011 Global Buyouts /Growth Emerging Markets/Special Opportunities Upper - Mid - Low Middle Market Europe 30-40% USA 30-40% Asia / Latam 10%-15% Special Opp. 15%-20% Sec / Co-Inv. Up to 20%
CAM V
2013 Global Buyout Large & Mid Market Europe c.50% North America c.30% Asia / RoW c.20%
Altamar VI Emerging Markets
2013 Buyouts / Emerging Market Growth Upper - Mid – Low Middle Market Asia 50-60% Latam 40-50%
Altamar Secondary Opportunities VII & VII BP (ACP S2 & ACP S2 BP)
2014 Global Buyouts (Secondary Market). Secondaries Secondaries
Altamar Global Private Equity Program VIII & VIII BP
2014 Buyout Global / Emerging Markets / Special Opportunities Upper - Mid - Low Middle Market Europe 30-40% USA 30-40% Asia / Latam 10%-15% Special Opp. 15%-20% Sec / Co-Inv. Up to 30%
German Access Fund
2015 DACH Buyout (Small to Mid Market) Small to Mid Market Europe / DACH 100%
Altamar Global Secondaries IX (ACP S3)
2017 Buyout Global (Secondary Market) Secondaries
Altamar X Global Private Equity Program
2018 Buyout Global Upper-Mid-Low Middle Market Europe 30-40% USA 30-40% Asia / Latam 10%-15% Special Opp. 15%-20% Sec / Co-Inv. Up to 30%
CAM VI
2020 Global Buyout (Mid Market) Mid Market Europe c. 40-60% North America c.30-40% Asia Up to 20%
ACP Secondaries 4 (ACP S4)
2020 Global Secondaries Large, Mid & Small Market
Venture Capital
CAM Venture Capital Europe Plus
2008 European VC Small Market Europe c.95% North America c.5%
Galdana Ventures I
2016 Venture Capital Late Stage / Growth Western Europe, USA, Emerging Markets
Galdana SPV I RAIF
2018 Global Secondaries
Galdana Ventures II
2018 Venture Capital Late Stage / Growth Western Europe, USA, Emerging Markets
Galdana Ventures III
2021 Venture Capital Late Stage / Growth Western Europe, USA, Emerging Markets
Life Sciences
CAM Life Sciences
2006 Global Life Science VC Small Market Europe c.25% North America c.75%
Alta Life Sciences Spain I
2017 Life Sciences Multi Stage Spain with possible investments in other countries
CAM HCO
2018 Global Life Science VC & Growth Small Market Europe c.65% North America c.25% Asia / RoW c.10%
Real Assets
ACP Megatrends Sustainable Co-investments
2021 Real Assets (Infra&Real Estate) – co-investments Large, Mid & Small Market Europe / USA with possible investment in other countries
Real Estate
Altan I & II Inmobiliario Global
2007 Private Equity  Real Estate Global Large, Mid &  Small Market Europe 40-70% USA 10-30% / Asia  10-30%
Altan III Global
2013 Private Equity  Real Estate Global Upper - Mid - Low Middle Market Global
Altan IV Global
2017 Private Equity  Real Estate Global Upper - Mid - Low Middle Market Global
Altan V Global
2021 Private Equity  Real Estate Global Upper - Mid - Low Middle Market Global
Infrastructure
GIF
2012 Global Infrastructure Global
Altamar Infrastructure  Income
2015 Global Infrastructure Large, Mid &  Small Market OECD
Altamar Infrastructure  Income II
2019 Global Infrastructure Large, Mid &  Small Market OECD
GIF II
2021 Global Infrastructure Global
Private Credit
Altamar Private Debt I
2017 Senior Loans / Direct Lending Large Corps. / Mid Market Europe 70-100% USA 0-30%
AltaCAM Global Credit II
2021 Direct
Lending /
Return Enhancing		 Large Corps. / Mid Market Europe 40-50% USA 40-50%
Asia 0-10%
Altamar Private Debt III
2021 Direct 
Lending /
Return Enhancing		 Large Corps. / Mid Market Europe 40-50% USA 40-50%
Asia 0-10%

Funds Performance

Fund Vintage Current Valuation (1) Distributed to limited partners(2)
Private Equity (Buyouts/Growth)
CAM II
2000 1.5x 146%
CAM III
2004 1.5x 139%
Altamar Buyout Europa
2005 1.8x 179%
Altamar Buyout Global II & III
2007 2.3x - 2.1x 222% / 206%
CAM Evergreen
2005 - 2021 2.4x 55%
CAM IV
2007 1.9x 166%
Altamar Secondary Opportunities IV
2010 2.0x 195%
Altamar V Private Equity Program
2011 2.2x 146%
CAM V
2013 1.9x 85%
Altamar VI Emerging Markets (3)
2013 1.7x 50%
Altamar Secondary Opportunities VII & VII BP
2014 1.8x - 1.6x 121% / 118%
Altamar Private Equity Program VIII & VIII BP
2014 2.0x - 2.0x 38% / 37%
German Access Fund
2015 1.4x 34%
Altamar Global Secondaries IX (4)
2017 2.0x 73%
Altamar X Global Private Equity Program (4)
2018 1.8x 0%
Altamar X - Global Buyout Midmarket (3) (4)
2018 1.8x 0%
CAM VI
2020 1.3x 0%
ACP Secondaries 4 FCR (4)
2020 1.5x 0%
Venture Capital
CAM Venture Capital Europe Plus
2008 2.8x 155%
Galdana Ventures I (4)
2016 2.3x 9%
Galdana Ventures II FCR (4)
Galdana Ventures  II RAIF (3) (4)
2018 1.7x
1.7x		 0%
0%
Galdana SPV I RAIF (4)
2018 2.1x 5%
Galdana Ventures III FCR
Galdana Ventures III RAIF (3) (4)
2021 1.0x
1.0x		 0%
0%
Life Sciences
CAM Life Sciences
2006 1.9x 146%
Alta Life Sciences Spain I (6)
2017 1.0x 0%
CAM HCO
2018 1.6x 3%
Fund Vintage Current Valuation (1) Distributed to limited partners (2) Yield 2021 (5)
Real Estate
Altan I & II Inmobiliario Global
2008 1.6x - 1.7x 125% / 133%
Altan III Global (4)
2013 1.4x 51%
Altan IV Global (4)
2017 1.20x 0%
Altan V Global
2021 0.9x 0%
Infrastructure
GIF
2012 1.3x 60% 3%
Altamar Infrastructure Income (4)
2016 1.3x 19% 3%
Altamar Infrastructure Income II (4)
2019 1.1x 3% 3.6%
GIF II
2022 n.a. n.a. n.a.
Private Credit
Altamar Private Debt I
2017 1.1x 16%
AltaCAM Global Credit II
2021 n.a. n.a.
Altamar Private Debt III
2021 1.0x n.a.

Past performance is not necessarily indicative of future results since current economic conditions are not comparable to those that existed previously and may not be repeated in the future.

Note: Mature funds include those in the distribution period; young funds include those that have not begun making distributions and its commitments in underlying funds are over 75%; new funds include those that are in investing period with commitments in underlying funds below 75%. The Private Debt Fund is considered new since it takes into account only the Direct Lending allocation of its portfolio.

  1. Last available valuation published as of March 31, 2022 (4Q2021).
  2. Distributed to investors to current date.
  3. Funds denominated in $.
  4. Valuation relative to Institutional Classes.
  5. Annual yield expressed as percentage of the capital drawdown by investors weighted by time. 2021 Yield distributed to investors in January 2022.
  6. Alta Life Science Spain I is a direct fund.

Download Product Portfolio and Performance