Purchase of $22B alternatives specialist aims to meet rising global demand for private assets
Mercer, the investment and consulting business of Marsh McLennan, has agreed to acquire private markets manager AltamarCAM as it seeks to broaden its reach in alternatives.
The transaction will see AltamarCAM — which manages approx. $22 billion in assets — integrated into Mercer’s private markets platform once the deal is finalised.
Leaders at Methe firm say the acquisition reflects increasing appetite among institutional and wealth investors for private assets, alongside the growing complexity of investment structures. The move is expected to enhance the firm’s capabilities across secondaries, co-investments, evergreen strategies and tailored mandates.
“As private markets continue to evolve — marked by growing demand and complexity — innovation, specialist expertise, global reach and scale have never been more critical,” said Michael Dempsey, Mercer’s global president for investments and retirement. “Our combination with AltamarCAM further strengthens our private markets offerings and our 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 this is the ideal match for his firm.
“We continually analyze how we can optimise and enhance our service to clients. The complementary capabilities brought together by this transaction will directly benefit our clients and colleagues, and our senior partners will play a key leadership role in the combined private markets business,” he said.
Mercer has been developing its private markets capabilities for over three decades, building relationships with general partners and designing diversified solutions for asset owners. Alternatives already represent a substantial share of the firm’s roughly $692bn in global assets under management.
As part of the integration, Madrid — where AltamarCAM is headquartered — will become a strategic hub within Mercer’s global private markets operations.
The acquisition 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.
