Mercer, the investments and retirement business of Marsh, agreed on 19 March to acquire AltamarCAM, a Madrid-based private markets asset manager and solutions provider with €20bn of assets under management.
Why Mercer (Marsh) is buying AltamarCAM Partners
Mercer said the deal broadens its private markets platform into secondaries, co-investments, bespoke accounts and evergreen vehicles. Michael Dempsey, Mercer's global president for investments and retirement, said innovation, specialist expertise, global reach and scale had never been more critical; AltamarCAM co-founder and executive chairman Claudio Aguirre called it the ideal match.
Deal terms and financing
Financial terms were not disclosed. AltamarCAM's Madrid headquarters will become a strategic hub within Mercer's global private markets platform, and the combined businesses will go to market under the Marsh brand from next year.
Regulatory approvals and timing
Completion is subject to customary conditions including regulatory filings and was expected in the second half of 2026.
Market context
Mercer had about $692bn of assets under management globally at the end of 2025, with private markets a meaningful share.
