GP stakes: No longer the preserve of specialists

Permira’s AltamarCAM acquisition could inspire a wave of other generalists to try their hand in an already crowded sector.

By Alex Lynn

GP stakes transactions seem to be ten-a-penny these days as an ever-expanding universe of dedicated firms vie for market share. What’s less common, however, is one done through a generalist blind-pool growth fund. Enter:  Permira

The European buyout, growth and credit giant on Thursday said it had agreed to acquire a 40 percent stake in Madrid-headquartered fund of funds manager  AltamarCAM Partners . Terms of the transaction, which is expected to close late this year, were not disclosed.

AltamarCAM was formed in 2021 via a merger between Spain’s Altamar Capital Partners, a two-time winner of PEI Awards’ Fund of Funds Manager of the Year in EMEA, and Germany’s CAM Alternatives. The combined firm boasts a range of private markets solutions spanning over 500 institutional and 13,000 retail clients, per the statement. According to PEI data, it has €16.2 billion of assets under management across fund strategies such as FoFs, secondaries, venture capital and debt...

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