Marsh completes AltamarCAM deal, lifting private markets assets to $75B

What's the deal? Marsh McLennan (NYSE: MRSH) has completed its acquisition of AltamarCAMDealroom has a profile for this one. Try Dealroom →, a Madrid-based private markets investment manager, taking its combined private-markets assets under management to roughly $75 billion. Financial terms were not disclosed. AltamarCAM brings about €20 billion in assets across secondaries, co-investments, bespoke accounts, and evergreen vehicles.

What's the endgame? The deal strengthens Marsh's investment management across private equity, venture capital, private credit, and real assets, while expanding its presence in European and Latin American markets. Madrid will anchor a newly established international private markets platform.

The transaction brings roughly 280 AltamarCAM employees into Marsh, with teams in Madrid, Munich, Barcelona, Cologne, London, New York, and Santiago. Co-founder and global chief executive officer José Luis Molina will lead the new platform, and founder Claudio Aguirre becomes its chairman. AltamarCAM will move to the Marsh brand.

Why now? AltamarCAM serves pension funds, insurers, family offices, foundations, and banks — clients increasingly seeking broader access to private markets. "Joining Marsh gives our colleagues the opportunity to deliver greater impact to clients across a broader range of solutions and markets," Molina said.

Marsh's own research points to rising demand. "Marsh's latest Global Asset Barometer found most large asset owners are selectively increasing capital to private markets," said Garvan McCarthy, global alternatives chief investment officer of Marsh Investments and Retirement.

The signal: The deal tracks a structural shift toward secondaries and evergreen vehicles as investors look for liquidity and private-markets exposure. Secondaries transaction volume reached around $121 billion in the first half of 2026, up roughly 19% year over year. For Marsh — which operates in 130 countries, employs more than 95,000 people, and generates about $27 billion in annual revenue — the acquisition is a bet on scale and capability rather than a headline price tag.

Read more: citybiz.co

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