Marsh, the insurance broking and professional services firm, has completed its acquisition of AltamarCAM, a Madrid-based private markets asset manager serving institutional investors across Europe and Latin America.

The deal takes Marsh’s private markets assets under management to around $75bn (£56bn) and adds AltamarCAM’s expertise across secondaries, co-investments, bespoke accounts and evergreen vehicles, the firm reported.

AltamarCAM’s clients include insurers, family offices, pension funds, foundations and banks, alongside other institutional and wealth investors. It has strategies across private equity, venture capital, real assets and private credit.

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“By combining AltamarCAM’s capabilities with Marsh’s global platform, we can help clients invest in private markets with confidence, with access to a broad range of opportunities across asset classes, delivered by a specialist team backed by the perspective of a global firm,” said Garvan McCarthy, global alternatives chief investment officer at Marsh’s investments and retirement business.

AltamarCAM will be rebranded as Marsh, with its leadership taking senior roles in the group’s new international private markets platform. Its roughly 280 staff have joined Marsh.

José Luis Molina, AltamarCAM’s co-founder and global chief executive, will become head of the platform within Marsh’s investments business, while founder and executive chairman Claudio Aguirre will be its chairman.

Madrid will become a hub for the new platform, Marsh said.

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“Joining Marsh gives our colleagues the opportunity to deliver greater impact to clients across a broader range of solutions and markets,” said Molina. “We look forward to building on our strong foundation together.”

The deal, first announced in March, was struck through Mercer, the group’s investment and consulting arm, which is being folded into the Marsh brand.

Terms of the deal were not disclosed.

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