Marsh Completes AltamarCAM Deal, Lifts Private Markets AUM to $75 Billion

Marsh has completed its acquisition of AltamarCAM, lifting its private markets assets under management to approximately $75 billion. The deal, announced on November 4, 2026, combines AltamarCAM's investment business with Marsh's global financial services and advisory infrastructure and establishes a larger international private markets platform.

The transaction strengthens Marsh's capabilities across private equity, private credit, real assets, and alternative investment strategies. For context, $75 billion under management puts the enlarged platform firmly among the significant global players in private markets solutions serving institutional capital.

Who is AltamarCAM?

AltamarCAM is a global private markets investment manager and solutions provider. It serves institutional investors and private wealth clients, including:

• pension funds
• insurers
• family offices
• banks
• foundations and other asset owners

Its investment offerings span primary fund investments, secondary transactions, co-investments, separately managed accounts, and evergreen investment vehicles. Marsh said these capabilities will expand the range of private markets solutions available through its investment business.

Why does Marsh want this business?

Institutional investors increasingly allocate to private markets to pursue long-term returns, diversification, and access to investments outside publicly traded securities. But these strategies demand specialized capabilities: manager selection, portfolio construction, liquidity management, and investment operations.

Marsh said its Global Asset Barometer found that most large asset owners are selectively increasing capital to private markets. "Success increasingly depends on disciplined execution and solutions that support more mature private market programs," the firm said.

Marsh intends to pair AltamarCAM's expertise in these areas with its broader client relationships and global distribution. Garvan McCarthy, Global Alternatives Chief Investment Officer of Marsh Investments and Retirement, framed the strategic logic directly.

"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," McCarthy said.

Who will run the combined platform?

The acquired business will adopt the Marsh brand. Its leadership takes senior positions in the firm's new international private markets organization, a structure designed to maintain continuity through integration.

Two appointments anchor the platform:

• José Luis Molina, Co-Founder and Global CEO of AltamarCAM, becomes Head of the International Private Markets Platform within Marsh's investment business.
• Claudio Aguirre, Founder and Executive Chairman of AltamarCAM, will serve as Chairman of the International Private Markets Platform.

Molina said the deal gives his team room to expand what they already do. "AltamarCAM has always been committed to supporting clients as their private markets needs evolve. Joining Marsh gives our colleagues the opportunity to deliver greater impact to clients across a broader range of solutions and markets. We look forward to building on our strong foundation together," Molina said.

Where will the new platform sit?

Approximately 280 AltamarCAM employees will join Marsh. The team operates across Madrid, Munich, Barcelona, Cologne, London, New York, and Santiago, Chile. Madrid will become a hub for Marsh's new international private markets investment platform.

The acquisition strengthens Marsh's geographic position in Europe and Latin America while adding investment expertise across several private asset classes — a regional footprint few advisory-led competitors can match on both continents at once.

What does this mean for Marsh's wider business?

Marsh's parent organization provides services involving risk, reinsurance, capital, people, investments, and management consulting. The company operates in 130 countries, employs more than 95,000 professionals, and generates approximately $27 billion in annual revenue.

The company positions the AltamarCAM purchase as support for its strategy of expanding its investment solutions business. By combining specialized investment management capabilities with global resources, Marsh aims to give institutional and wealth management clients broader access to private markets opportunities.

The deal signals where the brokerage and advisory sector is heading: as institutional demand for alternatives grows, distribution-heavy firms are buying specialist managers rather than building capability in-house — and Marsh has now bought scale in two regions at once.