More than 800 investors joined us for this year’s AGM in Madrid — a full day of insights, perspectives and discussion on the future of private markets.
Paloma Ybarra Miranda inaugurated the AGM.
Claudio Aguirre Pemán reviewed the highlights of the year and shared the strategic rationale behind our announced transaction with Mercer, as well as what it means for our firm and our clients.
General Pedro Méndez de Vigo y Montojo delivered a keynote address on the geopolitical challenges facing Europe and their implications. This was followed by the AltamarCAM PE ESG Awards, presented this year by Miguel Zurita Goñi, recognising Apheon and PAI Partners.
José Luis Molina shared his views on why and how the private markets industry continues to grow, and why its long-term growth potential remains highly compelling, particularly in the secondaries market, where global transaction volumes reached a record approximately $240 billion in 2025.
Dedicated sessions then followed for each asset class: private equity with Miguel Echenique and Ignacio de la Mora Areitio; private credit with Rodrigo Echenique and José María Fernández; venture capital with Marcel Rafart; infrastructure with Antonio Guinea and Antonio Villalba; and real estate with Carlos Esteban Librero and Ramón Hermosilla Gómez-Cuétara.
Key takeaways:
Growth is a means to become a better partner for our clients, not an end in itself. Looking ahead, the pace of recovery in private markets activity will largely depend on the evolution of critical variables such as geopolitical stability, the resolution of the energy crisis, the normalization of inflation and interest rates, as well as greater visibility around the long-term impact of AI. These factors will be instrumental in restoring more normalized levels of activity and distributions, which remain one of investors’ primary concerns.
AI disruption is creating opportunities, not just challenges. Portfolio companies continue to demonstrate strong fundamentals, supporting valuations that have historically outperformed public markets over the long term. Meanwhile, secondary markets continue to exhibit particularly favourable dynamics.
In private debt, risk does not lie in the asset class itself, but in the quality of underwriting. As manager dispersion widens, manager selection matters more than ever. The asset class has evolved to offer attractive risk-adjusted return opportunities for the most sophisticated and selective investors.
Infrastructure has demonstrated its resilience throughout the cycle. Infrastructure funds have delivered positive quarterly valuations in virtually every quarter since 2016, with the sole exception of the COVID-19 shock, while consistently generating annual distributions above the 3% target.
Real estate continues to face a challenging environment characterised by pricing pressure and lower transaction activity. However, several compelling thematic trends are emerging that could create attractive long-term investment opportunities.
