Altamar CAM spins off its advisory business and its own investments

The general meeting of partners of Altamar CAM Partners, S.L. approved on November 3, 2026, a partial spin-off by which it segregates its corporate advisory and investment banking business, together with its own investments, in favor of the newly created company Inversiones y Activos ACP II, S.L. The agreement is made public in the Official Gazette of the Mercantile Registry (Boletín Oficial del Registro Mercantil) no. 212, of November 4, 2026, Second Section (Announcements and legal notices), pages 7192-7193, with the official reference BORME-C-2026-5796.

The operation is subject to Article 10 of the First Book of Royal Decree-Law 5/2023, of June 28, which transposes the European directive on structural modifications of commercial companies. The spin-off project was formulated and signed by the members of the board of directors of Altamar CAM Partners, S.L. on September 30, 2026, and the partners’ meeting, convened as a universal meeting, approved it unanimously on November 3, 2026.

The announcement bears the signature of María Pilar Sanz Iribarren, non-director secretary of the board of directors of Altamar CAM Partners, S.L., and establishes the registered office of the spun-off company at Paseo de la Castellana, 91, 8th floor, 28046 Madrid.

What is being segregated and to whom

The transferred economic unit groups two blocks of assets, liabilities, and legal relationships:

• The corporate advisory and investment banking business of the group headed by Altamar CAM Partners, S.L., developed through its subsidiary Altamar Advisory Partners, S.L.
• The holding and administration of investments made on its own account by the group in funds and other vehicles managed or advised by its companies, as well as other financial investments, housed in the subsidiary Altamar Private Markets SCR, S.A.

The beneficiary company, Inversiones y Activos ACP II, S.L., is a newly created limited liability company that will acquire by universal succession all the rights and obligations of the spun-off company integrated into that unit. The partners of Altamar CAM Partners, S.L. who are such on the effective date will receive all the shares of the new company in strict proportion to their share in the capital of the spun-off company.

Simplified procedure without expert report

Since the beneficiary is wholly owned directly by those who are partners of the spun-off company and in the same proportion, the spin-off follows the simplified procedure of Articles 53, 56, 63, and 71 of Royal Decree-Law 5/2023. Consequently, it is not necessary to:

• include the mentions of Article 53.1.1º in the spin-off project;
• prepare the section of the directors’ report addressed to the partners;
• prepare an independent expert report on the project;
• formulate a spin-off balance sheet.

Nor is an independent expert’s report required, pursuant to Article 68 of the same text, to value the non-monetary contribution of the carved-out assets.

Rights of shareholders, creditors, and employees

The spin-off is further supported by Article 9 of Royal Decree-Law 5/2023, having been approved unanimously in a universal meeting; therefore, the required documents are neither previously published nor deposited, nor is a period for observations opened. The section of the directors’ report intended for employees, as provided for in Article 5, has been prepared and made available to the staff, as there are no legal representatives of the employees.

According to the project, there are no plans to grant guarantees or adopt specific measures in favor of the creditors of the spun-off company, without prejudice to the rights under Article 13 of Royal Decree-Law 5/2023. Shareholders and creditors may obtain the full text of the spin-off agreement at the registered office.

A group in reorganization

The movement occurs within a context of intense corporate activity within the group’s perimeter. Altamar Private Markets SCR, S.A. —registered in the Commercial Registry of Madrid, sheet M-728751— increased its capital by 1,500,653 euros, up to 2,784,763 euros, according to the registration of October 1, 2026, published in BORME no. 195, of October 8, 2026 (BORME-A-2026-195-28). For its part, Altamar Advisory Partners, S.L. —sheet M-601125— appointed Jaime Fernández-Pita Lezama-Leguizamón as a joint proxy on September 29, 2026 (BORME-A-2026-194-28, of October 7, 2026). Altamar CAM Partners, S.L. is listed under sheet number M-341245 in the Commercial Registry of Madrid.

The segregation legally separates two activities with different profiles —the advisory and investment banking service, which is recurring and fee-based, and the proprietary investment portfolio— under a newly created company held by the same shareholders. For the industry reader, the publication in the BORME confirms that the operation already has unanimous corporate approval and falls under the simplified framework of Royal Decree-Law 5/2023, such that the next verifiable milestone will be the registration of the new company and the effective allocation of shares to the shareholders of Altamar CAM Partners, S.L.

Source: Official Gazette of the Commercial Registry, no. 212, November 4, 2026, Second Section (Announcements and legal notices), pp. 7192-7193 (official reference: BORME-C-2026-5796).