What Alchemy Partners does

Alchemy Partners is a London-headquartered private equity firm established in 1997 that invests in European special situations through debt and equity. The firm operates the Alchemy Special Opportunities Funds (ASOP Funds II through V), which have raised approximately £3.1 billion cumulatively and currently sit on roughly £2.8 billion of advised assets. Alchemy's three core strategies are distressed debt acquisition, capital solutions (including rescue financing and liquidity provision), and private equity buy-outs, deployed across 16 European countries and 230+ transactions since inception. The Special Opportunities business was established in 2006 by Partner Ian Cash and operates alongside the parent buyout franchise; ownership sits with the partners, who also co-invest in the funds they manage, aligning economics with external limited partners.

The firm is structured as two UK limited liability partnerships (Alchemy Partners LLP and Alchemy Special Opportunities LLP) operating from 25 Bedford Street, London, with a satellite presence in Luxembourg. Alchemy Special Opportunities LLP is authorised and regulated by the UK Financial Conduct Authority (FRN 452050), registered as an Exempt Reporting Adviser with the US Securities and Exchange Commission, and acts as adviser to Alchemy Special Opportunities (Guernsey) Limited, a GFSC-regulated investment manager of Guernsey-domiciled alternative investment funds. Investment products are distributed directly to qualified institutional investors; firm revenue is generated through management fees and carried interest under private fund agreements. Notable holdings include Brasserie Bar Co (acquired 2022 for approximately £40 million) and the 753 Hospitality hotel development in Italy. Recent organisational buildout has added senior hires from Carlyle, Bridgepoint Credit, Lazard, Trilantic, and Terra Firma, alongside ESG and diversity infrastructure (UNPRI, iCI, ILPA) consistent with institutional LP due-diligence requirements.

Alchemy's economics are therefore those of a mid-sized European special situations manager: management and performance fees on ~£2.8bn AUM, a 35+ person investment and operations team, and a concentrated Europe-only operating footprint with no proprietary technology platform.

Name

Alchemy Partners

Legal name

Alchemy Partners LLP

Website

https://alchemypartners.co.uk

Company type

Private

Founded year

1997

Operating status

Operating

Headcount range

11–50 employees

Short description

Alchemy Partners is a London-based European private equity firm founded in 1997 that invests in distressed debt, capital solutions, and special situations buy-outs across the UK and continental Europe for blue-chip institutional investors via its ASOP fund series.

Ownership category

akta.pro rank

Product category

Private Equity and Special Situations Investment Management

NAICS

Investment Banking and Securities Intermediation (52315)

SIC

Investment Advice (6282)

akta.pro primary industry

Unitranche Lending (FSANADAB)

Keywords

• Special situations investing
• Distressed debt investing
• Private equity buyouts
• Rescue financing capital solutions
• European alternative investments

Headquarters

HQ city

London

HQ country

United Kingdom

HQ region

Europe

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Others, Marketing or Sales

Revenue model

1. Fund Management: Alchemy generates revenue through management fees and carried interest (performance fees) from managing the Alchemy Special Opportunities Funds. ASO acts as adviser to Alchemy Special Opportunities (Guernsey) Limited, which acts as investment manager of Guernsey-incorporated, GFSC-regulated alternative investment funds.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels1 record

Core offering

Alchemy Partners is a private equity and special situations investment firm that operates the Alchemy Special Opportunities Funds (II through V), investing in debt, equity, and loan securities of European companies in financial distress or other special situations. The firm executes three core strategies: acquiring distressed debt at discounted valuations, providing capital solutions and rescue financing to challenged companies, and financing private equity buy-outs. Alchemy works alongside portfolio company management teams to drive restructurings, refinancings, and value creation across European markets.

Product overview

Alchemy Partners is a private equity and special situations investment firm that operates through its family of Alchemy Special Opportunities Funds (II through V). The firm specializes in three core investment strategies: distressed debt purchasing, capital solutions (including rescue financing and liquidity provision), and private equity buy-outs. The funds invest across European markets in debt, equity, and loan securities issued by companies in financial distress or special situations. The investment approach emphasizes active management alongside management teams, with a focus on capital preservation and value creation through complex transactions.

Differentiator

Problem solved

Functional benefit

Products and services

• Alchemy Special Opportunities Fund II L.P.
• Alchemy Special Opportunities Fund III L.P.
• Alchemy Special Opportunities Fund IV L.P.
• Alchemy Special Opportunities Fund V L.P.

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Four partnerships are on record, tiered core and minor.

• United Nations Principles of Responsible Investment (UNPRI)coreOthersAlchemy is a signatory to UNPRI, demonstrating commitment to responsible investment and sustainable value creation as part of their ESG approach.
• Initiative Climat International (iCI)coreOthersAlchemy is a member of iCI, supporting climate-focused initiatives in their ESG and sustainability approach.
• Institutional Limited Partners Association (ILPA)coreOthersAlchemy is a member of ILPA's Driving Inclusion in Alternatives Initiative, supporting diversity and inclusion in the private capital industry.
• 10,000 Interns FoundationminorOthersAlchemy supports The 10,000 Interns Foundation, an initiative to create internships in the private capital industry.

Scale indicators6 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Hayfin Capital Management: London-based European alternative asset manager focused on direct lending, special situations, and opportunistic credit. Highly comparable to Alchemy given its mid-market European credit/special situations mandate and institutional LP base.
• Tikehau Capital: European alternative asset manager with sizable credit, special situations, and private equity strategies. Comparable in geography, strategy mix, and institutional fund structure to Alchemy's Special Opportunities platform.
• Bridgepoint Credit: European credit arm of Bridgepoint investing in special situations and opportunistic credit across Europe. Direct overlap with Alchemy's European special situations mandate; Bridgepoint Credit is referenced in Alchemy's own management team pedigree.
• Alcentra: BNY Mellon-owned European and US credit manager focused on CLOs, direct lending, and special situations. Closely comparable to Alchemy in European mid-market credit and distressed investing.

Broad incumbents

• Intermediate Capital Group (ICG): Large London-listed alternative asset manager with European private credit, mezzanine, and special situations strategies. Comparable as a broader incumbent in the European special situations / credit space; referenced in Alchemy team backgrounds.
• Oaktree Capital Management: Global leader in distressed debt, special situations, and credit strategies. Operates at significantly larger scale but pursues the same fundamental distressed/special-situations thesis across Europe as Alchemy.
• HPS Investment Partners: Large global credit and special-situations platform with a substantial European franchise. Directly competes with Alchemy in European special situations and is referenced through Carlyle/Houlihan Lokey in Alchemy's team pedigrees.
• Permira: Large European private equity firm with credit and special situations capabilities. Comparable in European mid-to-large-cap investing and operational approach; referenced in Alchemy's team backgrounds.

Emerging players

• FitzWalter Capital Partners: UK-based special situations investment firm focused on mid-market European opportunities. Comparable niche mandate to Alchemy; explicitly referenced as a former employer of an Alchemy Associate Director.

Regional players

• Trilantic Europe: European mid-market private equity firm operating across business services and energy transition. Comparable mid-market European PE focus; explicitly referenced as a former employer of an Alchemy Associate Director.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/alchemy-special-opportunities-llp

Compliance6 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles15 records

Subsidiaries5 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A8 records

Investments4 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Alchemy Partners