Alchemy Partners
Alchemy Partners is a London-based private-equity and special-situations investment firm founded in 1997 by Martin Bolland, Robert Barnes and Jon Moulton. The firm first raised capital through the Alchemy Investment Plan, an open-ended rolling-commitment vehicle, and built its reputation backing complex turnarounds and distressed and undervalued European businesses. After Jon Moulton departed in 2009 to found Better Capital, Alchemy refocused entirely on its Alchemy Special Opportunities strategy, investing across debt and equity in special situations throughout Europe. The firm advises around GBP 2.5 billion of assets and has invested over GBP 5.5 billion across more than 220 transactions in 14 European countries since inception. Its regulated fund-management activity is conducted by Alchemy Special Opportunities LLP, authorised by the UK Financial Conduct Authority under firm reference number 452050, with fund vehicles domiciled in Guernsey; in February 2025 it closed Alchemy Special Opportunities Fund V at EUR 1 billion.
Key facts
Recent exits
Coverage notes
6 funds tracked, 17 portfolio companies (9 active · 8 realized). Verified weekly from public filings and deal announcements.
Funds & portfolio
Every fund Alchemy Partners has raised, with its portfolio companies. Hand-checked from public filings.
Alchemy Special Opportunities Fund VTurnaround2025 · 1yr€1.0B1 active
Unrealized
1 held| Company | Sector | Geo | Entry |
|---|---|---|---|
| Barons Eden | Hospitality | UK | 2025 |
Alchemy Special Opportunities Fund IVTurnaround2017 · 9yr€1.1B4 active · 4 realized
Unrealized
4 held| Company | Sector | Geo | Entry |
|---|---|---|---|
| Brasserie Bar Co | Consumer | UK | 2022 |
| DNA Payments | Fintech | UK | 2021 |
| Heartwood Collection | Hospitality | UK | 2022 |
| honey | Real Estate | UK | 2022 |
Realized
4 exits| Company | Sector | Geo | Entry | Exit | Type | Buyer | MOIC |
|---|---|---|---|---|---|---|---|
| Apollo Group Holdings | Financials | UK | 2021 | 2026 | Trade Sale | – | |
| Inn Collection Group | Hospitality | UK | 2018 | 2022 | Secondary | – | |
| Lebara | Telecom | UK | 2018 | 2024 | Secondary | – | |
| YLDA | Business Services | Italy | 2018 | 2022 | Secondary | – |
Alchemy Special Opportunities Fund IIITurnaround2014 · 12yr€702M3 active · 2 realized
Unrealized
3 held| Company | Sector | Geo | Entry |
|---|---|---|---|
| Delta Energy | Industrials | UK | 2017 |
| Incisive Media | TMT | UK | 2015 |
| Sigla | Financials | Italy | 2017 |
Realized
2 exits| Company | Sector | Geo | Entry | Exit | Type | Buyer | MOIC |
|---|---|---|---|---|---|---|---|
| JOA Groupe | Gaming | France | 2014 | 2017 | Secondary | – | |
| M2 Subsea | Energy | UK | 2016 | 2018 | Write-off | – |
Alchemy Special Opportunities Fund IITurnaround2010 · 16yr€585M1 active
Unrealized
1 held| Company | Sector | Geo | Entry |
|---|---|---|---|
| Hampshire Trust Bank | Financials | UK | 2014 |
Alchemy Special Opportunities Fund ITurnaround2006 · 20yr€351M0 active · 1 realized
Alchemy Investment PlanTurnaround1997 · 29yr€118M0 active · 1 realized
Realized
1 exit| Company | Sector | Geo | Entry | Exit | Type | Buyer | MOIC |
|---|---|---|---|---|---|---|---|
| Four Seasons Health Care | Healthcare | UK | 1999 | 2004 | Trade Sale | – |
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About Alchemy Partners
Alchemy Partners is one of Europe's longest-running pure-play special situations private equity firms, with £2.5 billion under advisement and £4.0 billion under management cumulatively as of December 2024, headquartered in London at 25 Bedford Street. The firm was founded in 1997 by Jon Moulton, with more than £5.5 billion (€3 billion plus) deployed across special situations since inception. Alchemy remains a partner-owned independent firm with deep distressed and complex transaction heritage.
Investment thesis
Alchemy Partners deploys capital through approximately five Special Opportunities funds (ASOF I through V) plus earlier private equity vintages, executing more than 220 transactions and approximately 175 PE deals across its history. The platform deploys flexibly across the capital structure with £25-150 million per transaction, spanning distressed debt, capital solutions and private equity for underperforming or undervalued businesses. Sector focus spans information technology, financial services, business services, communications, distribution and manufacturing, with geographic deployment across 14 European countries concentrated in UK, Ireland, German-speaking Europe and the Nordics.
Recent activity
Recent realised exits include special situations exits across 2025. Recent acquisitions include Barons Eden (hospitality, UK, March 2025), with ASOF V approximately 20% deployed across nine investments in four countries as of early 2025. The platform continues active deployment of the latest special opportunities vintage across European mid-market distressed and complex transactions. Detailed buyer names and multiple data available on Pro at €29/month.
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