What investment strategy does Alchemy Partners focus on?

Alchemy Partners focuses on Buyout strategies in the private equity space.

How many portfolio companies does Alchemy Partners have?

Alchemy Partners has 14 active portfolio companies and 9 completed exits and 6 funds tracked on GP Intel.

Where is Alchemy Partners headquartered?

Alchemy Partners is headquartered in London, United Kingdom.

What is Alchemy Partners's assets under management?

Alchemy Partners manages approximately €2.9B in assets under management.

When was Alchemy Partners founded?

Alchemy Partners was founded in 1997.

What sectors does Alchemy Partners invest in?

Alchemy Partners invests across Healthcare, Consumer, Financials, TMT.

What are Alchemy Partners's recent exits?

Recent realized exits by Alchemy Partners include: Apollo Group Holdings (2026) to Skyward Specialty Insurance Group; Lebara (2024) to Waterland Private Equity; Inn Collection Group (2022) to Harris Family Trusts and Kings Park Capital; The Inn Collection Group (Fund I) (2022) to The Harris Family and Kings Park Capital; YLDA (2022) to Toi Toi and Dixi Group; M2 Subsea (2018) to ROVOP; JOA Groupe (2017) to Blackstone; Four Seasons Health Care (2004) to Allianz Capital Partners.

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Alchemy Partners

London, United Kingdom·Founded 1997·

Buyout

·alchemypartners.co.uk

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.

AUM

€2.9B

Funds

vintages 1997–2025

Portfolio

Exits

Alchemy Partners is a London buyout firm with €2.9B AUM, 14 active companies and 9 exits.

SectorsHealthcare Consumer Financials TMT

Key takeaways

·5 exits in the last 5 years · consistent DPI cadence.
·Average hold across 9 realized deals: 5 years.
·Top sector focus: Hospitality (39% of portfolio).
·Fund cadence: ~6Y between vintages · last raise 2025.

Sector breakdown

23 companies

Hospitality

9 · 39%

Financials

4 · 17%

Consumer

1 · 4%

Fintech

1 · 4%

Real Estate

1 · 4%

Telecom

1 · 4%

Business Services

1 · 4%

Industrials

1 · 4%

Geography breakdown

6 geographies

17 · 74%

Italy

2 · 9%

Spain

1 · 4%

Germany / Belgium

1 · 4%

Belgium

1 · 4%

France

1 · 4%

Key facts

HQLondon, United Kingdom

Founded1997

Websitealchemypartners.co.uk

Recent exits

Alchemy Partners sold Apollo Group Holdings to Skyward Specialty Insurance Group in 2026 after 5 years.

Alchemy Partners sold Lebara to Waterland Private Equity in 2024 after 6 years.

Alchemy Partners sold Inn Collection Group to Harris Family Trusts and Kings Park Capital in 2022 after 4 years.

Alchemy Partners sold The Inn Collection Group (Fund I) to The Harris Family and Kings Park Capital in 2022 after 4 years.

Coverage notes

6 funds tracked, 23 portfolio companies (14 active · 9 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.

6 funds

Fund

Strategy

Vintage

Size

Assets

Exits

Alchemy Special Opportunities Fund V

Turnaround2025€1.0B3 assets

Turnaround

2025 · 1yr

€1.0B

–

Unrealized

3 held

Company	Entry
Barons Eden Hospitality · UK	2025
Buzzworks Holdings Hospitality · UK	2025
Deoleo Consumer · Spain	–

Alchemy Special Opportunities Fund IV

Turnaround2017€1.1B6 assets5 exits

Turnaround

2017 · 9yr

€1.1B

Unrealized

6 held

Company	Entry
Alchemy Step Hotel Group Hospitality · Germany / Belgium	2022
Brasserie Bar Co Hospitality · UK	2022
DNA Payments Fintech · UK	2021
FLI Group Hospitality · Belgium	2024
Heartwood Collection Hospitality · UK	2022
honey Real Estate · UK	2022

Realized

5 exits

Company	Entry	Exit	Type	Buyer	MOIC
Apollo Group Holdings Financials · UK	2021	2026	Trade Sale	Skyward Specialty Insurance Group	–
Inn Collection Group Hospitality · UK	2018	2022	Secondary	Harris Family Trusts and Kings Park Capital	–
Lebara Telecom · UK	2018	2024	Secondary	Waterland Private Equity	–
The Inn Collection Group (Fund I) Hospitality · UK	2018	2022	Secondary	The Harris Family and Kings Park Capital	–
YLDA Business Services · Italy	2018	2022	Secondary	Toi Toi and Dixi Group	–

Alchemy Special Opportunities Fund III

Turnaround2014€702M3 assets2 exits

Turnaround

2014 · 12yr

€702M

Unrealized

3 held

Company	Entry
Delta Energy Industrials · UK	2017
Incisive Media TMT · UK	2015
Sigla Financials · Italy	2017

Realized

2 exits

Company	Entry	Exit	Type	Buyer	MOIC
JOA Groupe Gaming · France	2014	2017	Secondary	Blackstone	–
M2 Subsea Energy · UK	2016	2018	Trade Sale	ROVOP	–

Alchemy Special Opportunities Fund II

Turnaround2010€585M1 assets

Turnaround

2010 · 16yr

€585M

–

Unrealized

1 held

Company	Entry
Hampshire Trust Bank Financials · UK	2014

Alchemy Special Opportunities Fund I

Turnaround2006€351M1 assets1 exits

Turnaround

2006 · 20yr

€351M

Unrealized

1 held

Company	Entry
Think Money Group Financials · UK	2007

Realized

1 exit

Company	Entry	Exit	Type	Buyer	MOIC
Revolution Bars Group Hospitality · UK	2006	2015	IPO	–	–

Alchemy Investment Plan

Turnaround1997€118M0 assets1 exits

Turnaround

1997 · 29yr

€118M

Realized

1 exit

Company	Entry	Exit	Type	Buyer	MOIC
Four Seasons Health Care Healthcare · UK	1999	2004	Trade Sale	Allianz Capital Partners	–

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.

Frequently asked questions

What investment strategy does Alchemy Partners focus on?: Alchemy Partners focuses on Buyout strategies in the private equity space.
How many portfolio companies does Alchemy Partners have?: Alchemy Partners has 14 active portfolio companies and 9 completed exits and 6 funds tracked on GP Intel.
Where is Alchemy Partners headquartered?: Alchemy Partners is headquartered in London, United Kingdom.
What is Alchemy Partners's assets under management?: Alchemy Partners manages approximately €2.9B in assets under management.
When was Alchemy Partners founded?: Alchemy Partners was founded in 1997.
What sectors does Alchemy Partners invest in?: Alchemy Partners invests across Healthcare, Consumer, Financials, TMT.
What are Alchemy Partners's recent exits?: Recent realized exits by Alchemy Partners include: Apollo Group Holdings (2026) to Skyward Specialty Insurance Group; Lebara (2024) to Waterland Private Equity; Inn Collection Group (2022) to Harris Family Trusts and Kings Park Capital; The Inn Collection Group (Fund I) (2022) to The Harris Family and Kings Park Capital; YLDA (2022) to Toi Toi and Dixi Group; M2 Subsea (2018) to ROVOP; JOA Groupe (2017) to Blackstone; Four Seasons Health Care (2004) to Allianz Capital Partners.