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Alchemy Partners closes Alchemy Special Opportunities Fund V at €1bn

European corporate special situations investor Alchemy Partners has held the final close of its latest Special Opportunities Fund, Alchemy Special Opportunities Fund V, in excess of its initial fundraising target with $1bn in capital commitments.

The fund’s investment strategy is to target European mid-market corporate special situations.

The fund attracted support from a strong group of institutional investors including private and public pension funds, sovereign wealth funds, financial institutions, consultants and family offices from across the globe. Of note, the ASOF V investor base shows significant geographic diversification, with commitments from investors in North America (c45%), Europe (c30%), and Asia-Pacific (c25%).

The fund will continue Alchemy’s European mid-market corporate special situations strategy, focused on generating strong risk-adjusted returns via special situations investments across the capital structure. Since inception of the Special Opportunities strategy in 2006, Alchemy has invested over €3bn into the strategy in c90 transactions, with ASOF V currently c20% deployed across nine investments in four countries.

According to a press statement, Alchemy believes “the opportunity set for the fund is enhanced by current macroeconomic and capital market conditions, allowing the team to select investments with a superior risk-adjusted return outlook in both new and established themes, providing the basis for a well-diversified and exciting portfolio for ASOF V”.

Alchemy was assisted by Rede Partners as placement agent and Macfarlanes as legal counsel for the fundraising.

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