Northern Trust is expanding its relationship with Alchemy Partners, a private equity firm, to deliver asset servicing solutions for its latest special opportunities fund, Alchemy Special Opportunities Fund V L.P. (‘ASOF V’). ASOF V surpassed Alchemy’s fundraising target, securing total commitments of approximately EUR €1 billion (around US$1.03 billion).
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Northern Trust will continue to provide Alchemy with a range of services from its Guernsey office including fund administration, depositary, banking, custody and credit to support the launch of ASOF V. This new mandate builds on a long-standing relationship which saw Alchemy first choose Northern Trust as its fund administrator in 1997. Northern Trust has supported Alchemy with its Special Opportunities business since its inaugural fund in 2006.
Founded in 1997 and based in London, Alchemy is a leading private equity firm that specializes in investing in debt and equity special situations across Europe. The firm currently manages over EUR €3 billion (around US$3.1 billion) of assets under management (source: Alchemy, 10 February 2025).
“Northern Trust has enjoyed a close working relationship with Alchemy since its founding, supporting their funds and structures,” said Dave Sauvarin, head of Northern Trust Channel Islands. “We are delighted to continue this collaboration and design a comprehensive asset servicing offering supporting this fifth special opportunities fund, further strengthening our support to Alchemy.”
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ASOF V is set up as a Guernsey limited partnership with a feeder partnership for US tax-exempt investors. ASOF V will invest in mid-market corporate special situations across Europe through loans, debt and equity securities to access discounted value with low risk-attachment points. In addition, the ASOF V has Luxembourg entities within its structure which are being supported by Northern Trust’s Global Fund Services team in Luxembourg.
“Our long-standing relationship with Northern Trust has given us a solid foundation for our latest venture, Alchemy Special Opportunities V L.P,” said John Rowland, Chief Operating Officer, Alchemy. “With Northern Trust’s expertise and support, we can focus on delivering strong investment returns for the fund’s investors.”
Northern Trust’s Guernsey office offers scale and expertise across traditional and multiple alternative asset classes, leveraging experience spanning more than five decades. The range of customized component services include fund administration, AIFMD compliant depositary services, global custody and banking and fiduciary services, supported by a global operating model.
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Source: Businesswire
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