Alchemy was established in 1997 by Jon Moulton to focus on mid-market private equity deals. Alchemy has built a reputation for doing difficult deals, especially turnarounds and public to private transactions. Whilst generalist, the firm has particular expertise in financial services, information technology and telecoms.

The Private Equity team advises the Alchemy Investment Plan, a non-standard fund investing from £25m to £150m that focuses on mid-market deals in the UK, Ireland and German speaking Europe.

In 2006, Alchemy acted on the self-evident truth that the over exuberance in the credit markets would unwind, presenting other investment opportunities. The Alchemy Special Opportunities team was therefore established that year and now manages a £300m fund focused on special opportunities, from distressed debt investing to litigation funding.

In 2007, Alchemy entered into a joint venture with emerging markets fund manager Ashmore Investments (UK) Limited for an Indian Development Capital Fund.