Northern Trust Expands Partnership with Alchemy to Support Its New Special Opportunities Fund

Northern Trust Expands Longstanding Relationship with Alchemy Helping to Launch its Fifth Special Opportunities Fund

LONDON & GUERNSEY--(BUSINESS WIRE)--Northern Trust (Nasdaq: NTRS) 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).

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.”

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.

About Northern Trust

Northern Trust Corporation (Nasdaq: NTRS) is a leading provider of wealth management, asset servicing, asset management and banking to corporations, institutions, affluent families and individuals. Founded in Chicago in 1889, Northern Trust has a global presence with offices in 24 U.S. states and Washington, D.C., and across 22 locations in Canada, Europe, the Middle East and the Asia-Pacific region. As of December 31, 2024, Northern Trust had assets under custody/administration of US$16.8 trillion, and assets under management of US$1.6 trillion. For more than 135 years, Northern Trust has earned distinction as an industry leader for exceptional service, financial expertise, integrity and innovation. Visit us on northerntrust.com. Follow us on Instagram @northerntrustcompany or Northern Trust on LinkedIn.

Northern Trust Corporation, Head Office: 50 South La Salle Street, Chicago, Illinois 60603 U.S.A., incorporated with limited liability in the U.S. Global legal and regulatory information can be found at https://www.northerntrust.com/terms-and-conditions.

About Alchemy Partners

Alchemy is a leading European corporate special situations investor focused on the mid-market. It is a specialist in acquiring control of businesses through debt and equity and working alongside management teams to help them create and grow value by solving problems, helping take difficult decisions and driving through change. The firm has invested over £5bn since 1997 across more than 220 transactions in 14 countries. For more information please visit www.alchemypartners.co.uk.