Alchemy closes third fund on £600m

It is understood that the offering was oversubscribed and the private equity firm was able to close the fund in a single close.

Alchemy's previous fund, which raised £500m in 2010, is believed to now be almost fully invested. Alchemy's first special opportunities fund was launched in 2006 and raised £306m.

Alchemy has enjoyed a strong run of exits in recent months, selling medical insurance provider InterGlobal to NYSE-listed Aetna in November 2013, and Lloyds of London underwriter Cathedral Capital to Lancashire Holdings for £266m in August last year.

Investments
The new vehicle will continue to invest under the same strategy as previous funds: targeting distressed debt and special situation deals in Europe.

People
Dominic Slade is managing partner at Alchemy.

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