Alchemy Partners is fundraising for a £250m distress and special situations fund. Former founder of Mizuho’s special situations group, Ian Cash has joined the team to spearhead the firm’s move into the sector. Prior to joining Mizuho, Cash spent four years with Salomon Smith Barney/Citigroup International, where he was a proprietary trader and investing in distressed debt and special situations. The appointment represents Alchemy’s first foray into special situations with the launch of the fund.
Alchemy managing partner Jon Moulton said: “With the increasingly aggressive capital structures recently being put in place, we believe that we are at the right point in the cycle to take advantage of distress and special situations. Ian’s wealth of experience within this specialist market will enable Alchemy’s investors to benefit from the many opportunities expected to arise from overly ambitious lending.”