The Nasdaq Spac belongs to Alchemy DeepTech Capital, a subsidiary of Alchemy Investment Management, a firm that Vittorio Savoia and Mattia Tomba co-founded
Cartiga LLC, a Delaware-based US asset manager that carries on data advanced analysis for litigation finance investments, signed a non-binding letter of intents for sealing a business combination with Spac Alchemy Investments Acquisition Corp. 1 (AIAC) ahead of listing on Nasdaq (press release and SEC filing with investor presentation). Cartiga retained B. Riley Securities while the Cayman Islands Spac hired Keefe, Bruyette and Woods.
AIAC listed on Nasdaq in May 2023 and raised 115 million US Dollars (press release). Alchemy DeepTech Capital LLC, the blank check vehicle sponsor, belongs to Alchemy Investment Management, an asset manager that chairman Steven M. Wasserman (vice chairman of Roosevelt Investments, Principal, founder of MSP Sports Capital, senior advisor of Atalaya Capital Management), co-ceos Vittorio Savoia (managing partner of VIS Capital, a single-family office that owns multi-asset alternative investment firm FIDES Holdings and managing director of real estate investor Treehouse Group) and Mattia Tomba (managing partner of ThePIO – Principal Investments and Capital Markets Advisory, head of Tradeteq’s unit of international market, senior fellow of Middle East Institute di Singapore, and investment manager of sovereign fund Qatari Diar) created in 2021.
Cartiga leverages proprietary information, integration of legal and financial data, and deep industry expertise to predict litigation outcomes, optimise resource allocation and investment performance, and provide law firms with case and business management insights. This strategy enables claims assessment, case monitoring by technology and dynamic risk adjustment. Cartiga simplifies the origination and investment process in order to mitigate risk and maximise returns.
The company aims to fetch IPO resources for consolidating the fragmented litigation finance market through the acquisition and integration of complementary players and assets.
In 2019, Legal Business Services acquired Westbury Management Group, the owner of LawCash, Momentum Funding and Ardec Funding (press release of rating agency KBRA) and merged all the targets in 2021 under the sole brand of Cartiga (press release). In 2015, Momentum Funding secured a round of 30 million US Dollars from Victory Park Capital (press release).
Cartiga has 95 workers. The firm marked a track record of originations worth 1.6 billion and cash realizations of 1.6 billion since 2000. Its proprietary database provides information about 0.250 million individual litigation-related financing items that involved more than 8000 attorneys and law firms. Cartiga also structured four rated securitizations and realized three of them.
“Cartiga is an interesting alternative investment with a yield profile without correlation to other asset classes. This sector is huge and rapidly expanding”, Savoia, co-ceo of Alchemy sais. Tomba added: “We think that Cartiga and Alchemy are an interesting investment opportunity. As financing, disclosure and regulatory standards evolve, we anticipate a growth in interest for listed asset management companies in the area of financial litigation. We believe that listing on Nasdaq will place Cartiga in a leading position in the industry, improving transparency, reducing the cost of capital and expanding access to flexible financing”.
Sam Wathen, Cartiga ceo, said: “The business combination with Alchemy is perfectly in line with our targets. Leveraging a Nasdaq listing would allow Cartiga to establish new industry guidelines with full transparency and use its public currency to drive growth and acquire complementary assets. Greater transparency would ultimately reduce financing costs, Cartiga focus on alternative investment firm that rely on advanced data analytics to drive decision-making in the financial litigation industry. Cartiga combines capital with proprietary technology to help law firms, and their clients achieve better litigation outcomes. The company applies a data-driven approach to underwriting, risk assessment and portfolio management, using proprietary data, structured and unstructured legal and financial information, and constantly updated datasets derived from the continuous deployment of capital. This iterative process enhances Cartiga’s predictive capabilities and strengthens its competitive advantage.”
The litigation finance sector is of increasing interest to top US asset managers. In January 2025, Fortress Investment Group started to raise one billion for Fortress Legal Assets Fund II, a litigation fund whose size would double the previous 2021 vehicle’s. This new fund will target a 16% net return (see here a previous post by BeBeez).
