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 binding agreement for sealing a business combination with Spac Alchemy Investments Acquisition Corp. 1 (AIAC) ahead of listing on Nasdaq (press release). In May 2025, Cartiga and Alchemy signed a non-binding letter of intents (see here a previous post by BeBeez).
The boards of directors of Alchemy and Cartiga both unanimously approved the business combination and the ball is now in the respective shareholders’ meetings.
Cartiga retained B. Riley Securities and Nelson Mullins Riley & Scarborough LLP while the Cayman Islands Spac hired Loeb & Loeb LLP and Keefe, Bruyette and Woods.
The SEC filing of 25 August, Monday says that Cartiga’s equity value amounts to 540 million euros and that also Melodeon LBS GP, LLC and Arizona State Retirement System (ASRS) invested in the asset.
The Spac will move its headquarter from Cayman Islands to USA before the closing.
Further investors may join the deal through a PIPE (Private Investment in Public Equity) agreement, market participants speculate.
AIAC listed on Nasdaq in May 2023 and raised 115 million US Dollars (press release) from Cantor Fitzgerald (bookrunner and 7.9% shareholder), Cowen&Co (18.2%), Deutsche Oppenheim Family Office AG (5.5%) and other investors (press release and SEC filing). Alchemy DeepTech Capital LLC, the blank check vehicle sponsor and 75.3% owner, 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.
Tomba, the co-ceo of Alchemy, said: “Alchemy is keen on uncovering underexplored private credit opportunities and offering capital solutions that help companies to grow and, where appropriate, access public markets. We believe Cartiga is exceptionally well positioned to capitalise on the growing investment opportunities in the legal services sector, an above 300 billion market, or approximately 1.4% of GDP, in which traditional capital sources underinvested. We look forward to supporting Cartiga in its upcoming IPO”.
Sam Wathen, the ceo of Cartiga, said: “Access to listed markets in partnership with Alchemy will allow us to leverage our data platform and market distribution to accelerate growth, expand our product range and consolidate our capital- and service-based partnerships with law firms.”
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).
