Jon Moulton, who today left Alchemy Partners, was one of the founding figures of the private equity industry in Europe. His letter to investors about Alchemy was in character for a man who has been his industry’s most stern internal critic.

Moulton has held leading roles at the three largest buyout firms in Europe. Joining Citicorp in 1980, he launched its venture capital group, now called CVC Capital Partners - Europe's largest firm - in 1981.