The most common and most likely answer to this crossword clue is the 12 letter word SCHOOLFELLOW
I've seen this crossword clue in The Guardian
S
C
H
O
O
L
F
E
L
L
O
W
More clues leading to the result SCHOOLFELLOW
Buddy explains!

The straight part
We know that "old friend" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case old friend = schoolfellow.The cryptic/wordplay part
In cryptic crossword there's often an wordplay/cryptic part as well.This part involves a more complex hint, such as an anagram, homophone, hidden word, etc.
Sadly, We don't have an explanation for this specific crossword clue yet.
What does SCHOOLFELLOW mean?
SCHOOLFELLOW noun- A person who was a fellow attendee at one's school.