Nomura chief eyes acquisition opportunities in private debt

Nomura is actively looking for acquisition opportunities in private debt asset management as the Japanese firm seeks to grow its alternatives business.

Kentaro Okuda, chief executive of Nomura, told Reuters the private debt unit of its asset management business will make an investment or acquisition “if the opportunity arises”, and may also “bring knowledge in”.

In the interview, Okuda said the firm is seeking knowledge from “more mature” overseas markets to inform the younger direct lending industry in Japan, where demand is expected to grow as interest rates begin to rise.

Nomura is not only actively looking at companies and teams with expertise in managing alternative assets but Okuda said it will also consider an “outright buyout”, as well as a bolt-on to Macquarie.

Nomura completed its $1.8bn (£1.3bn) acquisition of Macquarie’s US and European public asset management businesses recently, as part of the expansion of its private markets platform, adding £166bn to its holdings.

The deal combines its private markets arm, Nomura Capital Management, and its high-yield business, Nomura Corporate Research and Asset Management, with the newly acquired units to form Nomura Asset Management International.

According to Reuters, Nomura is targeting alternative assets under management of 10tn yen (£48.2bn) by March 2031, from 2.9tn yen at the end of September 2025.

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Okuda believes the long-term prospects for direct lending in Japan are positive, where bank loans remain the predominant form of corporate borrowing.

“Rising interest rates widen credit spreads, so there’s an opportunity in private debt and mezzanine financing,” said Okuda.

In November, Nomura committed $150m to a US senior direct lending fund managed by Park Square Capital, as part of a strategic partnership between the two firms.

The firm will serve as an anchor investor in Park Square’s US loan partners fund.