Nomura Holdings is actively exploring private debt asset management acquisitions as it scales its alternatives platform, CEO Kentaro Okuda said, signaling the firm’s next phase of global expansion.
With Japan emerging from deflation and interest rates rising, Nomura sees growing demand for direct lending and private credit—areas long dominated by banks domestically but mature overseas.
🔹 Why Private Debt, Why Now?
- Global private debt has grown to ~$3T (Morgan Stanley), up from $2T in 2020
- Rising rates widen credit spreads, improving returns in private debt and mezzanine financing
- Japan’s financing needs are diversifying as the economy normalizes
🔹 Strategic Targets
- Nomura is open to outright acquisitions or bolt-ons, including teams with deep alternatives expertise
- Alternatives AUM target: ¥10T by March 2031, up from ¥2.9T (Sept 2025)
- Builds on its $1.8B acquisition of Macquarie’s U.S. & European public asset management businesses
🔹 Recent Move
- Strategic alliance with Park Square (UK), including a $150M investment in a U.S. private credit fund
Nomura’s push reflects a broader shift among Japanese institutions toward fee-based, alternative assets—and a belief that private debt will be a key growth engine as rates reset.