Nomura Holdings is seeking acquisitions in private debt asset management as it expands its alternatives business, according to a report by Reuters citing president and group chief executive Kentaro Okuda, who says the group is looking to invest in or acquire firms to build capability and bring expertise into its asset management platform.
Nomura is also aiming to import know-how from more developed overseas markets into Japan’s nascent direct lending sector, where demand is expected to rise as interest rates increase.
Asset management has become a key growth area for Japanese financial institutions, providing stable, fee-based revenue. For Nomura, this includes its largest-ever acquisition, the $1.8bn purchase of Macquarie’s US and European public asset management businesses earlier this year. The group is targeting JPY10tn in alternative assets under management by March 2031, up from ¥2.9tn at the end of September 2025.
Okuda says Nomura is evaluating outright acquisitions as well as potential additions to the Macquarie platform. He adds that rising interest rates could support growth in private debt and mezzanine financing in Japan. In November, Nomura formed a strategic alliance with UK-based private debt manager Park Square, investing $150m in a US private credit fund.
