Nomura Expands Alternative Assets Strategy With Focus on Private Debt Acquisitions

Japan’s Nomura Holdings is actively seeking acquisitions in private debt asset management as it accelerates the expansion of its alternative assets business, according to comments from Chief Executive Officer Kentaro Okuda in a recent interview with Reuters. The move highlights Nomura’s broader ambition to strengthen its position as a global financial institution while tapping into new growth opportunities beyond traditional banking.

Nomura is particularly focused on private debt, an asset class that has grown rapidly in more mature overseas markets. The global private debt market was estimated at around $3 trillion in early 2025, up sharply from $2 trillion in 2020, underscoring increasing investor appetite for private credit strategies. Okuda said Nomura is open to both full acquisitions and smaller bolt-on investments, including potential additions to the public asset management businesses it acquired from Macquarie in a $1.8 billion deal earlier this year.

A key objective behind these efforts is to import expertise from established markets such as the United States and Europe into Japan’s still-developing direct lending sector. Direct lending, which involves non-bank lenders providing loans directly to companies, has expanded significantly in the U.S. over the past decade but remains limited in Japan, where bank loans continue to dominate corporate financing.

However, Japan’s shift away from ultra-low interest rates is changing the landscape. Rising rates are widening credit spreads, creating more attractive conditions for private debt and mezzanine financing. Nomura believes this environment will drive increased demand for alternative financing solutions among Japanese companies.

Alternative assets—including private equity, private debt, real estate, and infrastructure—currently account for a relatively small share of Japanese investors’ portfolios compared with global peers. Nomura aims to change that by increasing its alternative assets under management to 10 trillion yen by March 2031, up from 2.9 trillion yen as of September 2025.

Supporting this strategy, Nomura formed a strategic alliance in November with UK-based private debt manager Park Square, committing $150 million to a U.S. private credit fund. The partnership reflects Nomura’s long-term confidence in private debt as a stable, fee-based revenue source and a cornerstone of its global growth strategy.