Nomura Holdings is expanding its push into alternatives by pursuing private debt asset-management acquisitions, according to CEO Kentaro Okuda. In a Reuters interview, Okuda said the firm aims to import more mature private-debt know-how from overseas markets to Japan’s developing direct lending sector, which is set to benefit from rising interest rates.
These moves are part of Nomura’s broader strategy to grow beyond traditional banking and establish itself as a global financial player. They also reflect a shift in Japan’s financing landscape as the economy moves out of deflation and investors increasingly seek alternative assets. Morgan Stanley estimated the global private debt market at about $3 trillion in early 2025, up from $2 trillion in 2020.
Okuda indicated that within Nomura’s asset-management division, the private-debt unit remains open to either investing in or acquiring new platforms, with the goal of bringing relevant expertise into the fold. This follows Nomura’s notable recent expansion: earlier this year, the group completed the largest acquisition in its history, purchasing Macquarie’s U.S. and European public-asset-management businesses for $1.8 billion.
Alternative assets—encompassing private equity, private debt, real estate, and infrastructure—have historically constituted a small portion of Japanese portfolios relative to overseas allocations. Nomura has set a targets to raise alternative assets under management to ¥10 trillion by March 2031, up from ¥2.9 trillion at the end of September 2025. Okuda said the firm would consider outright purchases or bolt-on deals to Macquarie if suitable opportunities arise.
Looking ahead, Okuda is optimistic about direct lending in Japan—a form of financing where non-bank lenders provide loans directly to companies. While U.S. markets have seen rapid growth in this area, banks still dominate corporate borrowing in Japan. However, the environment of higher interest rates could widen credit spreads and unlock opportunities in private debt and mezzanine financing.
In November, Nomura formed a strategic alliance with Park Square, a Britain-based private-debt asset manager, committing $150 million to a U.S. private-credit fund.
Questions for readers: Do you think Japan’s shift toward direct lending and private debt will reshape corporate financing, or will traditional banks retain control? What factors would most influence your view on this trend?
