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ICG, Nomura set up Japan mezzanine fund

  • Andrew Woodman
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Intermediate Capital Group (ICG), a global mezzanine specialist, and Japanese investment bank Nomura Holdings have together launched a joint venture to manage a Japan-focused mezzanine fund. Each will the contribute JPY10 billion ($98 million).

According to a release, the fund will provide institutional investors the chance to invest in mezzanine debt with financial sponsors as well as in growth and expansion capital. The fund is looking to take advantage of an expected rise in demand for mezzanine debt as the country benefits from the government's economic reforms.

"Mezzanine instruments have gained traction in recent years as financing for corporate actions such as consolidations and M&As," said Koji Nagai, group CEO of Nomura. "Partnering with ICG positions us well to contribute to the further expansion of the mezzanine market in Japan."

The statement added that any future funds structured as a result of the agreement will be jointly seeded, distributed and co-managed between Nomura and ICG.

Set up in 1989, London-headquartered ICG provides mezzanine finance, leveraged credit and partnership equity. It manages over EUR12 billion ($16 billion) of assets in proprietary capital and third party funds. It has several offices across Europe, as well bases in Sydney, Hong Kong and Tokyo.

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