Nomura Holdings is investing $150 million in a London-based private credit manager’s inaugural U.S. fund, marking the Japanese firm’s latest push into direct lending as it diversifies beyond traditional securities brokerage.
The Tokyo-based bank announced an alliance with Park Square Capital that grants Nomura access to mid-market corporate loan opportunities through Park Square’s new U.S. Loan Partners vehicle. The partnership leverages Nomura’s investment banking relationships to source deals while tapping Park Square’s decade-long experience in North American credit markets.
The initiative supports Chief Executive Kentaro Okuda’s strategy to expand private markets capabilities, outlined at the firm’s investor day earlier this year. Nomura’s alternative assets under management have climbed 25% over the past year to ¥2.7 trillion ($18 billion) as of June, though the firm remains significantly smaller than U.S. rivals dominating the sector.
Park Square will focus on senior secured lending to companies with annual earnings of roughly $50 million to $150 million. The European manager raised €3.4 billion ($3.7 billion) for its latest European direct lending fund in September and was named top-performing direct lending manager in Europe by Preqin in 2024.
The collaboration faces stiff competition. Private credit has grown to approximately $3 trillion in early 2025 from about $2 trillion in 2020, with projections reaching $5 trillion by 2029, dominated by established players including Apollo Global Management, Ares Management, and Blackstone.
Traditional banks have also re-entered the market. Citigroup formed a $25 billion partnership with Apollo in 2024, while Wells Fargo announced a $5 billion venture with Centerbridge Partners, intensifying pricing pressure on direct lenders.
For Nomura, the partnership represents a measured bet on U.S. middle-market lending rather than an attempt to compete immediately with industry giants. The firm has focused primarily on Japanese retail wealth management and global investment banking, making private credit a relatively new area requiring external partnerships to build scale.
The alliance allows Nomura’s acquisition and leveraged finance division to offer clients financing packages combining traditional syndicated loans and bonds with direct lending commitments, positioning the bank as a one-stop shop for borrowers. Whether that’s enough to carve out meaningful market share remains uncertain in an increasingly crowded field.
