Nomura has announced that it will form a 50:50 JV with Intermediate Capital that will manage a Japan-focused mezzanine fund and each institution has agreed to allocate JPY 10 billion to the fund. The below is excerpts from the press release:
"FOR IMMEDIATE RELEASE 16:00 JAPAN, 07:00 UK, 21 November 2013
Nomura and ICG Announce Agreement to Facilitate Planned Japanese Domestic Mezzanine Fund
Nomura Holdings, Inc., Asia’s global investment bank, and Intermediate Capital Group plc, the specialist investment firm and asset manager, have agreed a 50:50 partnership that will facilitate the future structuring and distribution of new domestic mezzanine investments and funds, to be managed by a local Japanese fund management company that will be established. Nomura and ICG have agreed to allocate Yen 10bn each to the initiative.
It is planned that a fund would provide institutional investors opportunities to invest in mezzanine debt with financial sponsors and in growth/expansion capital. As the market in Japan benefits from the current government’s economic initiatives the demand for mezzanine is anticipated to rise. Offering mezzanine investment within a fund structure opens up new opportunities to institutional investors. Any future funds structured as a result of the agreement will be jointly seeded, distributed and co-managed between Nomura and ICG."
November 21, 2013
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