Intermediate Capital joins forces with Nomura for new debt fund

 
Michael Bow
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LISTED debt investor Intermediate Capital Group (ICG) yesterday announced a tie-up with Japanese banking giant Nomura to launch a debt fund targeted at pension fund investors in the country.

ICG, listed on the FTSE 250, has just signed the deal with the bank to launch the mezzanine investment fund, which will see both sides allocate about £63m to the venture.

“There’s a gap in the mezzanine product market in Japan,” finance chief Philip Keller told City A.M. “We’ve been interested in Japan for a long time but it’s difficult to enter the market without some local presence.”

The two sides came together after a former ICG executive left to join Nomura in Japan and suggested the two work together after returning to his alma mater earlier this year.

The announcement came as the group said it had raised €1.7bn (£1.4bn) of new money in the first half of the year ending September and a further €700m since the end of September. The firm has also been busy selling, realising €2.7bn across its portfolio in the period.

“Stronger liquidity for larger companies has facilitated refinancing, which is sharply up this year,” chief executive Christophe Evain said.

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