Nomura Capital Management

What Nomura Capital Management does

Nomura Capital Management LLC (NCM) is a private investment manager that focuses exclusively on private debt strategies for intermediary and institutional clients. The firm is a wholly owned subsidiary of Nomura Holding America Inc. and operates as part of the global Nomura Group, a financial services organization with an integrated network spanning approximately 30 countries and regions. Headquartered at Worldwide Plaza in New York, NCM is a registered investment adviser with 51-100 employees and distribution organized through dedicated intermediary and institutional channels led by veteran channel heads.

NCM manages three core private credit strategies: Asset-Based Lending (financing collateralized by pools of cash-flowing assets such as residential and commercial mortgages, auto loans, credit card receivables, equipment leases, and esoteric assets including cell towers, royalties, and structured settlements), Corporate Direct Lending to middle-market borrowers (typically senior secured loans with 5-7 year bullet maturities), and Real Estate Lending. These strategies are offered through diversified private funds, interval funds, closed-end funds, and single-transaction SPVs/private securitizations. The investment approach is driven by fundamental credit research and relative value assessment across global credit markets, with stated emphasis on attractive risk-adjusted returns and capital preservation.

The firm's revenue model is based on management fees and performance fees on the private debt vehicles it manages. Distribution is conducted domestically across the United States through intermediary channels (financial advisors, RIAs, family offices) and institutional channels (pension funds, endowments, insurance companies, sovereign wealth funds). Senior leadership combines prior experience at McKinsey, J.P. Morgan Asset Management, FS Investments, Russell Investments, Vanguard, Guggenheim, Lazard Asset Management, and other major institutions, with multiple executives having previously co-founded or led Alterum Capital Partners, the predecessor investment management business.

Name

Nomura Capital Management

Legal name

Nomura Capital Management LLC

Website

https://nomuracapitalmanagement.com

Company type

Private

Founded year

1925

Operating status

Operating

Headcount range

51–100 employees

Ownership category

akta.pro rank

Headquarters

HQ city

New York

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure

Revenue model

1. Private Credit Asset Management: Nomura Capital Management generates revenue through management fees and performance fees from managing private debt investment vehicles including diversified private funds, interval funds, closed-end funds, and special purpose vehicles (SPVs) for intermediary and institutional clients.

Go-to-market motion1 record

Distribution channels2 records

Marketing channels4 records

Core offering

Nomura Capital Management is a registered investment adviser that manages private debt and private credit investment vehicles for intermediary and institutional clients. Core offerings include Asset-Based Lending strategies, Corporate Direct Lending to middle-market borrowers, Real Estate Lending, and diversified private debt/credit fund structures (private funds, interval funds, closed-end funds, and SPVs/private securitizations), underwritten through fundamental credit research and relative value assessment across global credit markets.

Product overview

Nomura Capital Management LLC (NCM) is a registered investment adviser and wholly owned subsidiary of Nomura Holding America Inc., specializing in private debt investment management for intermediary and institutional clients. The firm offers three core product categories: (1) Asset-Based Lending—financing collateralized by pools of assets including residential/commercial mortgages, auto loans, credit cards, equipment leases, and esoteric assets (cell towers, royalties, structured settlements), with an estimated private ABL market approaching $15 trillion; (2) Corporate Direct Lending—middle-market loans structured with 5-7 year bullet maturities; and (3) Real Estate Lending—private real estate debt strategies. NCM manages various fund structures including diversified private funds, interval funds, closed-end funds, and single-transaction SPVs/private securitizations. The investment approach is driven by fundamental credit research and relative value assessment across global credit markets, targeting attractive risk-adjusted returns with capital preservation. The firm also provides educational content including Quarterly Market Outlook publications, introductory guides to private credit, and video content on specific lending strategies.

Differentiator

Problem solved

Functional benefit

Products and services

• Asset-Based Lending Strategy Financing collateralized by specific pools of cash-flowing assets, including residential and commercial mortgages, auto loans, credit card receivables, equipment leases, and esoteric assets such as cell towers, royalties, and structured settlements. Investors gain exposure through diversified private funds, interval funds, closed-end funds, or single-transaction SPVs/private securitizations underwritten by NCM's fundamental credit research and relative value engine.
• Corporate Direct Lending Strategy Senior secured corporate loans to middle-market borrowers, typically structured with 5–7 year bullet maturities offering periodic interest payments and a lump-sum principal payment at maturity. Executed within one of the four primary private credit lending categories in which NCM operates across global credit markets.
• Private Debt / Private Credit Funds An umbrella of private credit vehicles (diversified private funds, interval funds, closed-end funds, and SPVs/private securitizations) managed by NCM for intermediary and institutional clients seeking attractive risk-adjusted returns and capital preservation across the private debt spectrum, underwritten through fundamental credit research and relative value assessment.
• Real Estate Lending Strategy Private real estate debt strategies positioned as a differentiated return source amid bank retrenchment, loan maturities, and evolving credit markets, delivered through NCM's private credit platform for intermediary and institutional clients.

Quantifiable outcome

• Asset-Based Lending market approaching $15 trillion in size
• +2 more outcomes

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Scale indicators3 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Sixth Street Partners: Sixth Street is a direct-lending and asset-based lending focused alternative manager with flexible capital across direct loans, ABL, and structured solutions. Its product breadth and growing intermediary offerings make it a strong comparable to NCM's ABL and middle-market direct lending focus.
• Golub Capital: Golub Capital is a leading middle-market direct lending franchise that competes directly with NCM's corporate direct lending strategy. Both target senior secured middle-market loans and serve similar institutional and intermediary clients, though Golub operates with significantly more AUM.
• CIFC Asset Management: CIFC is a private credit manager focused on corporate direct lending, CLOs, and asset-based finance, serving institutional clients globally. Like NCM, it operates within a broader financial group (Natixis/LOIM) and competes for similar private credit allocations.
• Blue Owl Capital: Blue Owl is a direct peer in private credit with a strong intermediary distribution franchise (Owl Rock) spanning direct lending, GP strategic capital, and real estate debt. Like NCM, it sells primarily through financial advisors, RIAs, and family offices, competing head-to-head for the same intermediary allocator dollars.
• FS Investments (KKR): FS Investments is a direct competitor in the private credit intermediary distribution space, offering interval funds, BDCs, and private funds for financial advisors and RIAs. Robert Stark and Matthew Pallai both previously served at FS Investments before joining Nomura Capital Management, making it a highly comparable business model and channel match.

Broad incumbents

• Apollo Global Management: Apollo operates one of the largest private credit platforms globally, with significant exposure to direct lending, asset-based lending, and structured credit through both institutional and wealth channels. Its scale, ABL origination capability, and Athene-anchored insurance balance sheet make it a benchmark competitor across NCM's product set.
• Ares Management: Ares is a leading global alternative asset manager with a flagship direct lending and private credit franchise (Ares Capital) plus broader credit, real estate, and private equity strategies. It competes with NCM across middle-market direct lending and ABL while serving similar intermediary and institutional clients at far greater scale.
• HPS Investment Partners (BlackRock): HPS is a major private credit and asset-based lending platform, now part of BlackRock, offering senior direct lending, asset-based lending, and private credit solutions to institutional clients. It is a primary competitor for institutional mandates and ABL opportunities that NCM targets.
• PIMCO (Private Credit): PIMCO operates a growing private credit and asset-based finance platform alongside its flagship fixed income business, serving both institutional and intermediary clients. Its brand recognition, distribution scale, and growing ABL/private credit capabilities make it a comparable incumbent competing for the same allocator mindshare.
• Blackstone Credit (BCRED): Blackstone Credit is one of the largest private credit platforms globally, with flagship BCRED and direct lending funds marketed to both institutional LPs and wealth platforms. It overlaps with NCM's corporate direct lending and increasingly with ABL, while offering broader credit capabilities and scale advantages.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key highlights6 records

Customer concentration

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Nomura Capital Management