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Nomura says mezzanine debt JV with ICG to double funds

Reuters - UK Focus

TOKYO, May 12 (Reuters) - Japan's Nomura Holdings (Other OTC: NRSCF - news) said on Monday that its joint venture with Britain's Intermediate Capital Group Plc for investing in mezzanine debt planned to raise up to 30 billion yen ($295 million) from investors, doubling its funds under management.

The venture, Nomura ICG K.K., was established in December and currently has 20 billion in funds under management.

A Nomura spokesman said the venture would raise funds from banks, insurers, pension funds and other institutional investors with the aim of increasing the total amount under management to 40-50 billion yen by the later half of 2014. (Reporting by Emi Emoto and Ritsuko Ando; Editing by Chris Gallagher)