Nomura ICG, a partnership between the Japanese bank and the private lender, has held a final close on its Japan mezzanine fund.
The fund closed on ¥46.5 billion ($378.6 million; €347.8 million) and has 30 investors, the majority of which are regional financial institutions from Japan, a spokeswoman for ICG told PDI.
The fund was established to target Japanese Yen investors interested in committing to the mezzanine asset class in the country. Recent regulatory changes make it more efficient for investors to use a fund structure, ICG said.
The partnership between Nomura and ICG brings together local deal sourcing with fund management expertise, added ICG.
The vehicle has invested ¥17.5 billion in three transactions. One deal has been realised and around 27 percent of the fund is invested.
Fundraising took 15 months after launching in September 2014. The firms established the partnership in November 2013 and attracted 15 investors by the time of first closing.
Both ICG and Nomura have made commitments, contributing ¥10 billion each to the venture as initial seed capital. The fund has a five-year investment and five-year harvest period.
ICG declined to comment on target returns.