Nomura, SPARX Group agree to launch joint venture

Japan's Nomura Holdings Inc. and asset manager SPARX Group Co. Ltd. agreed to launch a listed investment corporation that will invest in unlisted companies.

The ¥400 million asset management firm — tentatively called Nomura SPARX Investment Inc. — will allow assets owned by investors to be offered as growth capital for unlisted companies. After an initial period of private investments, the new company will be listed on the Tokyo Stock Exchange's Venture Funds Market.

Nomura will own a 51% stake in the new asset management firm, while SPARX Group will hold the remaining stake.

As of Jan. 13, US$1 was equivalent to ¥103.93.