April 27, 2026 (Tokyo) – Neuberger Berman East Asia Limited, the Japan-based entity of Neuberger Berman, an independent, employee-owned global investment management firm, today announced an agreement with Sumitomo Mitsui Banking Corporation (President and CEO: Akihiro Fukutome, "SMBC") to establish a joint venture that will act as a general partner in Japan.
The new joint venture will establish and manage Japan‑focused private debt funds that primarily invest in Leveraged buyout (“LBO”) senior loans. This will enable the provision of new investment products that serve as an alternative to traditional bank loan and investment assets and allow Japanese and overseas investors to access the Japanese private debt market strategically and efficiently.
This joint venture is the first initiative of its kind in Japan*, uniting a leading Japanese bank and an independent global investment manager with uniquely complementary credentials. SMBC has long played a central role in Japanese corporate finance, bringing deep origination capabilities, rigorous credit underwriting, and an established position as a leading LBO lender in Japan. Neuberger contributes an extensive private markets investment track record dating back to 1987, a proven direct lending approach built in North America, and a broad network of relationships with leading Japanese and global private equity managers developed through its fund-of-funds platform.
On this agreement, Ryo Ohira, Managing Director and Head of Neuberger Berman East Asia, commented, “As Japan's buyout market expands, a more diversified lender base will deepen the market and strengthen the stability of capital provision. Greater collaboration between banks and private debt funds broadens capital structure options and enables financing solutions to better align with each company's growth strategy. Through our partnership with SMBC, we aim to deliver capital that balances swift decision-making with prudent risk management — ultimately contributing to the competitiveness and vitality of the Japanese economy.”
Yasuyuki Fujita, Managing Director and Head of Japan Private Debt Investment of Neuberger Berman, commented, "Leveraging our fund-of-funds platform and the best practices in private debt we have developed in the United States, we will deliver an investment approach tailored to Japanese market standards. Working alongside SMBC, we aim to build a seamless ecosystem spanning the full value chain — from local deal sourcing through rigorous due diligence and structuring to active portfolio management — in strong support of the sustainable value creation of Japanese companies."
Neuberger Japan Private Debt’s efforts will be supported by the Neuberger Private Debt investment team, which invests in senior secured, first-lien and unitranche loans to high quality U.S. private equity owned companies. Launched in 2013, Neuberger’s Private Debt business manages $25 billion across evergreen and closed-end funds. Since inception, Neuberger Private Debt has invested over $29 billion in more than 250 companies, resulting in low annualized default and loss rates of 0.03%1 and 0.01%1, respectively.
About Neuberger
Neuberger is an employee-owned, private, independent investment manager founded in 1939 with approximately 3,000 employees across 26 countries. The firm manages $567 billion of equities, fixed income, private markets, real estate and hedge fund portfolios for global institutions, advisors and individuals. Neuberger's investment philosophy is founded on active management, fundamental research and engaged ownership. The firm is proud to be recognized for its commitment to its two constituents, clients and employees. Again in 2025, we were named Best Asset Manager for Institutional Investors in the US (Crisil Coalition Greenwich) and the #1 Best Place to Work in Money Management (Pensions & Investments, firms with more than 1,000 employees). Neuberger has no corporate parent or unaffiliated external shareholders. Visit www.nb.com for more information, including www.nb.com/disclosure-global-communications for information on awards. Data as of March 31, 2026.
About Neuberger Berman East Asia Limited (Japan entity)
Neuberger Berman East Asia Limited was established in Tokyo in 2008 as Neuberger Berman’s regional hub for East Asia (Japan and Korea). In Japan, we began providing investment management services in 2004, primarily to institutional investors such as pension funds and financial institutions and have offered investment opportunities in asset classes previously unavailable in Japan through the development of new products tailored to our clients’ needs. As of the end of March 2026, our Japan office has 108 employees and assets under management of JPY 11.1 trillion (of which approximately JPY 4.8 trillion are in private assets). For further information, please visit www.nb.com/japan.