Weekly Highlights from the Private Equity Sector
In a significant move, Japanese investment bank Nomura has announced a $1.8 billion all-cash acquisition of Macquarie's US and European public asset management units [1]. This acquisition, which is structured as a secondaries sale, is expected to add approximately $180 billion in assets under management, growing Nomura's investment management platform to $770 billion [2].
The transaction, initiated in 2023, does not involve Harvard University or the sale of its private equity fund stakes. Elsewhere, Harvard University is actively negotiating the sale of approximately $1 billion worth of private equity fund stakes as part of its strategy to raise liquidity for its endowment [3].
The acquisition by Nomura will not have a direct impact on the sale of Harvard's private equity fund stakes, which is being advised by Jefferies Financial Group, with Lexington Partners emerging as a potential buyer [3]. Unity Advisory, a UK-based boutique accounting and consulting firm, is also not directly involved in this acquisition.
The deal between Nomura and Macquarie is subject to regulatory approvals, and the terms of the sale are still under negotiation. The acquisition marks a strategic move for Nomura, expanding its presence in the asset management sector.
Meanwhile, Harvard University is navigating its own strategic shift in managing its private equity assets. The sale of its private equity fund stakes reflects Harvard's effort to rebalance its portfolio amid broader economic uncertainties and funding pressures. The university's endowment strategy had heavily relied on the Yale Model, which assumes continuous incoming cash flows from private equity distributions to fund capital calls and expenses. However, market disruptions have stressed these assumptions, pushing Harvard to reduce private equity commitments by selling stakes, despite doing so at a loss to improve liquidity [3].
Sources: [1] Bloomberg, 2025 [2] Financial Times, 2025 [3] The New York Times, 2025 [4] Harvard Gazette, 2025
- Nomura's acquisition of Macquarie's US and European public asset management units is valued at $1.8 billion and structured as a secondary market transaction.
- This deal, expected to add around $180 billion to Nomura's assets under management, is slated to grow their investment management platform to $770 billion.
- The transaction, planned for 2023, does not involve Harvard University or the sale of its private equity fund stakes.
- Instead, Harvard University is currently in negotiations to sell approximately $1 billion worth of private equity fund stakes in a move to boost liquidity for its endowment.
- Nomura's acquisition and Harvard's sale are independent events, with the latter being advised by Jefferies Financial Group and potentially involving Lexington Partners as a buyer.
- Unity Advisory, a UK-based accounting and consulting firm, is not directly involved in the Nomura-Macquarie acquisition.
- The sale of Harvard's private equity fund stakes reflects their strategic shift in managing private equity assets, aiming to rebalance their portfolio amid economic uncertainties and funding pressures.
