Nomura Alternative Income Fund
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- Nomura Alternative Income Fund (NAIFX) is a closed-end interval fund registered under the Investment Company Act of 1940 that provides accredited investors with diversified exposure to private and public credit sectors across the global credit markets, with a primary objective to maximize risk-adjusted total returns and a secondary objective to provide current income. The Fund invests primarily both directly and indirectly through investment vehicles and limited partnerships in a broad spectrum of alternative income strategies, including asset-based lending, real estate lending, specialty finance, corporate credit and direct lending; collateralized loan obligations debt; senior loans to industrial, hospitality and recreational sectors; U.S. government and agency securities such as agency hybrid ARMs, collateralized mortgage obligations and Ginnie Mae pools; and short-term investments comprising U.S. Treasury bills and money market funds. Nomura Capital Management LLC, founded in May 2022 as a subsidiary of Nomura Holding America Inc. and located at Worldwide Plaza, 309 West 49th Street, New York, NY, serves as the investment adviser, employing a flexible allocation strategy led by Chief Investment Officer Matthew Pallai to assess market opportunities and optimize returns. Organized as a Delaware statutory trust on August 24, 2022, and commencing operations on February 13, 2023, the Fund is headquartered in New York, NY, and targets registered investment advisors, bank and trust departments, family offices and other high-net-worth accredited investors seeking access to private markets without operational hurdles; it features daily NAV pricing, 1099-DIV tax reporting, quarterly distributions at a current annualized rate of 10%, quarterly liquidity repurchases of no less than 5% of shares outstanding (with a fund-level gate up to 25% of NAV), a minimum investment of $25,000 for Class I shares and no leverage at the fund level. Recent developments include the implementation of a quarterly distribution policy beginning in Q1 2024 following an initial December 2023 payout of 4.9% of assets, with ongoing capital deployment into private opportunities such as commitments totaling $106.6 million across seven external managers and seven direct deals (73.4% funded as of March 31, 2024), encompassing partnerships like ACORE Credit Partners II LP, AG Asset Based Credit Fund LP, Atalaya A4 Evergreen (Cayman) LP and Maranon Senior Credit Strategies Fund XIV LP; the Fund also covered its short U.S. Treasury futures position in Q1 2024 amid duration hedging and portfolio adjustments. In 2025, Nomura completed the $1.8 billion acquisition of Macquarie Asset Management's U.S. and European public asset management business (including ETFs), integrating it with Nomura Capital Management and Nomura Corporate Research and Asset Management to form Nomura Asset Management International, while formalizing a strategic alliance with Macquarie for U.S. private fund distribution to high-net-worth clients and family offices, joint investment strategy development and seed capital commitments for Macquarie's U.S.-tailored alternative funds. As of October 2025, net assets stand at approximately $350.6 million with a net expense ratio of 1.2% (after waivers through July 2026).