Japanese firm Nikko Asset Management is venturing into Asia's private debt sector through a partnership with France's Tikehau Capital, a specialist in private assets. The two companies will establish a Singapore-based joint venture by year-end, aiming to launch a USD250m private debt fund targeting global investors, primarily in Asia. Tokyo-based GI Capital Management plans to introduce a USD300m private debt fund early next year; its first fund, launched in 2022, achieved a 22% internal rate of return. Asia's private debt market, less developed than those in the U.S. and Europe, totaled USD99bn in 2023, growing at an average of 16% annually since 2017, according to Preqin.