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Newsmakers

Nomura Capital Management Hires Ashu Pal to Run Portfolio

To support the new head of portfolio management, the firm plans to hire a vice president of asset-based opportunistic private credit and a private credit investment specialist.

By Michael Katz



Nomura Capital Management named Ashu Pal head of portfolio management, effective earlier this month.

According to the multi-credit manager, Pal will focus on private credit, structured debt and asset-based lending strategies, as well as launching investment products using credit research strategies.

Prior to joining Nomura, Pal was a senior portfolio manager at the Maryland State Retirement and Pension System, where he managed private credit, structured debt and asset-based lending. Before that, he was a markets specialist at Citigroup, focused on risk management and risk analytics.

“Ashu’s extensive experience and proven track record in managing complex investment portfolios make him the perfect addition to our team as we continue to expand our footprint and enhance our offerings in the private credit market,” Nomura Capital CIO Matthew Pallai said in a statement. “His deep understanding of global markets and his research background will be invaluable.”

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Nomura Capital also announced that as part of the expansion of its investment team in the Americas, it plans to hire a vice president, asset-based opportunistic private credit investor to focus on real estate, as well as a private credit investment specialist.

The company said the asset-based opportunistic private credit investor position will manage deal execution and work closely with senior leadership in deploying capital. Prospective candidates are expected to have six to 10 years of credit experience, particularly concerning residential and commercial real estate, in addition to structured credit.

Meanwhile, the private credit specialist will oversee operations supporting private credit interval and private funds, with a focus on accounting, valuation, reporting and operational efficiency. Candidates are expected to have at least 10 years of relevant experience in financial operations, with an emphasis on private credit markets and products.


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Home > News > Corporate Moves > TPG, Temasek to Take Stake in Cliffwater
Corporate Moves

TPG, Temasek to Take Stake in Cliffwater

The duo will join private equity firm TA Associates as investors in the alternative investment adviser.
By Matt Toledo



Alternative manager TPG Inc. and Singapore’s sovereign wealth fund, Temasek, announced Monday that they have entered a definitive agreement to make a minority investment in alternative investment adviser Cliffwater LLC. 

Cliffwater, with $36 billion in assets under management and $80 billion under advisement, provides access to alternative investments for wealth management channels through its interval funds. The firm also houses an investment advisory and consulting practice.  

Both TPG and Temasek will join private equity firm TA Associates as investors in Cliffwater. TPG first invested in the adviser in 2023. 

An increasing number of private equity firms are looking to expand into retail, retirement and wealth management channels—markets largely untapped by alternative investment managers—that are reeling from a recent decline in fundraising and have been slow to return capital to limited partners as a result of a growing backlog of unsold portfolio companies.  

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In 2025, alternatives managers and traditional defined contribution investment providers and recordkeepers have launched or announced plans for retail investment offerings that include alternative assets like private equity and private credit. BlackRock Chairman and CEO Larry Fink, in his annual letter, wrote of the need to expand investor access to alternatives. 

“Since our investment in 2023, Cliffwater has consistently outperformed expectations, delivering meaningful growth and deepening its relationships in the high-net-worth channel,” said Todd Crockett, TA Associates’ managing director, in a statement.  

Cliffwater’s management, including Founder, CEO and CIO Stephen Nesbitt, will continue to be majority stakeholders in the firm. The transaction will close in the year’s second quarter, according to a joint statement from TPG and Temasek. 

“Individual investors continue to seek exposure to private markets as a way to diversify their portfolios and access some of the most dynamic corners of the economy,” said Peter McGoohan, a partner in TPG, in a statement.  

TPG manages $246 billion in assets, and Temasek manages $311 billion in assets.  

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Temasek Asset Management Unit Seviora Opens Shop in Abu Dhabi 

UAE Plans $30B Climate Fund With Partners BlackRock, Brookfield, TPG 

BlackRock More Than Doubles Private Credit Business With HPS Investment Partners Acquisition 

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