Success Stories

New Mountain Capital Japan GK (February 2024)

Andrew Barous New Mountain Capital Japan GK
Business Executer and Managing Director
Interviewer: Financial Services Agency
(November 2023)

Company Profile
Company: New Mountain Capital Japan GK
Established: March 13, 2023
Main Business: Financial Instruments Business (Type II Financial Instruments Business)
Financial Instruments Business Operator: The Director-General of Kanto Local Finance Bureau (FIBO) No. 3394

The logo of New Mountain Capital Japan GK: NMC

1. New Mountain's entry into Japan

Congratulations on your completion of the Type II Business registration. Could you give us an overview of your company?

New Mountain Capital is a leading alternative asset manager established in 1999 and headquartered in New York City. Today, the firm manages over -$45 billion across private equity, credit and net lease strategies.*

New Mountain emphasizes intensive fundamental research and a growth-oriented, "value-add" investment approach, rather than reliance on excessive risk, as the best path to high and consistent long-term returns. New Mountain has proactively developed particular research and operational expertise in carefully selected defensive growth niches of life sciences, healthcare, specialized software, business services, information and data, financial services & technologies, and infrastructure services. New Mountain works systematically to establish expertise in additional sectors over time.

To date, New Mountain has raised capital from over 30 institutional investors in Japan primarily through private placement under notification of Article 63 of FIEA. The first two commitments from Japanese institutional investors occurred in 2005, and those relationships and others have grown over time which is illustrative of the close, lasting partnerships we like to build with our clients globally.

*Includes asset valuations and amounts committed, not all of which, have been drawn down and invested to date as of September 30, 2023. Includes amounts committed for private equity strategy as of December 1, 2023.

Japan is your only entity in the APAC region. What attracted you to apply for the Type II license?

Our decision to obtain the Type II license in Japan was an important strategic step for us and one that will enhance our ability to meet the diverse needs of local asset owners. Creating an on-the-ground presence underscores our commitment to providing the best quality service to our partners in Japan and the APAC region more broadly. Finally, we believe Japan offers a safe and vibrant living and working environment for our team, which will help us attract and retain talent.


2. English registration procedures through the Financial Market Entry Office (FMEO) and the Financial Start-up Support Program

What was your impression about the all-in English registration process by the Financial Market Entry Office (FMEO)?

The English registration process facilitated a streamlined Type II registration process, which in turn enhanced internal communication within our firm.

From the insights of established asset managers in Japan, we understood that securing a Type II license could be intricate and protracted for foreign asset managers. However, our comprehensive conversations with the Japan Financial Services Agency (JFSA) and the Kanto Local Finance Bureau (KLFB) through legal counsel alleviated our concerns and created an efficient process to secure a Type II license for foreign asset managers in Japan.

In particular, we’re grateful for the support and dedication of FMEO, who played a pivotal role in the expedited registration of our Type II license.

What are your impressions of the Financial Start-up Support Program, by JFSA and Tricor Japan?

The Financial Start-up Support Program was enormously helpful in aiding our entrance into the Japanese market by mitigating early hurdles and offering comprehensive support from the JFSA and Tricor Japan. The entire process demonstrated a proactive approach to creating a welcoming and supportive environment for firms like ours entering Japan, which is fast emerging as a major international financial center.

From left, Andrew Barous (Business Executer and Managing Director), Masashi Yoneda (Business Executer and Compliance Officer)

3. New Mountain’s strong points as a global team, and visions for the future

How does New Mountain Japan work together with the overseas head offices?

New Mountain has a robust strategy for managing its global footprint and ensuring clear and transparent communication across its offices. The Tokyo office has daily video meetings with the firm’s headquarters in New York, as well as regular email and phone calls with our offices globally. This approach is designed to ensure we have one strong culture across the firm and that we’re managing our client relationships consistently across all regions. The organization places a strong emphasis on collaboration and a risk-managed framework to support our overarching goal of value creation on behalf of our investors.

What are New Mountain Japan’s visions for the future?

Our immediate focus is to continue strengthening our relationships with existing institutional investors in the region. New Mountain already has a strong presence in Japan with over 30 institutional clients under Article 63, and we anticipate continued growth in this market with our new Type II license. The growing demand for alternative asset classes in recent times reinforces our interest in expanding our footprint here.

Longer-term, our goal is to expand our client base beyond our current investors and strengthen our foothold in the Japanese and broader APAC markets. Over time, this may necessitate scaling our team to match our expanding operations.

Finally, we are committed to making a significant contribution to Japanese asset owners and the people of Japan more broadly by leveraging our expertise and resources to provide attractive investment solutions to our clients.

Can you tell the story of your company's history and the story of your company's name?

New Mountain Capital’s founder Steve Klinsky grew up in a family business in Michigan and this mentality remains central to our investment philosophy.

The firm was founded in 2000 with the goal of investing in businesses whose performance is not dependent on the economic cycle. The name comes from the idea of building 'new mountains' in the industries we invest in and trying to grow our own firm with permanence front of mind.


Andrew Barous
Business Executer and Managing Director

Andrew Barous, Managing Director, joined New Mountain Capital in 2006. He acts as a primary fundraising contact for the firm and facilitates investor relationships across all of the firm’s products. After 17 years in New Mountain’s San Francisco office, Andrew moved to Tokyo in 2023 to open New Mountain’s first office in Asia.

Prior to joining New Mountain, Andrew served as a small-business advisor and community development volunteer with the Peace Corps in the Kingdom of Tonga, South Pacific. He received his B.A. in Economics from Hamilton College in 2001 and is a member of Omicron Delta Epsilon, International Economics Honorary Society.