Private Credit Redefined: Liquidity's Partnership with MUFG Bank Ltd
MUFG Bank Ltd and Liquidity's joint venture, Mars Growth Capital, has grown from $80 million to $1.1 billion AUM in four years — This is the future of private credit.
Smarter, Faster, Finance
Mars Growth Capital was founded in 2021 as a joint venture between MUFG Bank Ltd. — Japan's largest financial group — and Liquidity. The model is a natural synergy: MUFG provides institutional-grade capital and global banking infrastructure; Liquidity provides the proprietary AI and decision-science technology that powers every stage of the credit lifecycle. The result is a platform that deploys growth capital to mid-market and late-stage companies at speeds traditional lending cannot match, with flexible facilities typically in the $20–100 million range across APAC and EMEA.
"Mars Growth Capital is building upon our dedication to providing unprecedented financial flexibility and certainty for companies with high growth potential."
— Fumitaka Nakahama, Group Head of Global Corporate and Investment Banking, MUFG
Exponential Growth
The trajectory speaks for itself. Mars Growth Capital launched with $80 million in 2020. By 2023, MUFG had increased its LP commitment to $1 billion. By 2025 total AUM reached $1.1 billion. The partnership has deployed capital across 80+ investments spanning India, Southeast Asia, Europe and the Middle East, with landmark transactions including €75 million to Butternut Box and $100 million to Eruditus.
Validating the Model
For financial institutions evaluating how AI can transform their lending capabilities, Mars Growth Capital is the proof point. It demonstrates what Liquidity's technology delivers at institutional scale: algorithmic certainty in credit decisions, intelligent diversification across sectors and geographies and superior risk-adjusted returns. MUFG's successive capital commitments — reaching over $1 billion AUM in less than 5 years — are an unequivocal endorsement of the model.
The partnership also illustrates the most effective deployment model for AI in private credit: not as a replacement for institutional judgment, but as the analytical infrastructure that makes that judgment faster, more consistent and more reliably grounded in the full range of available evidence. The licensed AI technology handles what technology does best — data ingestion, pattern recognition, scenario modelling and continuous monitoring. The humans handle what humans do best — relationship management, qualitative assessment, and the final credit conviction.
Liquidity's partnership with MUFG Bank Ltd. has deployed over $1.1 billion for 80+ investments across the globe. Mars Growth Capital has a track record that proves AI-driven private credit works at scale.
Liquidity is the AI infrastructure layer for asset management. Its technology stack automates and streamlines organisational workflows while capturing institutional context, learning from every outcome to deliver greater speed and precision over successive cycles.
Configured for each institution and its requirements, Liquidity is the interconnector between the deterministic nature of asset management and the agility of the AI era. In addition to infrastructure, Liquidity delivers professional services for asset management to offer a holistic operating environment for its clients.
Liquidity's approach is proven at institutional scale. Its in-house asset management subsidiary has deployed over $2bn across 45+ verticals and 35+ countries, with a 0.00% credit loss rate since 2019. Liquidity is backed by leading institutions including MUFG Bank Ltd., Spark Capital, KeyBank, Cross River Bank, Meitav Dash and IDB Bank. Visit liquidity.com.
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