Japanese bank Mizuho has agreed to invest in US-based Evercore Partners as it continues to expand its overseas operations amid a declining domestic market, while the latter hopes to build up its its asset management business.

The two companies have had ties since 2006 but this is the first alliance involving a direct investment. Mizuho will buy $120m of debt from the boutique investment bank and commit to invest up to $150m in Evercore’s funds.