Macquarie to close US debt capital market business

Macquarie is set to close its US debt capital markets business in order to focus its resources on private credit, it has been reported.

According to Bloomberg News, around 80 jobs at Macquarie Capital are expected to be impacted by the decision, with some employees moving into new roles and others leaving the company.

Sources with knowledge of the matter said staff was informed of the change during a town hall meeting.

Read more: Macquarie deploys $A1.5bn into private credit

They added that Macquarie plans to sell the positions it amassed through US debt capital markets activities over the next two years. This will create more balance sheet capacity for private credit, among other uses.

Macquarie is an Australia-based global investment banking and financial services group which has been growing its private credit business in recent years. Its US debt capital markets arm covers leveraged loan origination, syndication and trading.

Read more: Macquarie RE invests in real estate private credit firm

Last year, Macquarie Capital said it expected increased revenue in its 2024 financial year from growth in its private credit portfolio, although this will be offset by lower revenue due to the timing of asset realisations.

Macquarie’s private credit business focuses on real estate debt, as well as delivering senior, junior and structured loans to corporate borrowers.

Read more: Macquarie creates standalone real estate business Manova Partners