Key Takeaways
- • Australian private credit manager MaxCap, which is backed by Apollo, has cut more jobs this week, bringing total layoffs over the past 18 months to about 15% of staff, according to Bloomberg.
- • The latest reductions are in the high single digits and affect members of a real estate equity team and back-office staff.
- • MaxCap plans to bring headcount to about 85 from roughly 100 as it concentrates resources on its core business.
- • The cuts point to growing strain in Australia's lending market, per people familiar with the matter who spoke to Bloomberg on condition of anonymity.
Summary
Australian private credit manager MaxCap has cut more jobs this week, according to Bloomberg, taking total layoffs over the past 18 months to about 15% of its staff. The firm is backed by Apollo. The latest reductions are in the high single digits and include members of a real estate equity team as well as back-office staff, according to people familiar with the matter who were not authorized to speak publicly.
The cuts are part of a plan to focus resources on MaxCap's core business. Based on the sources' account, the restructuring would reduce headcount to about 85 from roughly 100.
The layoffs signal mounting pressure across Australia's lending market, which Bloomberg describes as showing strains that have built over time. The source article does not provide further detail on the specific causes of these strains, the size of MaxCap's assets under management, or the financial performance behind the decision.
For institutional investors and alternative credit allocators, the development is a reminder that private credit managers in the Australian market are adjusting cost structures as lending conditions tighten, and that Apollo-backed platforms are not immune to these pressures.
The cuts are part of a plan to focus resources on MaxCap's core business. Based on the sources' account, the restructuring would reduce headcount to about 85 from roughly 100.
The layoffs signal mounting pressure across Australia's lending market, which Bloomberg describes as showing strains that have built over time. The source article does not provide further detail on the specific causes of these strains, the size of MaxCap's assets under management, or the financial performance behind the decision.
For institutional investors and alternative credit allocators, the development is a reminder that private credit managers in the Australian market are adjusting cost structures as lending conditions tighten, and that Apollo-backed platforms are not immune to these pressures.
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