macquarie asset management

overview

Macquarie Asset Management (MAM) is the asset management division of Macquarie Group, a global financial services provider headquartered in Sydney, Australia. MAM manages approximately $650 billion in assets under management across infrastructure, real estate, agriculture, transportation, utilities, and renewable energy. The firm specializes in real assets investing with particular expertise in infrastructure equity and debt. MAM's infrastructure platform includes Macquarie Infrastructure Partners (MIP), which operates flagship infrastructure funds targeting core-plus and value-add opportunities in essential infrastructure assets globally. With over 50 years of infrastructure investment experience, MAM is recognized as a pioneer in infrastructure asset management, having created the infrastructure asset class in the 1990s. The firm's investment strategy emphasizes long-term value creation through operational expertise, active asset management, and deep sector knowledge. MAM manages infrastructure investments across transportation (airports, toll roads, ports), utilities (water, gas, electricity distribution), data and telecommunications, renewables and energy transition, and social infrastructure (hospitals, schools). The division operates globally with significant presence in North America, Europe, Asia-Pacific, and Latin America. As part of Macquarie Group (ASX: MQG, market cap ~$85 billion, 20,800+ employees), MAM benefits from integrated platform spanning investment banking, principal investments, commodities, and financial advisory services.

business model

Macquarie Asset Management operates as a global alternative asset manager specializing in real assets with a business model emphasizing active ownership and operational value creation: (1) Fund Management - raises and manages closed-end private equity infrastructure funds (Macquarie Infrastructure Partners I-VI) and open-ended infrastructure vehicles from institutional investors (pension funds, sovereign wealth funds, insurance companies, endowments) charging management fees (typically 1-2% of committed capital/NAV) and performance fees (carried interest, typically 15-20% over hurdle rates of 8-10%), (2) Investment Strategy - targets core-plus and value-add infrastructure assets requiring operational improvements, strategic repositioning, or consolidation with investment horizon of 5-10 years and target returns of 12-15% IRR for value-add strategies, (3) Sector Specialization - concentrates on essential infrastructure sectors where MAM has deep operating expertise including utilities, transportation, data infrastructure (data centers, telecom towers), renewables, and social infrastructure, (4) Active Asset Management - differentiates through hands-on operational involvement deploying Macquarie Group’s broader capabilities (project finance, M&A advisory, commodities hedging, capital markets) to enhance portfolio company performance, (5) Global Platform - leverages Macquarie’s worldwide presence (34 countries, 20,800 employees) for deal sourcing, due diligence, operational support, and exit execution, (6) Platform Building - favors multi-asset platforms enabling operational synergies and scale advantages over single-asset acquisitions, demonstrated through Aligned Data Centers transformation from 2 facilities to 50 campuses, (7) Add-On Acquisitions - supports portfolio companies with follow-on capital for bolt-on acquisitions and organic expansion (Aligned’s ODATA acquisition, QScale investment), (8) Exit Strategies - monetizes investments through sales to strategic buyers, financial sponsors, or public listings, optimizing timing based on market conditions and asset maturity. Revenue model combines recurring management fees on ~$200 billion infrastructure AUM providing stable base income, with carried interest from successful realizations creating upside. Data center strategy specifically targets hyperscale and AI-optimized infrastructure benefiting from secular digitalization and artificial intelligence trends, with focus on operators demonstrating technology differentiation (proprietary cooling platforms), sustainability leadership (renewable energy commitments), and strategic power capacity (multi-gigawatt utility relationships).

data center profile

global footprint

us portfolio (from database)

specialization

primary focus: hyperscale, ai-ml, wholesale

key differentiators:

• Pioneer in infrastructure asset class creation (1990s)

• Over 50 years infrastructure investment experience

• Active ownership and operational value creation expertise

• Platform building approach - transformed Aligned from 85 MW to 5+ GW

• Global deal sourcing network across 34 countries

financial highlights

strategy

corporate strategy

Macquarie Asset Management pursues a global real assets investment strategy built on four pillars: (1) Sector Expertise - concentrate capital in essential infrastructure sectors where MAM has deep operational knowledge and competitive advantages developed over 50+ years including utilities, transportation, data infrastructure, renewables, and social infrastructure, (2) Active Ownership - differentiate through hands-on asset management deploying Macquarie Group’s integrated platform (investment banking, project finance, M&A, commodities, capital markets) to drive operational improvements and strategic repositioning, (3) Platform Building - favor multi-asset platform investments enabling scale, operational synergies, and organic growth over single-asset acquisitions, demonstrated through Aligned transformation from 2-facility regional operator to 50-campus Americas platform, (4) Value Creation Through Transformation - target core-plus and value-add opportunities where MAM’s operational expertise can unlock value through technology upgrades, market expansion, add-on acquisitions, operational efficiency, and strategic repositioning. Data center strategy specifically capitalizes on secular digitalization and AI infrastructure trends by backing differentiated operators with proprietary technology (Delta3/DeltaFlow cooling), sustainability leadership (100% renewable energy), strategic power capacity (multi-gigawatt utility relationships), and proven management teams (Aligned CEO Andrew Schaap’s 65x growth track record). Investment approach emphasizes patient capital with 5-10 year hold periods enabling transformative growth (Aligned held 7.5 years 2018-2025), active support through growth phase (Aligned’s ODATA acquisition, QScale investment, $12B+ capital raise), and disciplined exit timing to maximize returns (Aligned sold at market peak during AI infrastructure boom). MAM’s competitive advantages include global deal sourcing network (34 countries), institutional LP relationships (pension funds, sovereign wealth funds managing hundreds of billions seeking infrastructure exposure), deep sector expertise attracting quality management teams, and Macquarie Group’s brand reputation as infrastructure investing pioneer.

growth strategy

Macquarie Asset Management’s growth strategy operates across three dimensions: (1) AUM Expansion - grow infrastructure assets under management from ~$200 billion toward$300+ billion through new fund raises (Macquarie Infrastructure Partners VI and future vintages), existing fund deployment, and portfolio company growth, targeting annual AUM growth of 8-10%, (2) Sector Focus - increase exposure to high-growth infrastructure sectors benefiting from secular trends including data centers and AI infrastructure (digitalization/AI boom), renewables and energy storage (energy transition), electric vehicle charging (transportation electrification), fiber networks and telecom towers (5G/broadband), social infrastructure (aging demographics), with goal of these growth sectors representing 60%+ of new capital deployment, (3) Geographic Expansion - maintain global diversification while increasing exposure to high-growth markets including North America (50% of capital), Asia-Pacific excluding Japan (20%), Europe (20%), Latin America (5%), Middle East/Africa (5%), (4) Fund Succession - raise larger successive flagship funds (MIP VI larger than MIP V) demonstrating LP confidence and enabling larger platform investments, (5) Product Innovation - launch specialized vehicles targeting specific sectors (data center-focused funds), investment strategies (core infrastructure, energy transition), or investor types (wealth management, retail infrastructure products), (6) Exit Optimization - monetize mature investments at optimal valuations reinvesting proceeds into new opportunities, demonstrated through Aligned $40B exit enabling significant carry realization and capital recycling. Post-Aligned exit, MAM likely targeting redeployment into data center sector given successful track record, strong market fundamentals, and infrastructure investor demand for digital infrastructure exposure. Future data center strategy may include backing other hyperscale operators, investing in power generation assets supporting data centers (renewables, nuclear partnerships), or supporting emerging sub-sectors (edge computing, AI-specific infrastructure, liquid cooling technology companies).

power strategy

Macquarie Asset Management’s power strategy emphasizes securing reliable, cost-effective, and sustainable energy for data center investments through multiple approaches: (1) Utility Partnership Support - backed Aligned’s multi-gigawatt utility agreements across PJM, ERCOT, CAISO, and MISO regions ensuring dedicated power capacity ahead of development, (2) Brownfield Site Strategy - supported Aligned’s Conesville Ohio former coal plant conversion providing immediate grid interconnection avoiding multi-year utility queue delays, (3) Renewable Energy Commitment - enabled Aligned’s 100% renewable energy portfolio through virtual and physical PPAs differentiating in hyperscale customer RFPs, (4) Green Financing Innovation - facilitated Aligned’s $1.35 billion green securitization (largest inaugural data center ABS) and$375 million sustainability-linked loan demonstrating capital markets receptivity to sustainable infrastructure, (5) On-Site Infrastructure Investment - supported Aligned’s development of dedicated substations and grid upgrades in partnership with utilities de-risking power delivery timelines.

renewable commitment: Macquarie Asset Management maintains strong commitment to renewable energy and sustainability across infrastructure portfolio, demonstrated through Aligned investment supporting 100% renewable energy procurement, waterless cooling operations (Delta3 closed-loop systems), zero-carbon hosting by 2040 commitment, green finance framework with external verification, and EPA Green Power Partnership recognition. Macquarie Group corporately targets net zero emissions by 2040 across operations and financed emissions, renewable energy financing leadership (project financed major solar, wind, battery storage projects globally), green bond issuance supporting sustainable infrastructure, and ESG integration in investment decision-making. Data center strategy specifically prioritizes operators with renewable energy commitments given hyperscaler customer requirements (Microsoft, Google, Meta carbon neutrality goals) and green financing advantages (sustainability-linked debt pricing benefits).

major commitments

partnerships

financial partnerships

leadership

Shemara Wikramanayake

Managing Director and Chief Executive Officer

Appointed Managing Director and CEO of Macquarie Group in 2018, first female CEO in Macquarie’s history. Joined Macquarie in 1987 and has over 35 years with the firm. Previously Head of Macquarie Asset Management overseeing significant AUM growth. Deep expertise in infrastructure investing and asset management.

Leads Macquarie Group’s global operations including Asset Management division. Under her leadership, MAM has grown to ~$650 billion AUM. Oversaw Aligned investment strategy and successful$40 billion exit.

Martin Stanley

Global Head of Macquarie Asset Management

Leads Macquarie Asset Management division managing ~$650 billion across infrastructure, real estate, agriculture, and other real assets. Oversees investment strategy, fund raising, and portfolio management across global platform.

Responsible for MAM’s infrastructure investment strategy including data center sector. Oversees Macquarie Infrastructure Partners funds and Aligned investment.

Ben Way

Global Head of Infrastructure

Oversees Macquarie’s infrastructure investment business managing ~$200 billion in infrastructure assets. Responsible for investment strategy, fund management, and portfolio oversight across transportation, utilities, data infrastructure, renewables, and social infrastructure globally.

Direct oversight of infrastructure investments including Aligned Data Centers. Responsible for sector strategy, deal execution, and portfolio company value creation.

competitive position

Macquarie Asset Management ranks among the world’s largest infrastructure investors with ~$200 billion infrastructure AUM, positioning the firm in the top 5 globally alongside Brookfield Infrastructure ($100B+ AUM), BlackRock Global Infrastructure Partners ($170B AUM acquired by BlackRock 2024), EQT Infrastructure ($60B+ AUM), and KKR Infrastructure ($50B+ AUM). MAM differentiates through: (1) Infrastructure Investing Pioneer - created infrastructure asset class in 1990s giving 50+ years sector experience and institutional credibility, (2) Active Ownership Expertise - hands-on operational value creation versus passive core infrastructure approach, deploying Macquarie Group's integrated platform (investment banking, project finance, capital markets), (3) Platform Building Track Record - demonstrated ability to transform regional operators into global platforms (Aligned 85 MW to 5+ GW), (4) Sector Diversification - balanced exposure across utilities, transportation, data infrastructure, renewables, social infrastructure reducing concentration risk, (5) Global Presence - 34 countries enabling worldwide deal sourcing and portfolio support, (6) Institutional LP Relationships - decades-long partnerships with major pension funds and sovereign wealth funds providing capital raising advantage. Data center sector specifically, MAM has established differentiated position through Aligned investment demonstrating: hyperscale and AI infrastructure expertise, platform transformation capabilities (2 facilities to 50 campuses), support for technology innovation (Delta3/DeltaFlow cooling platforms), sustainability leadership enablement (100$40B realization at market peak). Post-Aligned exit, MAM positioned to leverage track record for future data center investments competing against specialized infrastructure managers (DigitalBridge $70B+ digital infrastructure AUM, Stonepeak$65B infrastructure AUM with data center focus) and diversified alternatives managers (Blackstone $1T+ AUM, KKR$500B+ AUM) pursuing digital infrastructure.

strengths

• Infrastructure investing pioneer with 50+ years experience and asset class creation credibility

• ~$200 billion infrastructure AUM providing scale, diversification, and institutional investor confidence

• Active ownership and operational value creation expertise differentiating versus passive core infrastructure

• Integrated Macquarie Group platform providing investment banking, project finance, M&A, commodities, capital markets capabilities

• Global presence across 34 countries enabling worldwide deal sourcing and portfolio company support

opportunities

• Data center sector reinvestment leveraging Aligned track record and successful exit validation

• AI infrastructure boom creating unprecedented capital deployment opportunities in hyperscale facilities, power generation, cooling technology

• Energy transition infrastructure (renewables, battery storage, EV charging, hydrogen) aligned with MAM’s sustainability expertise

• Digital infrastructure expansion beyond data centers into fiber networks, telecom towers, edge computing, submarine cables

• Latin America infrastructure growth leveraging ODATA platform knowledge and underserved market opportunities

threats

• Competition intensifying from well-capitalized alternatives managers (Blackstone $1T AUM, KKR$500B AUM, Apollo $700B AUM) entering infrastructure

• Fee compression pressures as institutional investors negotiate harder and passive infrastructure products gain share

• Economic slowdown reducing infrastructure investment returns and fundraising appetite

• Rising interest rates increasing discount rates for infrastructure valuations and reducing levered returns

• Regulatory changes limiting infrastructure returns through rate cases, price caps, or tax policy shifts

sources

• Macquarie Group - Home

• Macquarie Group

• Macquarie Asset Management

• Macquarie Group

• Aligned Data Centers | Our Portfolio | Macquarie Asset Management

• Macquarie Asset Management

• [Macquarie Asset Management to Lead Sale of Aligned Data Centers at an Enterprise Value of $US40 Billion](https://www.businesswire.com/news/home/20251015016099/en/Macquarie-Asset-Management-to-Lead-Sale-of-Aligned-Data-Centers-at-an-Enterprise-Value-of-$US40-Billion)

• Business Wire (2025-10-15)

• BlackRock’s GIP Buys Aligned Data Centers in $40 Billion AI Bet

• Bloomberg (2025-10-15)

• Aligned Energy Announces New Strategic Investment by Macquarie Infrastructure Partners

• PR Newswire (2018-04)

• Aligned Data Centers to Acquire ODATA

• GlobeNewswire (2022-12-13)

• Aligned Data Centers Completes Acquisition of ODATA

• GlobeNewswire (2023-05-22)

• Aligned Sets Record for Largest-Ever Inaugural Data Center Securitization

• GlobeNewswire (2021-08-25)

• Aligned Data Centers Completes $12+ Billion Capital Raise

• GlobeNewswire (2025-01-15)