MaxCap Group Funding, Investors & Competitors

MaxCap Group has raised $648M across 2 funding rounds, most recently a $48M undisclosed-stage round in September 2023.

Last MaxCap Group funding round

$48M

Undisclosed stage · Sep 2023

Cumulative funding MaxCap Group raised

$648M

across 2 funding rounds

Key investors in MaxCap Group

  • Clean Energy Finance Corporation
  • APG Asset Management

MaxCap Group Overview

About MaxCap Group

MaxCap Group is a Sydney-headquartered commercial real estate debt and equity manager operating across Australia and New Zealand. The firm oversees $10 billion in assets under management through funds like MaxCap Core+ and MaxCap Direct Lending, providing construction finance, senior debt, and mezzanine investments for office, retail, industrial, and residential projects. It manages mandates for major superannuation funds such as AustralianSuper and Hostplus, alongside global institutions like PGIM Real Estate. Established in 2013, MaxCap Group maintains offices in Melbourne, Brisbane, Auckland, and Perth.


Founded

2007

HQ

AustraliaSydney

Status

Privately held

Customer focus

B2B

Revenue model

Investment management

MaxCap Group Funding History

MaxCap Group has raised a total of $648M across 2 funding rounds.

MaxCap Group's first fundraising round was a $600M undisclosed-stage round in June 2019. The most recent completed round was a $48M undisclosed-stage round in September 2023.

MaxCap Group funding rounds

MaxCap Group funding rounds
DateStageInvestorsRaisedDeal Summary
Sep 2023Undisclosed stageClean Energy Finance Corporation$48MMaxCap Group is an Australian and New Zealand commercial real estate investment manager founded in 2007. In September 2023, the Clean Energy Finance Corporation (CEFC) committed up to $75 million to a green real estate finance strategy managed by MaxCap Group, targeting sustainable building upgrades across commercial offices, hotels, and retail assets. The mandate aimed to decarbonise a substantial part of Australia's property sector with a target of 30% cuts to operational emissions. The first investment under this strategy was a $35 million CEFC commitment paired with $35 million co-investment from MaxCap via its MaxCap Investment Trust (MIT) for the refurbishment of a 26-storey office tower at 30 Pirie Street in Adelaide. MaxCap Group manages over $7 billion in funds under management and advice, with a zero loss track record across more than 600 loans and $17.4 billion in investments since inception. The company is certified carbon neutral for business operations since 2020 and grew its workforce by 41% between 2021 and the 2023-24 financial year, demonstrating significant expansion during this period.
Jun 2019Undisclosed stageAPG Asset Management (lead)$600MMaxCap Group is an Australian non-bank lender and commercial real estate debt manager founded in 2007, specializing in first-mortgage stretch-senior loans and construction lending across various real estate asset classes including residential, industrial, retail, office, and hotels. In July 2019, Dutch pension fund manager APG Asset Management announced its first foray into Asia Pacific real estate debt with an initial commitment of A$300 million to MaxCap, including an option to increase total commitments to A$600 million. This partnership targeted scalable opportunities in Australia's commercial real estate debt market amid banks reducing exposure due to capital requirements, with MaxCap noting a projected $50 billion funding gap by 2023 and maintaining loan-to-value ratios no higher than 65%. Initial capital was deployed to seed loans, leveraging MaxCap's on-the-ground expertise and track record of originating and managing over A$7 billion in CRE debt, with AUM and advice of circa A$3.7 billion at the time. The APG commitment was structured as a mandate for MaxCap to deploy funds into first-mortgage loans, marking APG's entry into the asset class via its Hong Kong-based Asia Pacific real estate portfolio of approximately €11.6 billion. MaxCap's managing director Wayne Lasky highlighted the strategy's sustainability and appeal to institutional investors seeking strong risk-adjusted returns with lower risk compared to equity. APG's head of private real estate for Asia Pacific, Graeme Torre, praised MaxCap as a strong long-term partner. At the time, APG managed €505 billion in pension assets overall. Later developments included APG exercising the option in 2022 to complete the full A$600 million mandate and adding a potential re-up to A$1.2 billion, amid rising borrowing costs and bank retrenchment. Separately, in September 2022, MaxCap sold a 50% equity stake to Apollo Global Management clients, bolstering its capital access and growth in Australia and New Zealand, with a forward lending pipeline exceeding A$6 billion and historical performance across over 450 investments totaling more than A$11 billion.

Who has invested in MaxCap Group?

2 investors have backed MaxCap Group across its funding rounds, including Clean Energy Finance Corporation and APG Asset Management.

Lead investors include APG Asset Management.


MaxCap Group Investors

Investors in MaxCap Group by funding rounds participated
InvestorHQRoundsRoleFirst check

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MaxCap Group Competitors

MaxCap Group competitors include listed companies like Brookfield, Brookfield Asset Management, Morgan Stanley and Goldman Sachs, and private ones like Fabric Invest and NYDIG.

Public and private companies comparable to MaxCap Group
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
BrookfieldCanadaCanadaPublicly listed$75B$32B$83B59.5x
Brookfield Asset ManagementCanadaCanadaPublicly listed$4.6B$3.2B$73B13.6x
Fabric InvestUnited KingdomLondonPrivate--$1.5B-
Morgan StanleyUnited StatesUnited StatesPublicly listed$66B-$320B4.1x
Goldman SachsUnited StatesUnited StatesPublicly listed$58B-$277B4.1x
NYDIGUnited StatesNew York City, NYPrivate$100M-$7B70.0x

MaxCap Group Public Comps

MaxCap Group is still privately-owned, but its public comps include Morgan Stanley, Goldman Sachs, BlackRock, Blackstone, KKR, Brookfield, Apollo Global Management, Brookfield Asset Management, Macquarie Group and Strategy.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Morgan Stanley$66B-4.8x4.1x--
Goldman Sachs$58B-4.8x4.1x--
BlackRock$24B$8.8B7.1x6.2x19.4x14.0x
Blackstone$15B$7.7B8.4x8.9x16.3x14.6x
KKR$19B$7.1B3.1x6.1x8.5x9.5x
Brookfield$75B$32B6.1x59.5x14.4x64.8x
Apollo Global Management$32B$8.3B----
Brookfield Asset Management$4.6B$3.2B17.6x13.6x25.1x24.6x

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Common questions about MaxCap Group

When was MaxCap Group founded?MaxCap Group was founded in 2007.
Where is MaxCap Group headquartered?MaxCap Group is headquartered in Sydney, Australia.
Is MaxCap Group publicly listed?No, MaxCap Group is a private, VC-backed company.
How much funding has MaxCap Group raised?MaxCap Group has raised $648M across 2 funding rounds.
What was MaxCap Group's last funding round?MaxCap Group's last funding round was a $48M undisclosed-stage round in September 2023.
Who are MaxCap Group's investors?MaxCap Group's investors include APG Asset Management and Clean Energy Finance Corporation.
Which companies are comparable to MaxCap Group?Companies comparable to MaxCap Group include Brookfield, Brookfield Asset Management, Fabric Invest, Morgan Stanley, Goldman Sachs and NYDIG.

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