LONDON, March 10, 2026, 22:15 GMT.
Macquarie Group has tapped Eli Appelbaum from Ares Management to lead its lending and asset finance division across Europe, the Middle East and Africa, the company said Tuesday. The appointment hands the Australian group a top-tier dealmaker as it ramps up its regional ambitions.
Macquarie is doubling down on private credit—loans that bypass the usual banks—and is also ramping up on asset-backed finance, where debt is tied to tangible assets. Last month, the firm told investors it had deployed roughly A$10 billion to its private credit portfolio so far this year. Europe, not the United States, is where Macquarie said it’s spotting more deal flow.
Appelbaum steps in to head up a unit within Macquarie’s Commodities and Global Markets group, focused on delivering debt, equity, and leasing products to clients spanning digital infrastructure, energy, transport, and natural resources. Before this, he established Ares’s alternative credit franchise in Europe, having also spent time at Hayfin Capital Management.
Andrew Gee, who leads Specialised and Asset Finance at Macquarie, said bringing on Appelbaum should support “disciplined growth” while keeping the firm ready to “capture emerging opportunities” around the region. For his part, Appelbaum said he’s looking to expand the franchise’s EMEA footprint. Macquarie
Macquarie has tapped the platform for AI infrastructure deals lately. Among the latest, the company pointed to GPU financing arrangements with both Polarise and Fluidstack. Back in January, Macquarie also committed as much as 117 million euros to help fund Polarise’s Munich-based AI data centre.
The move comes as the group retools its strategy. After selling Macquarie AirFinance to Dubai Aerospace Enterprise last month, Macquarie Asset Management said it isn’t stepping back from aviation altogether—it still plans to look for lending, leasing, and infrastructure deals tied to aircraft, sticking to its asset-based finance approach.
Competition is heating up. Private credit players are leaning further into asset-backed finance, and JPMorgan has earmarked $50 billion for direct lending. That helps explain why Macquarie has been poaching experienced dealmakers from firms like Ares.
The bet lands as scrutiny intensifies across parts of the market. Creditors of the failed UK lender Market Financial Solutions said Tuesday they’re staring at a shortfall north of 1.3 billion pounds. The Bank of England has been pressing lenders for exposure details, and Macquarie’s global markets division, per earlier reports, holds less than 50 million pounds in exposure. U.S. private credit defaults reached a record 9.2% in 2025. Looking ahead, Morningstar DBRS’s Michael Dimler described the 2026 outlook as “remains negative.” This month, BlackRock curbed withdrawals from a flagship private credit fund after a spike in redemption requests, a move Morningstar’s Greggory Warren flagged as a “warning sign” for the sector. Reuters
Macquarie’s message remains bullish for now. Last month, the company pointed to asset finance as a driver behind higher earnings in its Commodities and Global Markets arm. The private credit holdings at Macquarie Capital reached A$28.9 billion.
