Key Takeaways
- • MaxCap, a non-bank lender half-owned by Apollo Global Management, cut as much as one-third of its workforce this week, with the layoffs finalised on Wednesday according to one person familiar with the decision.
- • The job cuts come amid a broader downturn in the private credit market, per the Australian Financial Review.
- • MaxCap had about 100 staff in 2024, according to former head of capital Rob Hattersley, who exited the business earlier this year.
- • MaxCap reports $7 billion in funds under management.
Summary
MaxCap, a non-bank lender half-owned by US private equity firm Apollo Global Management, has reduced its workforce this week as the private credit market experiences a broader downturn, according to the Australian Financial Review (AFR). The layoffs affected as much as one-third of employees and were finalised on Wednesday, according to one person familiar with the decision.
The firm had about 100 staff in 2024, according to Rob Hattersley, the former head of capital who left the business earlier this year. MaxCap has said it manages $7 billion in funds. The source material does not give a precise headcount following the cuts or detail the specific funds or lending activities affected.
The cuts signal continued strain in the private credit sector, where non-bank lenders have faced pressure. For allocators with exposure to Apollo-affiliated lending platforms, the reduction is a reminder of the operational pressures facing smaller private credit managers during the downturn.
The firm had about 100 staff in 2024, according to Rob Hattersley, the former head of capital who left the business earlier this year. MaxCap has said it manages $7 billion in funds. The source material does not give a precise headcount following the cuts or detail the specific funds or lending activities affected.
The cuts signal continued strain in the private credit sector, where non-bank lenders have faced pressure. For allocators with exposure to Apollo-affiliated lending platforms, the reduction is a reminder of the operational pressures facing smaller private credit managers during the downturn.
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