Key Takeaways
- • Macquarie Asset Management (MAM) reports it has deployed approximately US$80 billion of co-investment capital across more than 130 assets over 30 years, per the firm's sponsored article dated 17 September 2026.
- • MAM's consortium behind the A$11.7 billion acquisition of Qube Holdings, a ports and logistics infrastructure provider, included UniSuper, Spanish family office Pontegadea and seven other global investors alongside MAM's managed funds.
- • MAM says it deploys US$1.20 of co-investment capital for every dollar in its latest managed fund vintages, with around 70 per cent committed before signing.
- • The article frames manager selection as increasingly driven by the certainty of co-investment delivery across market cycles, strategies and regions, rather than by whether a manager offers co-investment at all.
- • Co-investment is cited as offering faster capital deployment than a multi-year fund draw, tailored sector and geographic exposure, and potentially lower blended fees across private markets allocations.
Summary
Macquarie Asset Management has published an article arguing that co-investment has moved from a niche allocation to a core element of portfolio construction, particularly in infrastructure. The firm states that the central question for institutions is no longer whether to co-invest but which managers can deliver co-investment reliably. Macquarie cites its own record of approximately US$80 billion of co-investment capital deployed across more than 130 assets over 30 years. The article is a promotional piece from the manager and its performance claims are presented by the firm itself.
As an illustration, the article points to the consortium MAM assembled for the A$11.7 billion acquisition of Qube Holdings, a ports and logistics infrastructure provider. The consortium, which combined MAM's managed funds with co-investors, drew commitments from both new and longstanding clients, including UniSuper, Spanish family office Pontegadea and seven other global investors. The article notes that a decade ago a transaction of this scale would have relied on a small group of investors.
The article identifies three drivers of rising co-investment demand. First, scale and speed: it cites an estimated US$150 trillion of infrastructure investment needed by 2050, attributing the figure to PwC's April 2026 Global Infrastructure Outlook, and notes that co-investment lets investors deploy capital at final close rather than over a fund's multi-year draw period. Second, tailored exposure, allowing pension funds and sovereign wealth funds to target specific sectors or geographies. Third, fee efficiency, with the article suggesting co-investment may lower blended fees and help offset the early J-curve in fund returns.
Macquarie describes its approach under four headings. On flexibility, it offers direct consortium participation for large institutional stakes and fund-like syndication vehicles for smaller investors. On discipline, it cites a dedicated, regionally resourced co-investment team built over almost a decade. On access, it points to sidecar vehicles for resource-constrained investors and early visibility for long-term partners. On scale, it says MAM runs multiple concurrent regional strategies across real assets, real estate, private credit and, more recently, private equity, and deploys US$1.20 of co-investment per managed-fund dollar in its latest vintages, with about 70 per cent committed pre-signing. Laura Ferraris, Head of Co-Investment and Strategic Partnerships at MAM, is quoted in the article, stating that transaction quality remains the primary investment driver but that access structure and delivery differentiate managers.
The article also describes strategic partnerships that combine fund commitments with structured co-investment access across asset classes and regions. Macquarie notes that past performance does not predict future returns.
As an illustration, the article points to the consortium MAM assembled for the A$11.7 billion acquisition of Qube Holdings, a ports and logistics infrastructure provider. The consortium, which combined MAM's managed funds with co-investors, drew commitments from both new and longstanding clients, including UniSuper, Spanish family office Pontegadea and seven other global investors. The article notes that a decade ago a transaction of this scale would have relied on a small group of investors.
The article identifies three drivers of rising co-investment demand. First, scale and speed: it cites an estimated US$150 trillion of infrastructure investment needed by 2050, attributing the figure to PwC's April 2026 Global Infrastructure Outlook, and notes that co-investment lets investors deploy capital at final close rather than over a fund's multi-year draw period. Second, tailored exposure, allowing pension funds and sovereign wealth funds to target specific sectors or geographies. Third, fee efficiency, with the article suggesting co-investment may lower blended fees and help offset the early J-curve in fund returns.
Macquarie describes its approach under four headings. On flexibility, it offers direct consortium participation for large institutional stakes and fund-like syndication vehicles for smaller investors. On discipline, it cites a dedicated, regionally resourced co-investment team built over almost a decade. On access, it points to sidecar vehicles for resource-constrained investors and early visibility for long-term partners. On scale, it says MAM runs multiple concurrent regional strategies across real assets, real estate, private credit and, more recently, private equity, and deploys US$1.20 of co-investment per managed-fund dollar in its latest vintages, with about 70 per cent committed pre-signing. Laura Ferraris, Head of Co-Investment and Strategic Partnerships at MAM, is quoted in the article, stating that transaction quality remains the primary investment driver but that access structure and delivery differentiate managers.
The article also describes strategic partnerships that combine fund commitments with structured co-investment access across asset classes and regions. Macquarie notes that past performance does not predict future returns.
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