Lender MaxCap Reduces Workforce Amid Market Downturn
The Australian non-bank lender has cut up to one-third of its staff following a slump in the private credit market.
Updated on Oct. 23, 2026 in Employment
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Non-bank lender MaxCap has finalised staff reductions affecting as much as one-third of its workforce. The company, which manages $7 billion in funds, implemented the cuts due to a downturn in the private credit market.
Why it matters
The layoffs highlight the challenging conditions currently impacting the private credit sector in Australia. As a significant player managing $7 billion, MaxCap's contraction reflects broader pressures within this financial niche.
MaxCap has reduced its staff count after employing about 100 people in 2024. The firm currently oversees $7 billion in funds under management.
The players
MaxCap
MaxCap is an Australian non-bank lender that manages $7 billion in funds.
Apollo Global Management
Apollo Global Management is a global alternative investment manager that owns half of MaxCap.
The details
The staff reductions were finalised on Wednesday following a period of difficulty for the private credit market. MaxCap, which is half-owned by Apollo Global Management, reduced its headcount to adjust to the current market environment.
Timeline
The company employed about 100 staff throughout 2024.
The staff layoffs were finalised on 21 October 2026.
Macro View
The current downturn in the private credit market follows a pattern set by previous credit tightening cycles during the 2008 global financial crisis.
This reduction in staff may limit the lender's capacity to process new credit applications or manage existing loan portfolios. Customers currently using MaxCap services should monitor their account communications for any potential changes to service levels.
The takeaway
Non-bank lenders are currently facing significant headwinds as the private credit market experiences a cooling period. Borrowers should remain aware that financial institutions may scale back operations or staffing levels in response to broader economic pressures.
Further reading
For broader trends regarding the national job market, visit Australia Employment.
Source note: This article includes information reported by Australian Financial Review.
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