Macquarie Asset Management

Macquarie Asset Management (Macquarie) is the asset management division of the larger Macquarie Group, founded in 1969, based in Sydney, and with over $600 billion in AUM globally as of August 2024. The firm was ranked as the largest infrastructure fund manager by Infrastructure Investor in 2023.

As of the end of July 2024, the firm’s portfolio included nine fossil fuel companies, representing 64 percent of the energy portfolio. Macquarie received a B on this scorecard.

The firm’s portfolio also includes five midstream oil and gas companies that are outside the scope of the emissions calculations for this report, including HES International (HES). Macquarie, alongside Goldman Sachs, acquired the company from Carlyle and Riverstone in 2019. HES is a shipping and logistics company that serves “the heart of industrial Europe,” operating several large terminals, moving oil, gas, coal, and other industrial products around the world. The company emitted an estimated 1.5 million metric tons of CO2e in 2019.

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The firm has some of the most robust disclosures of the private equity firms in the dataset, fully meeting six of the Demands submetrics, and partially meeting five. The firm was recently caught in the US anti-ESG furor when the Texas Permanent School Fund committed $300 million to Macquarie’s Green Investment Group’s energy transition solutions fund, amid a fierce anti-ESG landscape in Texas. The fund did not fall within the list of ten firms and more than 300 funds Texas Comptroller Glenn Hager named for divestment by Texas pension funds and state endowments.