Macquarie has taken its first step into a market for private credit that it expects to double in value over the next decade, with an undisclosed investment in real estate private credit and investment manager IDA.

Macquarie, which has invested through its Macquarie Real Estate Partners fund, has taken board representation at Melbourne-based IDA, which will use the capital to boost its balance sheet and expand a business that has to date invested in more than 100 projects with a combined worth of $5 billion.