Our people
12 June 2025
“I had a greater impact than I ever thought possible when I joined as an intern.”
After joining Macquarie Capital as a summer intern in the Auckland office in 2017, Thomas has carved out a global career in infrastructure. He has worked across three markets and been involved in groundbreaking transactions, but he says it’s just the beginning of his career.
Thomas Smith relocated from Auckland to Sydney with Macquarie Capital in 2022. Now he has embarked on a new role in London with Macquarie Asset Management (MAM).
“Seven years in at Macquarie, I feel like I’m only just getting started,” he explains. “I’m still encouraged and learning just as much as I was on day one.”
“My managers and senior colleagues have always trusted me,” Thomas says. “They don’t tell you the answer; they ask you what you think, encourage creativity, then support you to work out a pathway through it.”
Thomas explains that career mobility at Macquarie has also been a major drawcard. “When I identified an opportunity I was interested in, like moving to Sydney with Macquarie Capital, or to London to join MAM, the first response from my managers has always been to find out how they can support me in making it happen.”
“It's mutually beneficial,” he says. “These open doors have given me the opportunity to learn new skills and, in turn, contribute to Macquarie and our clients in a more meaningful way.”
Born and raised in Christchurch, New Zealand, Thomas moved to Auckland to complete his Bachelor of Commerce. He undertook a summer internship with Macquarie Capital in 2017, before rejoining as a graduate the following year.
Thomas had set his eyes on Macquarie thanks to its strong reputation across Asia Pacific, the fact that it was headquartered in Sydney, but also its deep roots and experience within infrastructure investment, an area he found interesting.
“Infrastructure is one of Macquarie’s core sectors, and this aligned with my ambitions,” he explains.
“Infrastructure is tangible, fundamentally important to communities, and touches every aspect of society.”
He describes his three years in Macquarie’s Auckland office as incredibly rewarding, because he was exposed to a wide variety of interesting work that helped him grow his skills.
Right from the start I was given the opportunity to be part of a transaction. Being empowered to come up with ideas was exciting and the support from the team helped me to develop confidence.”
“From infrastructure to financial institutions and real estate, I was learning on the job every day.”
“New Zealand was a great place to start my career, but I wanted to experience working abroad and develop further expertise within the digital infrastructure sector,” he says.
“Digital infrastructure – which includes data centres, fibre networks and towers, for example – is a hybrid between the fast-growing tech sector and the more established infrastructure market.”
“I also wanted to work in increasingly larger markets, solving bigger problems; and when I discussed these goals with my managers, Macquarie made it happen.”
Thomas’ interest in digital infrastructure and a global career led him to move to Sydney to join the Technology, Media, Entertainment and Telecommunications (TMET) team with Macquarie Capital as an Associate in 2021. He was promoted to Vice President in 2024 and found his work with the TMET team dynamic, exciting and rewarding.
“The digital infrastructure sector is busy and fast-paced, with sector tailwinds of digitalisation and artificial intelligence presenting a lot of opportunities,” he says.
“Our team was active in advising clients on M&A opportunities in the digital infrastructure sector across the broader APAC region.”
During Thomas’ time with TMET, he worked on a number of cross-border transactions with various Macquarie teams, including Macquarie Capital’s acquisition of PhilTower, a Philippines-based tower platform; and the sale of Axicom, an Australian-based independent tower company owned by MAM and other co-investors.
A recent highlight with Macquarie Capital was working as sell-side adviser to MAM and The Public Sector Pension Investment Board on the record-breaking $A24 billion sale of AirTrunk, which ultimately was a catalyst for his move to London.
“On the AirTrunk transaction, my role was to be the interface between our clients; AirTrunk; and prospective bidders, and managing the day-to-day execution, including business plan preparation, valuation analysis and co-ordinating due diligence advisers,” Thomas says.
It was rewarding to be directly involved in such a landmark transaction for our clients, including MAM, and the broader digital infrastructure sector.”
Thomas says that being given “outsized” opportunities within the transactions he’s worked on has allowed him to have a larger impact than he ever thought possible.
Thomas is now looking forward to the challenge of embracing a new country, culture, financial market and approach to investment.
“Moving to London, supported by a role with Macquarie, puts my personal and work objectives in harmony,” he explains. “I get to live in a country I’ve always wanted to live in, while achieving my long-term career goals.”
“I like that Macquarie is global and very diverse, but the common thread is the calibre of Macquarie’s people,” Thomas says. “I get to work with people who are leaders in the infrastructure space, and that excites me.”
“I am proud to work at Macquarie – an organisation that empowers its people to create value for clients and make a positive impact on the community.”
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