Macquarie Bank (now Macquarie Group) grew from a small Australian branch of a British investment bank to become one of the world's largest banks. It is particularly important in the infrastructure space, where an innovative and specialist approach to investing and structuring has given it a platform to grow assets and revenues and secure early market share in a renaissance of infrastructure privatisation. The Macquarie Group's successful international expansion began with the accumulation of specialist expertise in real asset management and investing. This is mainly due to its location in Australia, where it has benefited from two simultaneous and important developments: the willingness of governments to seek more creative forms of infrastructure financing has coincided with the expansion of superannuation funds and their ability to invest in these projects. Australia recognized early on that its goal of providing a stable, long-term income for retirement could be facilitated by investing in infrastructure, which can provide good coverage of liabilities. In Australia, industrial funds represent the fastest growing sector of the superannuation market, and this is where there is the greatest interest in infrastructure assets (Deloitte, 2007). One of Australia's leading industrial fund consultants typically has a very high allocation (around 5 to 8%) within balanced portfolios (Baltazar, 2008). In the mid-1990s the Australian federal government changed the retirement savings landscape in the country by legislating mandatory retirement savings plans, or superannuation. Pension funds have long had allocations in real assets such as real estate and infrastructure, creating a constant demand for skills in this sector (Oliver, 2006). Australia's massive privatization program during this period, particularly the privatization of tolls, followed the example of other nations. Recent private investment in infrastructure actually has its origins in Europe and is now enjoying a renaissance in terms of private ownership that began with Margaret Thatcher's government in the early 1980s through the introduction of public/private partnerships. Later in her term, Prime Minister Thatcher privatized many UK public services. Furthermore, 200 years ago most infrastructure in the US and UK was privately owned. Where Australia, and Macquarie Group, led the way was in the mass privatization of user-charged infrastructure, which not only included regulated services but also transport or patronage infrastructure, including toll roads and airports. These are the types of assets and models that Macquarie has been able to market so successfully here and abroad (Lazard Asset Management, 2005).