Macquarie Capital Partners, the Chicago-based investment banking subsidiary of the Australian bank, is changing its name as it increases its independence from fund manager Macquarie Real Estate during a boom for private equity investment in property.

The business will be known as M3 Capital Partners, to reflect the firm passing the third milestone of its development. The management team will increase its ownership in the firm and Macquarie Real Estate, itself a subsidiary of Macquarie Group, will reduce its stake over time.