MADRID, April 23, 2026, 23:06 CEST
Macquarie Asset Management has put up 125 million euros ($142 million) for lyntia, contributing to a 1.4 billion euro refinancing package for the Iberian telecom infrastructure operator. The Australian player is pushing further into Europe’s digital infrastructure space with this move. According to the company, the funds are aimed at supporting lyntia’s expansion and meeting surging demand for high-capacity connectivity in Iberia.
The deal comes as private credit managers face tough questions from investors on how they’re valuing assets and handling redemptions. Direct-lending fundraising slid to $10.7 billion for the first quarter, marking a three-year low, Reuters reported this week. Still, lyntia points to growing cloud and AI-fueled data traffic as a driver for more fibre and data-centre connectivity.
The loan lines up with Macquarie’s bigger push into credit and asset management. Back in February, Reuters noted that private-credit income boosted Macquarie Capital during the third quarter. Over at Macquarie Asset Management, assets under management closed out December at A$736.1 billion.
lyntia announced its refinancing pushes debt maturities out to between seven and 12 years, while also setting up a fresh facility earmarked for future investment. That should give the company extra leeway to back expansion plans in Iberia and boost international connectivity. According to the company, the new setup is expected to sharpen financial visibility and offer greater flexibility.
Andy Liu, senior vice president at Macquarie Asset Management, pointed to the firm’s “deep institutional experience in the digital infrastructure sector” as a key factor behind the deal. lyntia’s CFO Victor Pons described the package as offering “a solid foundation and the flexibility needed” for the company’s ongoing long-term strategy. Macquarie
Macquarie’s Credit & Insurance division handled the financing, the firm said, highlighting that the same unit recently arranged 97 million euros of debt for Greenalia Power Spain. In April alone, the asset manager also announced new deals for France’s Vilogia and UK-based Places for People, underlining its busy run in European private debt.
Macquarie says the group has maintained an Iberian presence for over two decades, with a Madrid-based team numbering roughly 10. The lyntia financing comes on the heels of last week’s deal: Macquarie agreed to offload Evryo Group’s Romanian power network to Premier Energy, marking another infrastructure move.
Macquarie’s peers—Blackstone, Ares, and KKR—are facing similar conditions, though they’re coming at it from different sides. Investors are starting to wonder just how much runway private-credit funds really have left. First-quarter results for alternative asset managers probably won’t stack up to the banks, according to Evercore ISI’s Glenn Schorr, who told clients those numbers were likely to be “not anywhere near as good.” Reuters
Still, conditions have grown tougher. On Wednesday, Reuters pointed out that listed private-credit funds are now trading at the steepest discounts to portfolio value seen in over 5-1/2 years. Debtwire Europe’s Francesca Ricciardi described the pressure as “structural rather than transitory.” Reuters
That sets up one straightforward risk for Macquarie’s current strategy: should fundraising remain sluggish and investors stick to cautious valuations, lending for top picks like fibre and data centres might become more expensive—or simply take longer. Still, Macquarie keeps deploying capital into digital infrastructure even as segments of private credit face fresh pricing.
