MADRID, April 23, 2026, 23:06 CEST
Macquarie Asset Management said it has provided 125 million euros ($142 million) to lyntia as part of a 1.4 billion euro refinancing for the Iberian telecom infrastructure operator, deepening the Australian group’s push into European digital infrastructure. The money will help fund lyntia’s growth and rising demand for high-capacity connectivity across Iberia, the company said.
The deal lands at a tense moment for private credit, the market for negotiated corporate loans, as investors press managers on valuations and redemptions. Reuters reported this week that direct-lending fundraising fell to $10.7 billion in the first quarter, its weakest quarterly total in three years, even as lyntia said cloud and AI-driven traffic growth is lifting demand for fibre and links between data centres.
For Macquarie, the loan fits a broader turn toward credit and asset-management income. Reuters reported in February that private-credit income helped Macquarie Capital in the third quarter, while Macquarie Asset Management ended December with A$736.1 billion in assets under management.
lyntia said the refinancing extends its debt maturities to between seven and 12 years and adds a new facility for future investment, giving it more room to fund expansion across Iberia and international connectivity. The company said the structure should improve financial visibility and flexibility.
Andy Liu, a senior vice president at Macquarie Asset Management, said the deal drew on the firm’s “deep institutional experience in the digital infrastructure sector”. lyntia CFO Victor Pons said the package gave the company “a solid foundation and the flexibility needed” to keep advancing its long-term plan. Macquarie
Macquarie said the financing was executed through its Credit & Insurance division, and noted that unit recently provided 97 million euros of debt to Greenalia Power Spain. Other April announcements from the asset manager included fresh financing for France’s Vilogia and UK housing group Places for People, showing how active the firm has been in European private debt.
The group has been active in Iberia for more than 20 years and keeps a Madrid team of about 10 professionals, according to Macquarie. The lyntia financing also follows Macquarie’s agreement last week to sell Romanian distributor Evryo Group’s power network to Premier Energy in another infrastructure transaction.
Macquarie is not alone. Peers including Blackstone, Ares and KKR are navigating the same market from another angle as investors question how fast private-credit funds can keep growing, and Evercore ISI analyst Glenn Schorr said first-quarter numbers at alternative asset managers were likely to be “not anywhere near as good” as banks. Reuters
But the backdrop has clearly hardened. Reuters reported on Wednesday that listed private-credit funds were trading at their deepest discounts in more than 5-1/2 years to the values they report for their portfolios, and Debtwire Europe’s Francesca Ricciardi said the current pressures looked “structural rather than transitory.” Reuters
That leaves a simple risk for Macquarie’s latest push: if fundraising stays weak and investors demand more conservative valuations, new lending in favoured sectors such as fibre and data centres could get pricier or slower. For now, though, Macquarie is still putting money to work in digital infrastructure while parts of private credit are being repriced.
