Key Takeaways
- • Macquarie Asset Management argues infrastructure debt is broadening the private credit opportunity set beyond sponsor-backed direct lending, citing a forecast of $US150 trillion in global infrastructure investment between 2024 and 2050, roughly double the prior 20 years in real terms.
- • Macquarie reports more than 20 years of infrastructure debt investing, over 300 transactions across 31 countries, and more than 95 per cent of its infrastructure debt deals sourced bilaterally or through club deals rather than syndication.
- • A Benefit Street Partners survey cited by Macquarie found 47 per cent of investors expect to raise infrastructure debt allocations this year, ahead of direct lending (39 per cent) and asset-based lending (35 per cent).
- • Macquarie stresses that HALOID-characterised assets are not automatically low risk, and that seniority alone is insufficient protection; operational expertise combined with credit underwriting is required.
Summary
Macquarie Asset Management (MAM) contends in a 3 November 2026 article that private credit's growth is often framed as a direct lending story, but infrastructure debt is rapidly widening the market. According to the piece, global infrastructure investment is forecast to reach $US150 trillion between 2024 and 2050, in real terms double the amount spent over the previous 20 years. The capex cycle is driven by populations and economies outgrowing legacy power grids, water systems and transport networks, alongside government priorities on energy security, technological leadership and supply chain resilience.
With fiscal capacity constrained and capital needs likely to exceed what banks and public balance sheets can supply, Macquarie argues infrastructure debt can fill the gap. The firm describes the asset class as offering prescribed, cycle-resilient income and diversification, frequently secured by essential assets whose cash flows are tied to critical services. Macquarie notes that infrastructure debt now spans long-dated, investment-grade project finance through to higher-yielding, sub-investment-grade credit, and it frames the assets using the HALOID acronym: hard assets, low obsolescence and inelastic demand.
Macquarie cites a Benefit Street Partners survey in which 47 per cent of respondents expect to increase infrastructure debt allocations this year, and 53 per cent expect infrastructure debt to deliver the best risk-adjusted returns over the next three years. The article cautions that HALOID assets are not automatically low risk, and that successful execution requires operational knowledge of construction markets, power pricing, supply chains and regulatory change alongside credit skills in structuring and workouts.
The article highlights recent MAM financings, including a €350 million facility for a French solar platform with more than 1 GW in operation or under construction, a $US350 million facility supporting a 6 GW US utility-scale solar and storage pipeline, a €125 million senior loan within a roughly €2.2 billion refinancing of Eurofiber, and £1.45 billion-plus of debt facilities to UK local authorities and housing associations since 2015. MAM says it manages more than 30 years of infrastructure assets and cites a $US242 billion infrastructure equity platform alongside a $US161 billion Credit & Insurance business.
With fiscal capacity constrained and capital needs likely to exceed what banks and public balance sheets can supply, Macquarie argues infrastructure debt can fill the gap. The firm describes the asset class as offering prescribed, cycle-resilient income and diversification, frequently secured by essential assets whose cash flows are tied to critical services. Macquarie notes that infrastructure debt now spans long-dated, investment-grade project finance through to higher-yielding, sub-investment-grade credit, and it frames the assets using the HALOID acronym: hard assets, low obsolescence and inelastic demand.
Macquarie cites a Benefit Street Partners survey in which 47 per cent of respondents expect to increase infrastructure debt allocations this year, and 53 per cent expect infrastructure debt to deliver the best risk-adjusted returns over the next three years. The article cautions that HALOID assets are not automatically low risk, and that successful execution requires operational knowledge of construction markets, power pricing, supply chains and regulatory change alongside credit skills in structuring and workouts.
The article highlights recent MAM financings, including a €350 million facility for a French solar platform with more than 1 GW in operation or under construction, a $US350 million facility supporting a 6 GW US utility-scale solar and storage pipeline, a €125 million senior loan within a roughly €2.2 billion refinancing of Eurofiber, and £1.45 billion-plus of debt facilities to UK local authorities and housing associations since 2015. MAM says it manages more than 30 years of infrastructure assets and cites a $US242 billion infrastructure equity platform alongside a $US161 billion Credit & Insurance business.
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