National Reconstruction Fund invests $200m in Macquarie Technology Group

The National Reconstruction Fund Corporation (NRFC) has dropped a $200 million investment into Macquarie Technology Group to accelerate the use of sovereign cloud services and AI by Australian Government agencies, Defence, critical infrastructure and other Australian businesses.

The NRFC is a sovereign investor established by the Australian Government to invest in Australian businesses to support nationally significant technological innovation, digital infrastructure, defence, and national security.

The deal effectively establishes the NRFC as a long-term, strategic partner to Macquarie, and the investment is designed to enhance Macquarie’s capability development initiatives focused on its Cloud Services and Government business unit.

Under the terms of the investment, the NRFC will issue Macquarie with $200 million of perpetual, callable subordinated, unsecured and non-convertible securities by or before the beginning of March 2027.

David Tudehope, chief executive of Macquarie Technology Group, said the investment provides long-term capital to support the company's growth initiatives while providing additional financial flexibility and diversification of funding sources.

“This new source of capital enables us to expand our role as a provider of secure digital infrastructure and cyber security, delivering significant benefit to the Australian economy over time," he said.

NRFC CIO Mary Manning said the NRFC has the ability to provide flexible capital and invest across the capital stack.

"This investment is structured as a highly innovative, first of a kind arrangement for an unrated company which is unique in local capital markets," she said.

“Our investment provides Macquarie Technology with the financing it needs now to scale up its sovereign cloud and cybersecurity businesses, while helping to position the company as an attractive partner for private capital investment in the future.”

Macquarie Technology Group recently announced its results for the half-year ended 31 December 2025, reporting 22 consecutive halves of EBITDA growth for the Group.

The company Macquarie Technology Group also upsized its debt capacity from $450 million to $500 million to help expedite its data centre capacity.