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Markets EdgeLOUIS XIIIJuly 30, 20262 min readAd-free
TPG pursuing Netrality Data Centers for up to $3B in Macquarie exit
Fort Worth-based buyer targets 18-property, 100MW portfolio as hyperscale capacity tightens across Tier 2 metros.
Markets Edge deskMarkets Edge · Huang GoodmanSource: The Real Deal ↗
Tpg$TPG · filed: grew revenue 33.4% in FY2025 to $4.7BSound shipNext year $3.2B–$11.7B sealedCheck ▾Close ▴
What Tpg filed
Grew revenue 33.4% in FY2025 to $4.7 billion, equity 30.7% of assets, and dividend per share up 3 years running. Every figure links to the filing it came from on Tpg’s card. Sound ship: one warning sign.
What the house said in advance
Revenue for the fiscal year after 2025-12-31 between $3.2B and $11.7B, an 80% range sealed on 25 Sept 2026 · receipt #8923f7 · graded in public by the revenue in Tpg’s next annual report.
Figures as filed with the SEC. Ranges, scores and boats are statistical descriptions of past filings, not ratings or recommendations. Reporting, not advice.
In plain words
TPG's **$3B** Netrality bid prices Tier 2 data centers at institutional multiples, confirming hyperscale overflow into secondary markets is no longer speculative.
$3 billion
according to market sources
100 megawatts
of capacity
$30 million per megawatt
a multiple that reflects two realities
$6.4 billion
into digital infrastructure since 2021
TPG has moved to acquire Netrality Data Centers from Macquarie Asset Management in a transaction valued at up to $3 billion, according to market sources. The target operates an 18-property portfolio with more than 100 megawatts of capacity, concentrated in secondary and Tier 2 markets where hyperscale tenants are increasingly forced to deploy.
Netrality's footprint includes Kansas City, St. Louis, and Philadelphia—metros where incumbent fiber infrastructure and lower power costs have made colocation expansion economically viable as Northern Virginia, Phoenix, and Dallas exhaust near-term capacity. Macquarie originally backed the operator in 2018, rolling up regional assets during a period when hyperscale tenants still prioritized primary markets. The portfolio has since pivoted toward edge-adjacent builds and enterprise hybrid deployments, capturing tenants priced out of Tier 1 markets or seeking latency arbitrage.
The $3 billion valuation implies roughly $30 million per megawatt, a multiple that reflects two realities. First, Netrality's properties sit on long-term power contracts signed before the 2023-2024 surge in utility demand from AI workloads, giving the buyer margin protection other platforms lack. Second, secondary-market data center NOI multiples compressed through 2024 as capital fled to liquid, hyperscale-adjacent plays—TPG is betting that dispersion reverses as availability tightens. The firm has deployed $6.4 billion into digital infrastructure since 2021, including stakes in Astound Broadband and Cirion Technologies, and has telegraphed a preference for operational platforms over development-stage risk.
For allocators, this signals two things. One: the migration of hyperscale overflow into Tier 2 metros is no longer speculative—it is being priced at institutional multiples by a Tier 1 buyer with a decade of infra returns to protect. Two: Macquarie's exit, after a roughly six-year hold, marks the end of the post-2018 data center roll-up window. The next vintage of secondary-market assets will command steeper entry prices, shorter lease cushions, and execution risk on power procurement that did not exist in prior cycles.
Operators and allocators should watch for three follow-ons. TPG will need to refinance or syndicate roughly $1.8 billion to $2.1 billion of the purchase price within six months if the deal closes at the high end—watch for a club of infra LPs or a securitization if debt markets cooperate. Netrality's enterprise tenant base will face re-contracting conversations as soon as Q4 2026, and any churn will surface quickly in NOI multiples for comparable secondary portfolios. Finally, Macquarie's capital rotation out of U.S. colocation and into European fiber or APAC towers will clarify whether the firm views domestic data center margins as peaked or simply overcrowded.
TPG's pursuit arrives as 47 gigawatts of hyperscale capacity are under contract or construction globally, with 18% of that volume now targeting non-primary U.S. metros—a figure that stood at 6% in early 2023.
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For the principal
Monitor TPG's refinancing structure—club syndication or securitization will signal whether secondary data center debt markets have truly reopened post-compression.
For the operator
Netrality's tenant re-contracting in Q4 will set comps for Tier 2 colocation NOI—early churn flags margin risk across secondary portfolios.
For the house
House view: underweight primary-market data center exposure until power procurement clarity; rotate into TPG-adjacent infra debt if syndication surfaces.
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