The Pedemontana Veneta motorway is a key infrastructure project under a public‑private partnership, with a concession lasting until 2047. The total project cost was approximately €2.5 billion, funded through a mix of equity and debt. The road's completion in 2023 after years of construction marked a significant milestone for regional connectivity, directly connecting industrial hubs such as Vicenza and Treviso.
Representatives for both Superstrada Pedemontana Veneta and Ares Management declined to provide any comment - a spokesperson for the toll road operator said, "We decline to provide any comment," while Ares Management also chose not to comment.
The deal demonstrates the growing focus of private credit firms on lower‑risk infrastructure assets now that the road is operational. With the road now fully operational and generating toll revenue, the junior debt tranche became less risky, prompting the original backers to seek an exit. Ares, which manages over $400 billion in assets, has been expanding its European direct lending operations, and this deal adds to its portfolio of transport‑related investments.
Marguerite revealed last week that it had left its position in Superstrada Pedemontana Veneta via a refinancing deal, but did not disclose the identity of the new financier. Westbourne Capital likewise stated that it had exited.
The junior debt of Italian toll road operator Superstrada Pedemontana Veneta was refinanced with a €350 million loan from Ares Management Corp.
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In 2017, the project secured financing through a €1.57 billion bond package that comprised €1.22 billion in senior secured notes and €350 million in subordinated bonds, with backing from investors such as Westbourne Capital and Marguerite.
A company filing earlier this year stated that because the toll road became fully operational in 2023, its risk decreased, allowing the junior notes to be refinanced on better conditions.
Additionally, €450 million in secured notes were supplied by Global Infrastructure Partners to a holding company associated with Pedemontana Veneta back in 2022.
The toll road operator got approval from its current creditors to take on the fresh debt, as confirmed by the person familiar with the matter and filings submitted to Euronext Dublin.
The Pedemontana Veneta project was first conceived in the 1990s to relieve congestion on existing routes and spur economic development in the Veneto region. After years of planning, legal hurdles and construction delays, its eventual completion in 2023 now provides a vital corridor for freight and passenger transport between industrial centers. The public‑private partnership structure involved the Veneto regional government alongside a consortium of private firms. With the road now generating steady toll revenue, this refinancing marks a shift from construction‑stage risk to operational stability - a key factor that attracted private credit investors such as Ares.
This transaction highlights the growing appetite among private credit managers for operational infrastructure assets that offer predictable returns. As traditional banks retreat from certain leveraged finance segments, firms like Ares are stepping in to provide bespoke financing solutions. The refinancing of the junior debt tranche, once considered high‑risk during the construction phase, now benefits from the road's demonstrated traffic and revenue generation.
Thanks to the refinancing, the original investors Westbourne Capital and Marguerite were able to sell their stakes.
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