That is not accurate according to the article:

> By investing in the data center's operating company with a 20% stake and using the facility under a lease agreement, Meta secured computing resources but also increased its hidden debt.

> Meta has a contract guaranteeing investors' losses if the data center becomes unnecessary and the lease is terminated.

The way they are hiding these debts is by having a stake in a data center company. But if shit goes tits up they are contractually liable for 100% of the losses.

It's not the fund that lent the money to the SPV, it is Meta who is offering guarantees here.