A private credit facility is a loan or line of credit provided to a company by non-bank lenders — such as private funds or specialty lenders — rather than through public bonds or traditional banks. Think of it like a tailored mortgage or business loan arranged privately: it gives the borrower cash quickly but often at higher interest and with specific rules, so investors watch these deals for higher yield potential, repayment priority and added credit risk.
equipment financefinancial
Equipment finance is the practice of lending money or leasing arrangements that let businesses acquire machinery, vehicles, or technology without paying the full price upfront; think of it like a car loan or rental but for factory machines, computers, or medical devices. Investors care because these deals create steady interest and lease income, carry credit and collateral risk tied to the asset’s value, and tend to fluctuate with economic cycles and business investment, affecting lender profitability and loan portfolios.
high-performance computingtechnical
A cluster of very powerful computers, special chips and fast networks designed to tackle huge, complex calculations far faster than a normal PC — like replacing a single delivery van with a synchronized fleet to move a city’s worth of packages. For investors, high-performance computing matters because it enables faster product development, more accurate simulations and data analysis, and new revenue streams for hardware, software and services, making firms that supply or use it potentially more competitive and scalable.
gpustechnical
GPUs are specialized computer chips originally designed to draw images on screens but now widely used to speed up tasks like artificial intelligence, scientific calculations, and data analysis. For investors, GPU demand is a signal about where computing power is being deployed — rising GPU sales can boost makers of chips and the datacenters that use them, influence supply chains and prices, and indicate which companies have a performance edge, much like a restaurant gaining an advantage by hiring many fast, skilled cooks.
machine learningtechnical
Machine learning is a set of computer programs that learn patterns from large amounts of data and improve their predictions or decisions over time, like a recipe that gets better each time it’s adjusted based on taste tests. For investors it matters because these systems can speed up analysis, spot trends or risks humans might miss, automate routine work, and potentially create competitive advantages or cost savings that affect a company’s performance.
joint venturefinancial
A joint venture is when two or more companies team up to work on a specific project or business idea, sharing both the risks and the rewards. It’s like friends starting a lemonade stand together—each contributes resources and they split the profits, making it easier to succeed than going alone.
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The $300m facility backed by top-tier lenders reflects strong conviction in Perk's vision to build a leading AI-native platform for travel and spend management
Perk enters its next phase of growth on the back of a 48% revenue growth in 2025, best-in-category gross margins, and a platform built for global scale
The new credit facility upsizes and replaces Perk’s prior facility on materially improved terms, while increasing available capital to further strengthen an already strong balance sheet
BOSTON & LONDON--(BUSINESS WIRE)--
Perk (formerly TravelPerk), the AI-native travel and spend management platform, today announced the close of a $300 million private credit facility led by Neuberger Speciality Finance, alongside Blue Owl Capital Inc. (NYSE: OWL), Hercules Capital Inc. (NYSE: HTGC) and Liquidity. The facility upsizes and replaces Perk's 2024 credit facility on materially improved terms.
This new facility reflects lender confidence in Perk’s vision and strategy, and is one of the few private credit transactions of this scale completed by a technology company in the current market. Proceeds are expected to accelerate investment in product, technology and AI, and fund Perk's next phase of global growth, including the upcoming US launch of its integrated spend platform.
"AI is a huge tailwind for Perk and its deployment throughout our product has enabled us to drive gross margins from 40% to mid-70s in 3 years, whilst maintaining the highest levels of customer experience. Alongside our investment in the product, the continued roll-out of AI throughout the company will enable us to scale faster and more effectively. We are thrilled to have this group of top-tier lenders who understand the scale of the opportunity ahead and are enthusiastically backing this next phase of growth” comments Roy Hefer, CFO of Perk.
"We are excited to lead this credit facility for Perk, an exceptional company and a clear AI-native leader in a massive market,” said Laura Johnson, Managing Director at Neuberger Specialty Finance. “Its strong unit economics, high-quality management team, and demonstrated track record of execution position the company exceptionally well to capitalize on the significant opportunity to transform how companies manage travel and spend.”
"We are delighted to partner with Perk again to provide capital to support the next phase of growth," said Kurt Tenenbaum, Senior Managing Director at Blue Owl Capital. "The company has built a remarkably durable business model, with best-in-class AI capabilities and strong growth that is rare at this scale. Having seen this firsthand over the last two years, we are proud to continue supporting the team as they accelerate their global expansion."
“Perk has built one of the most compelling AI-native software platforms, combining exceptional growth with strong unit economics and a clear path to long-term profitability,” said Ron Daniel, Co-Founder and CEO, Liquidity. “We are excited to support the company through their next phase of growth.”
About Perk
Perk (formerly TravelPerk) is an intelligent AI-native platform for travel and spend management, built to eliminate the hidden, manual tasks that drain productivity and morale - what Perk calls ‘Shadow Work’. By automating travel bookings, expenses, invoice processing and events, the platform gives teams back time to focus on real work, with real impact. Trusted by more than 12,000 companies worldwide - including On Running, Breitling and Fabletics - Perk is tackling the 7 hours of lost productivity per employee each week, a $1.7 trillion problem revealed in The Cost of Shadow Work report. Founded in 2015, the global company combines innovation, control, and simplicity to transform how businesses work today and in the future. Perk’s mission is to power real work by removing the invisible tasks that slow teams down. Perk is a proud partner of the Audi Revolut F1 Ⓡ Team.
