Private credit infrastructure platform Percent has partnered with Trillium Technologies to launch a branded investment marketplace for compute credit products, marking a notable attempt to bring data centre capacity into the private credit ecosystem as an investible asset class.

The marketplace, built on Percent's institutional-grade infrastructure, will support Trillium's compute credit convertible note offering — a structure designed to transform data centre capacity into a private credit product accessible to institutional investors. Compute credits function as prepaid or allocated units of computing capacity, typically used by cloud platforms, AI services, and infrastructure providers, converting monetary value into a fixed pool of usable computing resources with defined redemption rates and expiry windows.

Trillium closed its first round on 10 July, with further capital raises expected to follow. The partnership highlights the expanding frontier of asset-backed finance as private credit managers and platforms seek to create investible structures around emerging digital infrastructure assets driven by surging demand for AI computing power.

"Compute credits represent exactly the kind of emerging asset class that private credit infrastructure should be able to support," said Prath Reddy, co-founder and chief executive of Percent. "Our platform has structured and distributed over $2 billion in private credit, and that infrastructure works whether the underlying asset is a consumer loan portfolio or compute capacity backing AI workloads."

Percent's technology supports private credit products across multiple asset classes, providing administration, distribution, and management tools for investment products. The company said its platform can reduce the time, cost, and complexity of building a marketplace for newer asset classes such as compute credits.

The initiative sits at the intersection of two powerful trends reshaping private credit markets: the proliferation of asset-backed finance structures beyond traditional collateral types, and the massive capital formation around AI infrastructure. For institutional investors, the development of standardised credit products backed by tangible computing capacity could open a new channel for deploying capital into the digital infrastructure build-out while maintaining the collateral protections and defined cash flow characteristics that characterise private credit.

"With Percent providing the capital markets foundation behind our marketplace, we can move faster, operate with greater confidence, and leverage our team to build the compute credit economy for investors and innovators," said J. Christopher Mizer, chief executive of Trillium Technologies.