Key Takeaways
- • Victory Park Capital (VPC), an affiliate of Janus Henderson, launched AltsABF Tokenized Feeder Fund, L.P. (VALTS), offering tokenized access to Privacore VPC Asset Backed Credit Fund (AltsABF), a continuously offered, non-listed interval fund focused on private asset-backed credit.
- • VALTS is built with Tradable Corp.'s tokenization platform and will initially run on the Stellar blockchain network, with availability limited to qualified purchasers in the United States.
- • VALTS expects quarterly liquidity, subject to AltsABF's quarterly repurchase offers of no less than 5% and no more than 25% of outstanding shares, and monthly income distributions paid in stablecoin.
- • Tradable says it has tokenized $3 billion in private credit since its platform launched with VPC support in 2023.
- • Tokenized fund interests carry risks beyond the underlying fund, including blockchain, smart contract, stablecoin and transfer restrictions, with no public secondary market.
Summary
Victory Park Capital ("VPC"), a global alternative asset manager specializing in private credit and asset-backed finance and an affiliate of Janus Henderson, announced the launch of AltsABF Tokenized Feeder Fund, L.P. ("VALTS" or the "Fund"), according to a Business Wire release. VALTS provides tokenized access to Privacore VPC Asset Backed Credit Fund ("AltsABF"), a continuously offered, non-listed, closed-end interval fund registered under the Investment Company Act of 1940 and focused on private asset-backed credit. AltsABF launched in January 2026. VALTS is a private fund that invests in AltsABF and will initially be available on the Stellar blockchain network.
VPC partnered with Tradable Corp. ("Tradable"), a private asset marketplace and tokenization platform, to tokenize VALTS. VPC and Tradable first worked together in 2023, when VPC supported the development and launch of Tradable's platform. Tradable has since tokenized $3 billion in private credit. Kinan Hayani, Partner at VPC, said that working with Tradable is a natural next step in the firm's strategy to expand access to private asset-backed credit. Alex Cordover, CEO of Tradable, said the launch demonstrates how blockchain infrastructure can create new distribution opportunities and operational efficiencies.
VALTS is priced on the net asset value of its AltsABF investment, net of VALTS-level fees and expenses. It expects quarterly liquidity, subject to its governing documents and AltsABF's quarterly repurchase offers, which are capped between 5% and 25% of AltsABF's outstanding shares. VALTS expects to pay monthly income distributions directly to investors' wallets in stablecoin. Tokens may be transferred to other pre-approved investors, subject to transfer restrictions, and investors will have flexible custody options. The Fund will be offered to qualified purchasers in the United States, subject to onboarding, KYC/AML checks, jurisdictional eligibility and securities-law requirements.
The release carries substantial risk disclosures. AltsABF is described as an illiquid, speculative investment suitable only for long-term investors able to bear limited liquidity, and distributions are not guaranteed. Asset-backed credit instruments are subject to credit and default risk and often lack centralized trading, which can limit valuation and transparency. The release also warns that tokenized fund interests face risks including failure or compromise of blockchain networks, smart contracts, digital wallets, stablecoins and third-party platforms, and that tokenization remains subject to evolving legal, tax and regulatory treatment. Victory Park Capital Advisors, LLC is the sub-adviser to AltsABF, while Privacore Capital Advisors, LLC is the investment adviser and Janus Henderson Distributors US LLC is the distributor.
VPC partnered with Tradable Corp. ("Tradable"), a private asset marketplace and tokenization platform, to tokenize VALTS. VPC and Tradable first worked together in 2023, when VPC supported the development and launch of Tradable's platform. Tradable has since tokenized $3 billion in private credit. Kinan Hayani, Partner at VPC, said that working with Tradable is a natural next step in the firm's strategy to expand access to private asset-backed credit. Alex Cordover, CEO of Tradable, said the launch demonstrates how blockchain infrastructure can create new distribution opportunities and operational efficiencies.
VALTS is priced on the net asset value of its AltsABF investment, net of VALTS-level fees and expenses. It expects quarterly liquidity, subject to its governing documents and AltsABF's quarterly repurchase offers, which are capped between 5% and 25% of AltsABF's outstanding shares. VALTS expects to pay monthly income distributions directly to investors' wallets in stablecoin. Tokens may be transferred to other pre-approved investors, subject to transfer restrictions, and investors will have flexible custody options. The Fund will be offered to qualified purchasers in the United States, subject to onboarding, KYC/AML checks, jurisdictional eligibility and securities-law requirements.
The release carries substantial risk disclosures. AltsABF is described as an illiquid, speculative investment suitable only for long-term investors able to bear limited liquidity, and distributions are not guaranteed. Asset-backed credit instruments are subject to credit and default risk and often lack centralized trading, which can limit valuation and transparency. The release also warns that tokenized fund interests face risks including failure or compromise of blockchain networks, smart contracts, digital wallets, stablecoins and third-party platforms, and that tokenization remains subject to evolving legal, tax and regulatory treatment. Victory Park Capital Advisors, LLC is the sub-adviser to AltsABF, while Privacore Capital Advisors, LLC is the investment adviser and Janus Henderson Distributors US LLC is the distributor.
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