Victory Park Capital (VPC), a global alternative asset manager specializing in private credit and asset-backed finance, has partnered with Tradable to launch the AltsABF Tokenized Feeder Fund, L.P., known as VALTS. The fund provides eligible investors with tokenized access to Privacore VPC Asset Backed Credit Fund, a continuously offered, non-listed, closed-end interval fund focused on private asset-backed credit. VALTS will initially be available on the Stellar blockchain network, marking another step in the expansion of on-chain investment products.
Expanding Access to Private Asset-Backed Credit
The launch follows the January 2026 introduction of AltsABF, which was created to give investors exposure to private asset-backed credit through a registered interval fund. VPC views VALTS as a natural extension of that strategy, designed to meet rising demand for on-chain products. Kinan Hayani, Partner at VPC, said the firm has focused on expanding access to private asset-backed credit since the launch of AltsABF earlier this year.
Fund Structure and Distribution Mechanics
VALTS is priced based on the net asset value of its investment in AltsABF, net of VALTS-level fees and expenses. The fund expects to offer quarterly liquidity to investors, subject to AltsABF quarterly repurchase offers that range from no less than 5% to no more than 25% of outstanding shares. Monthly income distributions are expected to be paid directly to investor wallets in stablecoin, while tokens can be transferred to other pre-approved investors with flexible custody options.
Institutional Partners and Platform Momentum
VPC and Tradable first partnered in 2023, when VPC supported the development and launch of Tradable's platform to modernize private credit markets through tokenization. Tradable has since tokenized US$3 billion in private credit, according to the announcement. Alex Cordover, CEO of Tradable, said the launch of VALTS demonstrates how blockchain infrastructure can create new distribution opportunities and operational efficiencies for leading asset managers.
Eligibility and Tokenized Access
VALTS will be available to qualified purchasers in the United States, subject to onboarding, KYC and AML checks, jurisdictional eligibility, and applicable securities law requirements. Tokenized fund interests bring additional risks beyond those of the underlying portfolio, including possible failures or compromises of blockchain networks, smart contracts, digital wallets, stablecoins, and third-party platforms. These interests also face transfer restrictions, no public secondary market, and evolving legal, tax, and regulatory treatment.
Underlying Asset-Backed Credit Risks
AltsABF is a non-diversified, closed-end investment company structured as an interval fund registered under the Investment Company Act of 1940. Its asset-backed credit exposure may include loans, notes, receivables, and other credit instruments secured by financial, physical, or intellectual assets. These instruments are subject to credit and default risk, often lack centralized trading, and can be difficult to value or sell in stressed market conditions.
Janus Henderson and the Tokenized Fund Landscape
VPC became a majority-owned affiliate of Janus Henderson Group in 2024, gaining access to a global organization with more than 2,000 employees across offices in 27 cities worldwide. Janus Henderson is a top five global provider of tokenized funds and offers three tokenized products, including JTRSY, JAAA, and SPXA, the world's first licensed S&P 500 tokenized fund. Privacore Capital Advisors serves as investment adviser to AltsABF, while Janus Henderson Distributors acts as distributor and VPC serves as sub-adviser.
The announcement highlights the growing intersection between traditional private credit strategies and blockchain-based distribution. By combining VPC's asset-backed credit expertise with Tradable's tokenization infrastructure, VALTS aims to offer qualified investors a regulated, income-focused digital asset vehicle. The launch adds to Janus Henderson's expanding lineup of tokenized funds and reflects broader momentum in the on-chain private credit market.