Janus Henderson affiliates Privacore Capital and Victory Park Capital (VPC) launched the Privacore VPC Asset Backed Credit Fund (AltsABF), the firms’ first registered interval fund that aims to provide institutional-quality exposure to private asset-backed credit, designed to meet the needs of individual investors, including private wealth investors. The fund has secured over $250 million in deployable seed capital from multiple strategic investors including announced strategic partner CNO Financial Group and Corbin Capital Partners.
Privacore, an open-architecture solutions provider for alternative investment products tailored to private wealth clients, serves as the adviser to AltsABF, overseeing the day-to-day management and operations of the fund. VPC, a global alternative investment firm specializing in private asset-backed finance, serves as the sub-adviser to the fund, focused on portfolio management, investment selection and risk management. Together, the advisers, who are both affiliates of Janus Henderson, bring complementary strengths, combining institutional credit investment expertise with capabilities in structuring and delivering alternative strategies through accessible investment vehicles.
AltsABF seeks to deliver a high level of current income by investing primarily in a diverse set of private asset-backed credit instruments collateralized by physical, financial or other cash-flowing assets. With a strong emphasis on rigorous risk management, the fund draws on VPC’s specialization in asset-backed finance to construct a diversified portfolio across asset types.
“As a leader and innovative force in securitized finance, Janus Henderson is excited to bring together the product development and distribution strengths of Privacore and the exceptional private asset-backed investment capabilities of Victory Park Capital to launch our first interval fund, AltsABF, a natural extension of our leading securitized franchise,” Ali Dibadj, CEO of Janus Henderson, said. “As clients look to expand their private credit exposure beyond direct lending, asset-backed finance can provide diversification benefits to client portfolios through low correlation to traditional equity and fixed income, helping to reduce overall portfolio risk and volatility while offering attractive risk-adjusted return potential.”
Brendan Boyle, CEO of Privacore Capital, said, “We built Privacore to bring institutional-quality alternative investment solutions to private wealth clients. Our partnership with VPC is designed to create an entry point to a sophisticated segment of the credit markets, with a structure that aligns with the objectives of today’s income-focused investors.”
Brendan Carroll, co-founder and senior partner of VPC, said, “Asset-backed credit has become one of the most compelling opportunities in today’s private credit landscape. With AltsABF, we aim to provide all investor types with access to a differentiated, income-generating credit strategy that VPC has specialized in since 2010 and has traditionally only been available to institutional allocators and high-net-worth individuals.”
The fund is structured as a continuously offered, non-listed, closed-end interval fund. It is available in multiple share classes: Class I (Ticker: ABFIX), Class D (Ticker: ABFDX), and Class S (Ticker: ABFSX). It will make quarterly repurchase offers of its outstanding shares at net asset value. The fund is distributed by Janus Henderson Distributors U.S. and administered by U.S. Bank Global Fund Services.
