Janus Henderson, together with its affiliates Victory Park Capital (VPC) and Privacore Capital, secured an additional $100 million in deployable seed capital from General Electric Pension Trust (GEPT), the defined benefit plan trust affiliated with GE Aerospace, for 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. With this additional capital, the fund has now raised over $350 million in deployable seed capital from multiple strategic investors including GEPT, CNO Financial Group and Corbin Capital Partners.
Designed to meet the needs of individual investors, including private wealth investors, AltsABF is now available through the Charles Schwab, Fidelity Investments and BNY Pershing platforms, broadening availability to RIA and wealth management clients.
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 an emphasis on rigorous risk management, the fund draws on VPC’s specialization in asset-backed finance, honed over 15 years of disciplined sourcing, underwriting and execution, to construct a diversified portfolio across asset types.
Privacore serves as the adviser to AltsABF, overseeing the day-to-day management and operations of the fund. VPC serves as the sub-adviser to the fund.
“GEPT’s investment reflects growing recognition of the potential within asset-backed finance, and we greatly appreciate the opportunity to partner with an investor of its caliber,” Ali Dibadj, CEO of Janus Henderson, said. “Backed by tangible and financial assets, asset-backed finance offers the potential for downside protection and resilient cash flows across market environments. As investors increasingly seek a broader, more diversified range of private credit opportunities than direct lending alone, specialized expertise becomes increasingly important. VPC’s proven asset-backed finance capabilities position us to help clients access this expanding market.”
Brendan Carroll, co-founder and senior partner of VPC, added, “Janus Henderson and Victory Park Capital are grateful for GEPT’s investment and are excited about the future of this asset class, as institutional investors increasingly recognize the compelling role asset-backed private credit can play in generating income, mitigating downside risk and enhancing diversification in today’s volatile markets. As a leading dedicated investor in asset-backed finance with a track record spanning more than 15 years across various market cycles, VPC is pleased to expand access to our capabilities through the Schwab, Fidelity and BNY Pershing platforms.”
Brendan Boyle, CEO of Privacore Capital, said, “Through our partnerships with Schwab, Fidelity and BNY Pershing, we are broadening AltsABF’s reach within the RIA and wealth management channels, enabling advisors to access a differentiated, institutional-quality asset-backed private credit strategy on behalf of their clients.”
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) — and will make quarterly repurchase offers of its outstanding shares at net asset value. The fund is distributed by Janus Henderson Distributors US and administered by U.S. Bank Global Fund Services.
