Victory Park Capital (VPC), a global alternative asset manager specializing in private credit and asset-backed finance and an affiliate of Janus Henderson, launched AltsABF Tokenized Feeder Fund. VALTS offers tokenized access to Privacore VPC Asset Backed Credit Fund (AltsABF), a continuously offered, non-listed, closed-end interval fund focused on private asset-backed credit. VPC has partnered with Tradable, a private asset marketplace and tokenization platform, to tokenize VALTS. The fund will initially be available on the Stellar blockchain network.
“Since launching AltsABF earlier this year, we’ve focused on expanding access to private asset-backed credit,” Kinan Hayani, partner at VPC, said. “Working with Tradable to launch VALTS is a natural next step in that strategy, helping to meet the growing demand for on-chain products.”
VPC and Tradable first partnered in 2023, when VPC supported the development and launch of Tradable’s platform to help modernize private credit markets through tokenization. Tradable has since tokenized $3 billion in private credit.
“We founded Tradable to help leading asset managers bring private investment opportunities on-chain without changing how they invest,” Alex Cordover, CEO of Tradable, said. “The launch of VALTS demonstrates how blockchain infrastructure can create both new distribution opportunities and operational efficiencies.”
VALTS is priced based on the net asset value of its investment in AltsABF, net of VALTS-level fees and expenses. VALTS expects to offer quarterly liquidity to its investors, subject to the terms of its governing documents and to AltsABF’s quarterly repurchase offers, which are made for no less than 5% and no more than 25% of AltsABF’s outstanding shares. VALTS expects to pay monthly income distributions directly to investors’ wallets in stablecoin. VALTS investors can transfer their tokens to other pre-approved investors, subject to applicable transfer restrictions, and will have flexible custody options allowing them to choose how to hold their tokens.
