Janus Henderson Group announced that its affiliates Privacore Capital and Victory Park Capital have launched the Privacore VPC Asset Backed Credit Fund, the firms’ first registered interval fund targeting private asset-backed credit opportunities.
The fund, known as AltsABF, has secured over $250 million in deployable seed capital from multiple strategic investors, including CNO Financial Group and Corbin Capital Partners, L.P.. The $250 million figure includes leverage.
Structured as a continuously offered, non-listed, closed-end interval fund, AltsABF is designed to provide institutional-quality exposure to private asset-backed credit for individual investors, including private wealth clients. The fund seeks to generate a high level of current income by investing primarily in a diversified portfolio of private asset-backed credit instruments collateralized by physical, financial, or other cash-flowing assets.
Privacore serves as the investment adviser, overseeing day-to-day management and operations, while Victory Park Capital acts as sub-adviser, focusing on portfolio management, investment selection, and risk management. Both firms are affiliates of Janus Henderson and combine institutional credit expertise with experience structuring alternative strategies to expand investor access.
Victory Park Capital, founded in 2007 and headquartered in Chicago, specializes in asset-backed finance across industries, including small business and consumer finance, financial and hard assets, and real estate credit. Since its inception, the firm has invested more than $11.6 billion across over 240 investments as of December 31, 2025.
AltsABF will invest across a range of private credit instruments, drawing on Victory Park Capital’s experience in sourcing, underwriting, and executing asset-backed finance strategies. The fund is designed to provide diversification benefits through low correlation with traditional equity and fixed-income markets, while emphasizing rigorous risk management.
The fund 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 between 5% and 25% of its outstanding shares at net asset value, subject to board approval. As an interval fund, it is designed as a long-term investment with limited liquidity and is not suitable for investors requiring immediate access to capital.
AltsABF complements Janus Henderson’s approximately $65 billion in securitized assets under management globally as of December 31, 2025, which includes the Janus Henderson Asset-Backed Securities ETF.
Janus Henderson, headquartered in London and listed on the New York Stock Exchange, reported approximately $493 billion in assets under management as of December 31, 2025, with more than 2,000 employees and offices in 25 cities worldwide.
KEY QUOTES
“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. 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.”
Ali Dibadj, Chief Executive Officer of Janus Henderson
“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 Boyle, Chief Executive Officer of Privacore Capital
“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.”
Brendan Carroll, Co-Founder & Senior Partner of Victory Park Capital
