Janus Henderson, together with affiliates Victory Park Capital and Privacore Capital, has raised an additional $100 million for the Privacore VPC Asset Backed Credit Fund, bringing its deployable seed capital to more than $350 million.
The latest investment comes from General Electric Pension Trust, the defined benefit plan trust affiliated with GE Aerospace. Other strategic investors include CNO Financial Group and Corbin Capital Partners. The $350 million figure includes leverage.
The fund, known as AltsABF, is the firm’s first registered interval fund designed to provide individual and private wealth investors with institutional-quality exposure to private asset-backed credit.
AltsABF has also become available through Charles Schwab, Fidelity Investments, and BNY Pershing, significantly broadening its distribution through registered investment advisors and wealth management firms.
The fund seeks to generate current income by investing primarily in private credit instruments backed by physical, financial, and other cash-flow-producing assets.
Victory Park Capital serves as sub-adviser and brings more than 15 years of experience sourcing, underwriting, and investing in asset-backed finance. Privacore serves as the fund’s investment adviser and manages its day-to-day operations.
The strategy is intended to broaden private credit exposure beyond traditional direct lending. Asset-backed finance can include lending secured by assets such as receivables, equipment, financial assets, and other sources of contractual cash flow.
The fund is structured as a continuously offered, non-listed closed-end interval fund. It offers Class I, Class D, and Class S shares and plans to make quarterly repurchase offers at net asset value, although liquidity in any given quarter is not guaranteed.
The additional institutional capital and expansion onto major wealth management platforms are intended to help Janus Henderson, VPC, and Privacore bring an asset class historically dominated by institutional investors to a broader private wealth audience.
KEY QUOTES:
“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. Backed by tangible and financial assets, asset-backed finance offers the potential for downside protection and resilient cash flows across market environments.”
Ali Dibadj, CEO of Janus Henderson
“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.”
Brendan Carroll, Co-Founder and Senior Partner of Victory Park Capital
“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.”
Brendan Boyle, CEO of Privacore Capital
