Janus Henderson Group plc’s affiliates, Privacore Capital and Victory Park Capital, announced the launch of the Privacore VPC Asset‑Backed Credit Fund (AltsABF) on February 11 2026. The fund is structured as a continuously offered, non‑listed interval vehicle that will provide private‑wealth investors institutional‑quality exposure to private asset‑backed credit, a segment that has traditionally been limited to institutional allocators and high‑net‑worth individuals.
The fund has secured more than $250 million in deployable seed capital from strategic investors, including CNO Financial Group and Corbin Capital Partners. The capital is earmarked for the initial portfolio build and signals strong confidence from prominent market participants in the strategy’s potential to deliver attractive risk‑adjusted returns. Privacore Capital will serve as adviser, while Victory Park Capital will act as sub‑adviser, managing portfolio selection and risk management.
Victory Park Capital, which became a majority‑owned affiliate of Janus Henderson in 2024, has invested over $11.6 billion across more than 240 deals since its founding in 2007. The firm’s deep expertise in asset‑backed finance—particularly in consumer loans, equipment financing, and real‑estate‑backed loans—provides a robust track record that underpins the fund’s investment thesis. Privacore’s open‑architecture platform and distribution strengths complement VPC’s deal‑making capabilities, creating a product that bridges the gap between private credit and private‑wealth clients.
The fund will target a diversified mix of asset‑backed credit instruments collateralized by physical, financial, or other cash‑flowing assets. Expected allocations include consumer‑loan‑backed securities, equipment‑finance‑backed loans, and real‑estate‑backed loans, with a focus on high‑quality, low‑default‑risk exposures that can generate stable income streams for investors seeking diversification beyond direct lending.
The launch comes amid a broader trend of interval funds offering access to private credit. Neuberger Berman introduced its first asset‑based interval fund in August 2025, and Oaktree registered two interval funds in February 2025. The growing competitive landscape underscores the market’s appetite for alternative asset classes and the need for structured vehicles that provide periodic liquidity to investors in less liquid strategies.
Janus Henderson’s entry into private‑asset‑backed credit reflects a strategic shift toward democratizing private markets. By leveraging the combined strengths of Privacore and VPC, the firm can offer institutional‑quality exposure to a broader client base while benefiting from the seed capital that demonstrates market confidence. The move positions Janus Henderson to capture a share of the expanding private‑credit market, which is projected to grow as investors seek higher yields and diversification in a low‑interest‑rate environment.
Management emphasized the strategic rationale behind the launch. “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,” said Ali Dibadj, CEO of Janus Henderson. Brendan Boyle, CEO of Privacore Capital, added, “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 & Senior Partner of Victory Park Capital, noted, “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.”
The fund’s launch is expected to attract additional capital as investors seek diversified income streams and lower correlation to traditional fixed income. The combination of a robust seed capital base, a proven investment track record, and a structured interval format positions AltsABF to meet the growing demand for private‑credit exposure among private‑wealth clients.
The announcement signals Janus Henderson’s confidence in the private‑credit market and its ability to deliver institutional‑quality products to a broader audience. The strategic partnership and strong seed capital underscore the firm’s commitment to expanding its private‑markets capabilities and meeting evolving client needs.
The content on EveryTicker is for informational purposes only and should not be construed as financial or investment advice. We are not financial advisors. Consult with a qualified professional before making any investment decisions. Any actions you take based on information from this site are solely at your own risk.