Janus Henderson affiliates Privacore Capital and Victory Park Capital have rolled out the Privacore VPC Asset Backed Credit Fund (AltsABF), their first registered interval fund designed to deliver institutional‑quality exposure to private asset‑backed credit.  

The fund has lined up more than $250 million in deployable seed capital, including leverage, from a group of strategic investors that features CNO Financial Group and Corbin Capital Partners, L.P. 

Privacore, which builds open‑architecture alternative solutions for private wealth clients, will act as adviser to AltsABF, handling day‑to‑day management and operations. VPC will serve as sub‑adviser with responsibility for portfolio management, investment selection, and risk management.  

AltsABF will focus on generating a high level of current income by investing mainly in a diversified mix of private asset‑backed credit instruments collateralized by physical, financial, or other cash‑flowing assets. 

Founded in 2007 and based in Chicago, VPC specializes in asset‑backed finance and has invested more than $11.6 billion across over 240 deals spanning small business and consumer finance, financial and hard assets, and real estate credit.  

“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,” said Ali Dibadj, CEO of Janus Henderson.  

The continuously offered, non‑listed closed‑end interval fund is available in three share classes—Class I (ABFIX), Class D (ABFDX), and Class S (ABFSX)—and will conduct quarterly repurchase offers at net asset value.