Janus Henderson affiliate companies Victory Park Capital and Privacore Capital have launched an asset-backed credit fund, securing more than $250m (£183.2m) in seed capital.
The Privacore VPC Asset Backed Credit Fund (AltsABF) is designed for individual investors, including private wealth clients. Strategic investors include CNO Financial Group and Corbin Capital Partners.
Victory Park Capital specialises in private asset-backed finance, while Privacore is a provider of alternative investment products for private wealth clients.
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The fund will invest primarily in a range of private asset-backed credit instruments collateralised by physical, financial or other cash-flowing assets.
“As a leader and innovative force in securitised 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 securitised franchise,” said Ali Dibadj, chief executive of Janus Henderson.
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The fund builds on Janus Henderson’s approximately $65bn in securitised assets under management globally, which includes an asset-backed securities exchange traded fund.
“Asset-backed credit has become one of the most compelling opportunities in today’s private credit landscape,” said Brendan Carroll, co-founder and senior partner of Victory Park Capital. “With AltsABF, we aim to provide all investor types with access to a differentiated, income-generating credit strategy that VPC has specialised in since 2010 and has traditionally only been available to institutional allocators and high-net-worth individuals.”
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