Victory Park Capital and Tradable Launch Tokenized Credit Fund on Stellar

Victory Park Capital (VPC), a Chicago-based private credit manager affiliated with Janus Henderson, partnered with blockchain investment platform Tradable to launch VALTS, a tokenized credit fund providing qualified U.S. investors access to private asset-backed credit.

Announced Oct. 15, 2026, the AltsABF Tokenized Feeder Fund, L.P. will initially operate on the Stellar blockchain. The structure combines conventional private credit investments with blockchain-based ownership records, restricted transfers and planned stablecoin distributions. The firms did not disclose the fund’s initial capital commitments or assets under management.

VALTS Provides Tokenized Access to Existing Credit Portfolio

VALTS invests in the Privacore VPC Asset Backed Credit Fund (AltsABF), a registered interval fund launched in January 2026.

The underlying vehicle invests in private asset-backed credit, including financing supported by receivables, loans and other financial or physical assets.

According to the official Victory Park Capital announcement, VALTS will be priced using the underlying fund’s net asset value, after deducting expenses attributable to the feeder structure.

Privacore Capital Advisors serves as investment adviser to AltsABF, while Victory Park Capital acts as sub-adviser. Janus Henderson Distributors US is the distributor.

The arrangement separates investment management from tokenization infrastructure. Tradable provides the technology through which eligible investors access and holds tokenized fund interests, while the underlying credit strategy remains managed through the established fund structure.

Quarterly Liquidity and Stablecoin Distributions

VALTS expects to distribute monthly investment income directly to investors’ digital wallets using stablecoins.

Investors may also transfer their tokenized interests to other preapproved investors, subject to applicable securities restrictions and fund documentation.

However, blockchain-based ownership does not eliminate the underlying investments’ liquidity limitations.

VALTS anticipates quarterly liquidity, dependent on AltsABF’s repurchase program. The underlying interval fund offers to repurchase between 5% and 25% of outstanding shares quarterly, subject to applicable terms.

The AltsABF prospectus filed with the SEC identifies the fund as a registered, non-diversified closed-end investment company operating under the Investment Company Act of 1940.

This distinction matters because tokenization changes how ownership interests are represented and administered, not the liquidity characteristics of the loans backing the portfolio.

Tradable Expands Its Tokenized Credit Fund Platform

Victory Park Capital and Tradable established their relationship in 2023, when VPC supported development of Tradable’s investment marketplace.

Tradable reports having tokenized $3 billion in private credit investments, providing an existing technology platform for the new fund.

The launch also expands Janus Henderson’s digital investment offering, which includes tokenized Treasury, collateralized loan obligation and equity-index products.

Unlike publicly traded digital assets, VALTS interests will be available only to qualified U.S. purchasers who complete identity verification, anti-money-laundering checks and other eligibility requirements.

Implications for Private Credit Investors

VALTS introduces another distribution channel for asset-backed finance without fundamentally restructuring the underlying investments.

For managers, tokenization may simplify ownership administration, distribution processing and transfers between approved investors. Whether those improvements reduce total operating costs will depend on implementation and servicing expenses.

Investors must still consider borrower defaults, valuation uncertainty, limited liquidity and additional risks involving smart contracts, digital wallets and stablecoins.

The launch positions Victory Park Capital within an expanding market for blockchain-based private investments, although the commercial scale of VALTS will depend on investor subscriptions and subsequent fund performance.