Victory Park Capital (“VPC”), a global alternative asset manager specializing in private credit and asset-backed finance and an affiliate of Janus Henderson, today announced the launch of AltsABF Tokenized Feeder Fund, L.P. (“VALTS” or the “Fund”). VALTS offers tokenized access to Privacore VPC Asset Backed Credit Fund (“AltsABF”), a continuously offered, non-listed, closed-end interval fund focused on private asset-backed credit. VPC has partnered with Tradable Corp (“Tradable”), a private asset marketplace and tokenization platform, to tokenize VALTS. The Fund will initially be available on the Stellar blockchain network.

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Launched in January 2026, AltsABF was created to provide investors with exposure to private asset-backed credit through a continuously offered registered interval fund. VALTS is a private fund that invests in AltsABF, offering eligible investors tokenized access to a diversified portfolio of private asset-backed credit investments through blockchain technology.

“Since launching AltsABF earlier this year, we’ve focused on expanding access to private asset-backed credit,” said Kinan Hayani, Partner at VPC. “Working with Tradable to launch VALTS is a natural next step in that strategy, helping to meet the growing demand for on-chain products.”

VPC and Tradable first partnered in 2023, when VPC supported the development and launch of Tradable’s platform to help modernize private credit markets through tokenization. Tradable has since tokenized $3 billion in private credit.

“We founded Tradable to help leading asset managers bring private investment opportunities on-chain without changing how they invest,” said Alex Cordover, CEO of Tradable. “The launch of VALTS demonstrates how blockchain infrastructure can create both new distribution opportunities and operational efficiencies.”

VALTS is priced based on the net asset value of its investment in AltsABF, net of VALTS-level fees and expenses. VALTS expects to offer quarterly liquidity to its investors, subject to the terms of its governing documents and to AltsABF’s quarterly repurchase offers, which are made for no less than 5% and no more than 25% of AltsABF’s outstanding shares. VALTS expects to pay monthly income distributions directly to investors’ wallets in stablecoin. VALTS investors can transfer their tokens to other pre-approved investors, subject to applicable transfer restrictions, and will have flexible custody options allowing them to choose how to hold their tokens.

VALTS will be available to qualified purchasers in the United States, subject to onboarding, KYC/AML checks, jurisdictional eligibility and applicable securities-law requirements.

About Victory Park Capital Advisors, LLC

Victory Park Capital Advisors, LLC (“VPC” or the “Firm”) is an alternative asset manager that specializes in private credit and asset-backed finance. The Firm also offers structured financing and capital markets solutions through its affiliate platform, Triumph Capital Markets. Founded in 2007 and headquartered in Chicago, VPC became a majority-owned affiliate of Janus Henderson Group in 2024, gaining access to the firm’s 2,000+ employees across offices in 27 cities worldwide. Victory Park Capital is a Registered Investment Advisor with the SEC*. For more information, please visit www.victoryparkcapital.com.

*Registration with the SEC does not imply a certain level of skill or training.

About Tradable

Tradable’s technology platform helps leading asset managers (originators) adopt web3 technology and grow AUM by reaching a new on-chain investor audience. Investors are able to access opportunities via an intuitive interface built to simplify asset discovery and due diligence. Tradable has developed secure smart contracts for deal representation and AML/KYC/KYB/KYT compliance. Tradable’s blockchain-based systems improve on traditional marketplaces by enabling on-chain investments and programmatic execution of key tasks while maintaining a high bar of asset quality. VPC was instrumental in the launch of Tradable and is led by seasoned fintech operators with backgrounds spanning payments, marketplaces, AI, web3, trading, and private credit. Some VPC employees are members of the Tradable Board of Directors. For more information, visit tradable.xyz.

About Janus Henderson

Janus Henderson is a top five global provider of tokenized funds and is committed to becoming the most technologically sophisticated asset manager in the world with three tokenized products: JTRSY (Treasuries), JAAA (AAA CLOs), SPXA (S&P 500) — the world’s first licensed S&P 500 tokenized fund.

Stellar and Tradable are not affiliated with Janus Henderson or any of its subsidiaries.

About Privacore VPC Asset Backed Credit Fund

Privacore VPC Asset Backed Credit Fund (“AltsABF”) is a non-diversified, closed-end investment company that is structured as an interval fund registered in the United States under the Investment Company Act of 1940.

AltsABF investors should consider the investment objectives, risks, charges and expenses of AltsABF carefully before investing. For a prospectus or, if available, a summary prospectus containing this and other information, please call U.S. Bank at 888-982-2590 or download the file on www.AltsABF.com. Read the prospectus carefully before you invest. Investing in AltsABF involves risk including loss of principal.

AltsABF is not a liquid investment, and its investment program is speculative and entails substantial risks. Limited liquidity is provided through quarterly repurchase offers. Each repurchase offer will be for no less than 5% nor more than 25% of AltsABF Shares outstanding. AltsABF should be viewed as a long-term investment and is only suitable for investors who can bear the risks associated with this limited liquidity. Investors should not expect to be able to sell or liquidate all desired Shares in the repurchase offer. Please see AltsABF’s prospectus for “REPURCHASE OF SHARES”.

Distributions are not guaranteed and there is no assurance AltsABF will achieve its investment objectives. The amount, frequency, and sources of any distributions are uncertain. Distributions may be paid from sources other than investment income and may include a return of capital, which could reduce the tax basis of shares and potentially increase the taxable gain upon their sale. To meet distribution or liquidity needs, the AltsABF may be required to sell assets at a loss, which could negatively impact net asset value.

Asset-backed credit may include loans, notes, receivables, and other credit instruments secured by financial, physical, or intellectual assets. These instruments are subject to credit and default risk, and they often lack centralized trading, which can limit transparency and make them difficult to value or sell. Realized sale prices may fall below recorded values, especially in stressed market conditions. Third-party originators may vary in their ability to assess creditworthiness, detect fraud, and pursue recoveries.

Privacore Capital Advisors, LLC is the investment adviser of AltsABF and Janus Henderson Distributors US LLC is the distributor. Victory Park Capital Advisors, LLC, a subsidiary of Janus Henderson, is the sub-adviser to the AltsABF. Privacore Capital is an affiliate of Janus Henderson US (Holdings) Inc.

Tokenized Asset Risks: Investing in tokenized fund interests involves risks in addition to those of the underlying fund, including the failure or compromise of blockchain networks, smart contracts, digital wallets, stablecoins, and third-party platforms, which could delay or prevent transfers, repurchases, or distributions, or result in losses. Tokenized fund interests are subject to transfer restrictions and have no public secondary market, and tokenization remains subject to evolving and uncertain legal, tax, and regulatory treatment.

This press release is intended for informational purposes only and should not be relied upon by personal investors, financial advisers, or institutional investors. We may record telephone calls for our mutual protection, to improve customer service and for regulatory record keeping purposes. All opinions and estimates in this information are subject to change without notice.

Janus Henderson® and any other trademarks used herein are trademarks of Janus Henderson Group Ltd. or one of its subsidiaries. © Janus Henderson Group Ltd.

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