Privacore and Victory Park Capital Register Asset-Backed Credit Interval Fund
Privacore Capital Advisors LLC, an investment adviser with $4 billion assets under management, has filed initial registration with the U.S. Securities and Exchange Commission for a new interval fund focused on asset-backed credit opportunities. Privacore VPC Asset Backed Credit Fund filed its Form N-2 on May 2, signaling its intent to launch, though the fund is not yet effective and cannot currently accept investments.
The fund, structured as an interval fund to offer periodic liquidity, will be advised by Privacore Capital Advisors, with Victory Park Capital Advisers LLC, i.e., VPC, serving as the sub-adviser. VPC is a global alternative asset manager specializing in private asset-backed credit and majority owned by Janus Henderson, which has approximately $373 billion in AUM.
If declared effective, this would be the third interval fund for Privacore and the first ever for VPC.
According to the filing, the fund’s primary objective is to seek a high level of current income, with a secondary objective of capital appreciation. It plans to achieve this through a flexible and dynamic allocation strategy, investing primarily across a wide spectrum of asset-backed credit opportunities.
Under normal circumstances, the fund intends to invest at least 80% of its net assets (plus any borrowings) in what it defines as “asset backed credit instruments.” These include direct and indirect investments in credit or credit-related instruments secured by financial, physical, or intellectual assets. The fund will target returns derived from interest income, recurring revenues, fees, or other cash flows generated by these underlying assets.
The strategy encompasses a broad range of instruments, including loans, securitized portfolios of receivables, securitized products, related derivatives, bonds, and other credit investments. Examples of underlying asset classes cited in the filing include consumer credit, small business finance, financial assets, real estate, litigation finance, and hard assets such as equipment, aviation, shipping, transportation, and storage assets.
The fund may also invest in factoring receivables, financial claims, trade claims, and potentially publicly traded asset-backed debt. Notably, the strategy also allows for investments related to the legal sector, including those secured by legal claims (such as pre- and post-settlement funding) or tied to the assets of law firms and other legal industry operators.
The fund’s net asset value frequency will be daily, and it is offering three share classes: Class S, Class D, and Class I. Initial and subsequent investments have yet to be disclosed.
The interval fund will offer quarterly repurchases from 5% to 25% and will be sold without suitability restrictions.
The fund’s management fee, as a percent of net assets, has yet to be disclosed. Also, the fund indicated that it will not have acquired fund fees and expenses but that it would have an income incentive fee. The distributor will be Janus Henderson Distributors US LLC; fund counsel will be provided by Kirkland & Ellis LLP; and fund administration will be provided by UMB Fund Services Inc.
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