Privacore Co-Founder Cashel to Transfer Control to Boyle, Triggering New Advisory Agreements at Three Interval Funds
By Staff
Privacore Capital co-founder William Cashel plans to transfer his controlling interest in the firm to fellow co-founder Brendan Boyle in a transaction that will constitute a technical change of control of Privacore Capital LLC and trigger mandatory new advisory agreements across the firm’s three registered interval funds.
The transfer involves Cashel’s majority stake in Privacore Capital, which is structured as a joint venture in which Cashel and Boyle together own 51% and Janus Henderson Group plc indirectly owns the remaining 49%. Upon closing, Boyle will hold the controlling block.
Under the Investment Company Act of 1940, a change of control of an investment adviser automatically terminates its existing advisory agreements with registered funds. As a result, the boards of all three Privacore funds — the Privacore VPC Asset Backed Credit Fund, the Privacore PCAAM Alternative Growth Fund and the Privacore PCAAM Alternative Income Fund — approved new investment management agreements at a March 18 meeting. Shareholders had previously provided written consent.
The new agreements are identical to the existing agreements in all material respects, and Privacore said no changes to the management of any of the funds are anticipated as a result of the transaction. Janus Henderson’s 53% ownership stake in Victory Park Capital Advisors LLC, the sub-adviser to the Asset Backed Fund, is unaffected.
The Privacore VPC Asset Backed Credit Fund is the most recently launched of the three. The U.S. Securities and Exchange Commission declared the interval fund effective in September 2025, and Janus Henderson and Victory Park Capital formally launched it in February 2026 with more than $250 million in deployable seed capital from investors, including CNO Financial Group and Corbin Capital Partners LP. The fund targets private asset-backed credit and is structured as a non-diversified, closed-end interval fund.
The DEF 14C was filed on behalf of all three funds simultaneously. No financial terms of the Cashel-Boyle transaction were disclosed in the filing.
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