Privacore VPC Asset Backed Credit Interval Fund Secures $250M Seed Capital

Interval fund Privacore VPC Asset Backed Credit Fund, or AltsABF, has secured more than $250 million in deployable seed capital from multiple strategic investors, including announced strategic partner CNO Financial Group and Corbin Capital Partners LP. The fund has also updated some of its fee disclosures by share class.

Advised by Privacore Capital Advisors LLC and sub-advised by Victory Park Capital Advisers LLC, or VPC – both Janus Henderson affiliates – AltsABF was declared effective by the U.S. Securities and Exchange Commission in fall 2025 following the filing of its Form N-2 in May of that year. It is the third interval fund for Privacore and the first for VPC.

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, AltsABF 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.

AltsABF will continuously offer three classes of shares.

Class I

• • Minimum initial investment: $1 million (except for reinvestments)
  • No sales charge
  • No distribution or servicing fee
  • Designed primarily for institutional investors or high-net-worth clients working with registered investment advisers or other intermediaries
  • Lowest total annual operating expenses: 3.89%, a change from the previously estimated 3.81%

 Class S

• • Minimum initial investment: $25,000
  • Sales charge up to 3.5% on purchases
  • Ongoing distribution and servicing fee of 0.85%
  • Total annual operating expenses: 4.74%, a change from the previously estimated 4.66%
  • Intended for distribution through broker-dealers and financial advisers offering retail access

 Class D

• • Minimum initial investment: $25,000
  • Sales charge up to 1.5% on purchases
  • Ongoing distribution and servicing fee of 0.25%
  • Total annual operating expenses: 4.14%, a change from the previously estimated 4.06%
  • Also aimed at financial advisers and broker-dealer platforms, but with lower upfront and ongoing charges than Class S

All three classes carry a 2% maximum early repurchase fee if shares are tendered back to the fund before the required holding period.

The interval fund will offer quarterly repurchases from 5% to 25% and will be sold without suitability restrictions.

Shares are offered on a continuous basis at an offering price equal to AltsABF’s then-current net asset value. Each class is subject to different fees and expenses.

• Management fee: The adviser will be paid a management fee of 0.75% annually, calculated on the fund’s average daily managed assets.
• Incentive fee: If pre-incentive fee net investment income returns do not exceed the 1.5% hurdle rate, there is no incentive fee. If pre-incentive fee net investment income returns fall between the 1.5% hurdle rate and the catch-up provision of 1.6667%, the incentive fee is 100% of the pre-incentive fee net investment income returns above the 1.5% hurdle return. If pre-incentive fee net investment income returns exceed the 1.5% hurdle rate and the 1.6667% catch-up provision, the catch-up provision is fully satisfied by the 1.3% of pre-incentive fee net investment.
• Distribution and servicing fees: Class S and Class D shares are subject to an ongoing distribution and servicing fee, while Class I shares are not.

Fee Breakdown by Share Class

The asterisk (*) symbol indicates a change from previous AltsWire reporting.

Total Annual Fund Operating Expenses (Gross)

The asterisk (*) symbol indicates a change from previous AltsWire reporting.

The distributor of the fund is Janus Henderson Distributors US LLC. Fund administration is now being provided by U.S. Bank Global Fund Services.

Janus Henderson manages approximately $65 billion in securitized assets globally.

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