Victory Park Capital, the Chicago private credit manager majority-owned by Janus Henderson, said on 15 October 2026 that it has launched VALTS, a tokenized feeder fund that gives qualified US investors access to its Privacore VPC Asset Backed Credit Fund (AltsABF), with Tradable tokenizing the fund on the Stellar blockchain. Fintechbits reported in July that Tradable had tokenized $1.7 billion of private credit when it added the Stellar network, so the $3 billion figure in the VALTS release implies roughly $1.3 billion of new tokenized credit in about three months. VALTS will pay monthly income distributions in stablecoin, according to the Victory Park release on BusinessWire.

How VALTS is built

VALTS is a fund that owns another fund. The underlying vehicle, AltsABF, launched in January 2026 as a registered interval fund investing in private asset-backed credit: loans and receivables secured by financial, physical or intellectual property. The feeder is a private fund that invests in AltsABF and issues tokens representing its own units.

The tokens are priced at the net asset value of the feeder’s holding in AltsABF, net of the feeder’s own fees and expenses. The fund expects to offer quarterly liquidity, subject to AltsABF’s own quarterly repurchase offers, which are made for no less than 5% and no more than 25% of AltsABF’s shares. Investors can transfer tokens to other pre-approved investors and choose how to custody them.

Kinan Hayani, a partner at Victory Park, called the launch “a natural next step” in expanding access to private asset-backed credit. Alex Cordover, Tradable’s chief executive, said Tradable was founded to help asset managers bring private investments on-chain “without changing how they invest.”

Tradable’s growth behind VALTS

Tradable is not an arm’s-length vendor. Victory Park supported the development and launch of Tradable’s platform in 2023, and the release says some Victory Park employees sit on Tradable’s board. Fintechbits covered Tradable’s move to the Stellar network in July, when it said it would bring up to $1 billion of private credit to Stellar, with $500 million expected at launch.

The parent matters too. Janus Henderson describes itself as a top-five global provider of tokenized funds, with tokenized Treasury, AAA CLO and S&P 500 products. The new feeder extends that strategy from liquid assets into private credit, which is far harder to value and trade.

Fintechbits analysis

Why VALTS shows what tokenization can and cannot fix

VALTS is a sensible product with an honest structure, and the structure shows the limits of tokenization. The token can move between pre-approved investors at any hour, but the underlying assets cannot. Real liquidity still comes from AltsABF’s quarterly repurchase offers, capped at 5% to 25% of shares. In a stressed quarter, holders could ask for more than the cap and receive only a pro-rata share.

The fee stack is the second thing to watch. The feeder charges its own fees on top of whatever AltsABF charges, and the release gives neither figure. Wrapping one fund inside another is a common way to reach a new channel, but every extra layer of fees comes straight out of the income investors receive.

The growth in Tradable’s numbers is real. Moving from $1.7 billion to $3 billion of tokenized private credit in roughly three months suggests asset managers are using these platforms for distribution, not just pilots. Fintechbits saw similar momentum when Spiko raised $90 million for tokenized cash funds. VALTS looks like a well-built test of on-chain distribution for private credit, but buyers should read the quarterly repurchase limits in the offering documents first.

Frequently asked questions

What is VALTS?

VALTS is the AltsABF Tokenized Feeder Fund, a private fund from Victory Park Capital that invests in its Privacore VPC Asset Backed Credit Fund. Tradable tokenizes VALTS on the Stellar blockchain, and income is paid monthly in stablecoin.

Who can invest and how liquid is it?

VALTS is open to qualified purchasers in the United States after onboarding and KYC checks. It expects quarterly liquidity, tied to AltsABF repurchase offers of 5% to 25% of shares.

How fast is Tradable growing?

Fintechbits reported in July that Tradable had tokenized $1.7 billion of private credit. The VALTS release puts the total at $3 billion, roughly $1.3 billion more in about three months.

What to Watch Next

The first number to watch is how much VALTS raises, which would show whether on-chain investors want private credit with quarterly liquidity. The second is the fee disclosure in VALTS offering documents compared with AltsABF’s prospectus at AltsABF.com. A third is whether Tradable’s total keeps climbing at the pace seen between July and October 2026.