Janus Henderson raises $350M for asset-backed credit fund, anchored by GE pension

Janus Henderson, alongside affiliates Victory Park Capital (VPC) and Privacore Capital, has secured more than $350 million in seed capital for its Privacore VPC Asset Backed Credit Fund. The haul includes a $100 million commitment from General Electric Pension Trust, with additional backing from CNO Financial Group and Corbin Capital Partners.

The continuously offered, non-listed interval fund is the firms' first registered product in the space. It invests in a diversified portfolio of private asset-backed credit instruments tied to physical, financial, or other income-generating assets. Privacore serves as adviser, with VPC as sub-adviser.

The fund carries three share classes — Class I (ABFIX), Class D (ABFDX), and Class S (ABFSX) — and offers quarterly liquidity through repurchase offers at net asset value.

The fund is now available on major wealth platforms including Charles Schwab, Fidelity Investments, and BNY Pershing, widening access to registered investment advisors and their clients. It is distributed by Janus Henderson Distributors US LLC and administered by US Bank Global Fund Services.

The launch reflects growing appetite for private credit beyond direct lending. "As investors increasingly seek a broader, more diversified range of private credit opportunities than direct lending alone, specialized expertise becomes increasingly important," said Ali Dibadj, chief executive officer of Janus Henderson.