Ex-Blackstone team launches tokenized private-credit fund on Superstate
What's the deal? Valinor DigitalDealroom has a profile for this one. Try Dealroom →, founded by two former Blackstone private credit executives, has launched the Valinor BDC Exposure FundDealroom has a profile for this one. Try Dealroom →, a tokenized fund that holds a basket of publicly traded business development companies (BDCs). The fund trades under the ticker VBDC on Superstate's blockchain infrastructure and offers daily subscriptions and redemptions — a rarity in private credit.
What's Valinor building? The fund holds SEC-registered, publicly traded BDCs, which supply debt and equity capital to middle-market businesses. Connor Dougherty and Lily Yarborough, both formerly of Blackstone, founded the firm in 2025.
Their pitch centers on what they call "real economy credit," distinguishing it from the crypto-collateralized lending that dominated DeFi's early experiments. The underlying assets are corporate loans and equity positions in operating businesses, not volatile token collateral.
Why now? Valinor raised $25 million in a seed round led by Castle Island VenturesDealroom has a profile for this one. Try Dealroom → in March 2026. The fund targets qualified purchasers seeking a private credit return profile without the usual illiquidity.
Why it matters: Publicly traded BDCs already offer liquidity via stock exchanges, but tokenizing the exposure adds 24/7 settlement and potentially more efficient capital flows between onchain products. Traditional private credit funds often limit redemptions to quarterly or annual windows — some offer none until the fund's term ends.
Superstate, founded in 2023, provides the tokenization layer through its FundOS platform, handling both the blockchain rails and the transfer agent function to keep the structure compliant with securities rules. That reduces the number of counterparties a fund manager must coordinate with. The firm has facilitated hundreds of millions in tokenized assets.
The signal: Rather than tokenizing the broadest possible asset class, Valinor targets a specific niche within credit markets. It is a bet that real-world assets, wrapped with onchain liquidity, can win over investors the traditional private credit market has long underserved.
Read more: cryptobriefing.com
Image credit: Andrew E. Larsen
