Victory Park Capital, an affiliate of Janus Henderson, has launched VALTS, a tokenised feeder fund that invests in its asset-backed private credit interval fund. The token was built with Tradable and is initially available on the Stellar network. VALTS expects to offer quarterly liquidity, while monthly income distributions will be paid in stablecoin directly to investors' wallets. Tradable says it has already tokenised $3 billion of private credit.

What it means: Private credit is one of the fastest-growing investment categories, but it has traditionally been aimed at large institutions with high minimums and complex administration. Tokenisation promises to simplify distribution and servicing, for example through automatic income payments in stablecoin. It is important to understand what does not change. Liquidity stays quarterly and limited, since it depends on the underlying fund's repurchase offers, and the credit risk of the loans is the same. The token makes transfers easier, not the investment less risky. For Greece the development matters in two ways. First, Greek asset managers and family offices interested in alternatives will see more of these products. In the EU, however, their distribution falls under the rules for alternative investment funds and securities, not just MiCA. Second, the new Greek draft law transposing directives on UCITS and alternative investment fund managers shows that the framework for investment funds is changing, and tokenisation will need clear treatment within it. Investors should look carefully at fees and exit terms. Advisers should explain to clients that a token wrapper does not turn an illiquid credit fund into something that can be sold at any time.

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