Valinor Digital has launched the Valinor BDC Exposure Fund, or VBDC, on Superstate’s FundOS platform, creating a tokenized fund that holds publicly listed business development company stocks and is aimed at qualified investors seeking private credit-linked exposure.

According to the disclosed fund details, VBDC is part of the Superstate Asset Trust and is managed by Valinor Digital Capital. The fund gives investors exposure to a portfolio of publicly listed BDC equities, a structure designed to provide access to returns linked to private credit through listed securities rather than direct lending positions.

The product supports daily subscriptions and redemptions for qualified investors. It charges an additional 1.25% management fee on top of the underlying BDC fees. The filing also states that daily redemptions are limited to 7.5% of net assets, setting a clear constraint on how much liquidity can be taken out of the fund in a single day.

Onchain, the VBDC token contract was launched on Ethereum on September 1. The disclosed status shows a total supply of zero and no transfer records, while 499,157 shares of the fund have not been tokenized. Superstate’s asset page also marks DeFi integration as pending, suggesting the fund’s blockchain-based features are not yet fully active.

VBDC is the fourth tokenized fund on the Superstate platform, bringing total assets on the platform to more than $1 billion. Superstate positions FundOS as infrastructure for asset managers to issue and operate onchain funds while maintaining familiar fund operations. Valinor, founded by former Blackstone GSO executive Connor Dougherty at the end of 2023, also completed a $25 million seed round in March led by Castle Island Ventures, with participation from Apollo, Maven 11 and Neoclassic Capital.

Why It Matters

The launch adds another example of tokenization moving beyond Treasury-backed and cash-management products into credit-linked strategies. That matters because private credit has become a core real-world asset theme, and listed BDC exposure offers a regulated bridge between traditional fund structures and onchain distribution.

It also highlights how tokenization infrastructure providers are trying to win institutional asset managers by supplying the operating system rather than only issuing products themselves. Whether VBDC becomes meaningful will depend less on launch optics and more on issuance, transfer activity, redemption execution and eventual DeFi connectivity.