Valinor Digital launches tokenized BDC fund on Superstate’s blockchain platform

Valinor Digital, a firm founded by two former Blackstone private credit executives, has launched a tokenized fund that holds a basket of publicly traded business development companies. The Valinor BDC Exposure Fund, trading under the ticker VBDC, lives on Superstate’s blockchain infrastructure and offers something private credit investors have historically struggled to get: daily subscriptions and redemptions.

The fund targets qualified purchasers looking for a private credit return profile without the traditional illiquidity headache.

What Valinor is actually building

The fund holds SEC-registered, publicly traded BDCs, which are companies that provide debt and equity capital to middle-market businesses. Connor Dougherty and Lily Yarborough, both of whom previously worked at Blackstone, founded Valinor Digital in 2025. Their pitch centers on what they call “real economy credit,” distinguishing it from the crypto-collateralized lending that dominated much of DeFi’s early credit experiments. Instead of lending against volatile token collateral, the underlying assets here are actual corporate loans and equity positions in operating businesses.

Valinor raised $25 million in a seed round led by Castle Island Ventures in March 2026.

Superstate, founded in 2023, provides the tokenization layer through its FundOS platform, handling both the blockchain rails and transfer agent services designed to keep the structure compliant with securities regulations. The firm has facilitated hundreds of millions in asset management across various tokenized products.

Why tokenizing BDCs matters

Publicly traded BDCs already solve part of the liquidity problem by listing on stock exchanges. But the VBDC fund adds another layer by tokenizing the exposure, which enables 24/7 settlement infrastructure and potentially more efficient capital flows between different onchain financial products.

The daily subscription and redemption feature is the headline differentiator. Traditional private credit funds might offer quarterly or even annual liquidity windows. Some don’t offer redemptions at all until the fund’s term expires.

The broader tokenization trend

The BDC angle is notable because it targets a specific niche within credit markets rather than attempting to tokenize the broadest possible asset class. The fund is limited to qualified purchasers.

Superstate’s role as infrastructure provider includes handling both the blockchain layer and the compliance-sensitive transfer agent function, reducing the number of counterparties a fund manager needs to coordinate with.

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