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 rou...