T. Rowe Price OHA Select Private Credit Fund (OCREDIT)
Delivering OHA's institutional-quality1 private credit solution to income-seeking investors.
Private credit investing with OCREDIT
The T. Rowe Price OHA Select Private Credit Fund (OCREDIT), seeks to generate attractive risk-adjusted returns, predominantly as current income, through an investor-friendly public, perpetual non-traded business development company (BDC) structure. OCREDIT seeks to capitalize on OHA's extensive credit specialist capabilities to invest in a diversified portfolio of primarily senior secured, privately originated floating rate loans to well-established companies in North America and Europe.
Diversification cannot assure a profit or protect against loss in a declining market.
Preeminent credit investor
Seeks to capitalize on deep experience and proprietary sourcing of a leading credit investor and trusted partner to company management teams and private equity sponsors for over 30 years.
Stable monthly income stream
Focuses on originating customized private financing solutions for select borrowers structured with strong contractual payments and other favorable terms that are designed to reward investors.2
Investor-friendly structure
Low investor minimums, quarterly liquidity, and simplified Form 1099 tax reporting make it easier to invest in an institutional-quality1 strategy with lower fees than many publicly traded BDCs.
All-weather investment objective
Seeks to generate premium yields and capture opportunities through different market environments, including periods of volatility and higher interest rates.
Disciplined investing
Investors may benefit from a highly selective, diversified portfolio that favors market-leading, noncyclical businesses with an unwavering focus on downside protection.
T. Rowe Price client solutions
T. Rowe Price partnership provides differentiated investor experience and world-class client service of a $1.77T asset manager. Preliminary data as of September 30, 2025. Subject to adjustment.
OCREDIT named 2024 Private Debt Investor award winner
We are honored to be recognized as the BDC of the Year: Americas* by Private Debt Investor (PDI). Learn more about this achievement and what it means for our investors.
*On March 3, 2025, OCREDIT was named the 2024 Private Debt Investor (“PDI”) Award winner for BDC of the Year: Americas. PDI’s editorial team made up its judging panel and used their market knowledge and expert judgement to determine the winners. PDI is a private debt news and analysis platform. This award reflects data provided by OHA for the review period January 1, 2024–November 15, 2024. OHA pays an annual assessment to PDI for a subscription to PDI’s services; however, OHA did not provide compensation directly in connection with this award. OHA is not affiliated with PDI.
OCREDIT portfolio at a glance
OCREDIT is a non-traded perpetual BDC investing in a diversified portfolio of senior secured, privately originated, first-lien/unitranche loans.
Figures as of 9/30/2025 (unless otherwise noted)
$2.7B
10.2%
125
0.8x
98%
98%
46%
$308M
OCREDIT performance by share class
We seek to invest in larger, well-established companies with experienced management teams and resilient business models. We focus on investments with strong contractual and structural protections, with a goal of generating attractive returns and minimizing downside risk.
Eric Muller
CEO of OCREDIT, OHA Portfolio Manager and Partner
Investment strategies
Learn how OCREDIT and T. Rowe Price are partnering to deliver institutional-quality investment strategies1 with a commitment to client solutions.
Explore OCREDIT
Learn more about OHA's time-tested and differentiated approach designed to capitalize on the growing private credit opportunity.
Why OHA?
Learn why OHA is a trusted advisor to many of the world's largest and most sophisticated investors. For more than 30 years, they have cultivated deep borrower and private equity relationships to drive attractive and diversified deal flow.
Insights from the experts
Explore the latest insights on the market from OHA's highly experienced team who has navigated multiple market cycles.
Investor resources
Delve into the latest OCREDIT materials, including the prospectus, fact sheet, commentary, and more.
Contact us
Individual investors
Talk to your financial adviser to learn more about the T. Rowe Price OHA Select Private Credit Fund.
Financial professionals and institutional investors
4341602
Learn more about OHA; our expertise; and our integrated, multi-strategy approach.
Discover how T. Rowe Price helps clients around the world achieve their long-term investment goals.
All investments involve risk, including possible loss of principal. Carefully consider key risk factors prior to investing.
Footnotes
1. OCREDIT seeks to provide the same type of private credit investment solution to individual investors that were previously largely only available to OHA’s institutional clients. Institutional clients may invest in products on substantially different terms and conditions than those offered by OCREDIT.
2. There are no guarantees of income distributions.
3. As of September 30, 2025, floating rate coupons adjust with interest rates, and the seniority of loans helps protect principal if a borrower becomes challenged.
4. As of September 30, 2025.
5. As of September 30, 2025, the annualized distribution rate is calculated by multiplying the sum of the month's stated base distribution per share and variable supplemental distribution per share by twelve and dividing the result by the prior month's NAV per share. Distribution payments are not guaranteed. The Issuer may pay distributions from the sale of assets, offering proceeds, or borrowings.
6. EBITDA, or earnings before interest, taxes, depreciation, and amortization, is an alternate measure of profitability to net income. EBITDA attempts to represent cash profit generated by the company’s operations.
7. Current performance may be lower or higher than the quoted past performance, which cannot guarantee future results. Share price, principal value, and return will vary and you may have a gain or loss when you sell your shares. There can be no assurance that any OHA fund or investment will achieve its objectives or avoid substantial losses. Actual results may vary. Total return based on net asset value is calculated as the change in net asset value per share during the period, assuming dividends and distributions, including those distributions that have been declared. Returns for periods greater than 1 year are annualized. All returns shown are derived from unaudited financial information and are net of all OCREDIT expenses, including general and administrative expenses, transaction related expenses, management fees, incentive fees, and share class specific fees, but exclude the impact of early repurchase deductions on the repurchase of shares that have been outstanding for less than 1 year. Past performance is historical and not a guarantee of future results. Class I shares do not have upfront placement fees. The returns have been prepared using unaudited data and valuations of the underlying investments in OCREDIT’s portfolio, which are estimates of fair value and form the basis for OCREDIT’s NAV. Valuations based upon unaudited reports from the underlying investments may be subject to later adjustments, may not correspond to realized value and may not accurately reflect the price at which assets could be liquidated.
8. Class I inception date is November 14, 2022, Class S inception date is May 1, 2024, and Class D inception date is March 1, 2025.
9. Assumes the maximum amount of upfront placement fees that selling agents may charge (1.5% for Class D).