OCREDIT investment leadership
The deep continuity of OHA’s senior team has helped institutionalize a highly disciplined investment process.
Experienced leaders leverage industry-specialist model
OCREDIT benefits from the full capabilities of OHA’s team of 100+ investment professionals under the leadership of industry veterans who have successfully navigated and capitalized on multiple market cycles. OCREDIT’s investment process integrates complementary industry, asset class, and transaction leadership capabilities.
Industry experience
70 industry specialists across 16 industry groups enrich company and sponsor relationships, deal flow, and due diligence.
As of December 31, 2025.
Asset class specialists
Dedicated private credit, transaction, financing, and restructuring teams work closely with industry specialists to optimize results.
Transaction leadership
OCREDIT Investment Committee
As of December 31, 2025
Glenn August
Founder and OHA Chief Executive Officer
42 years of investment experience
Glenn R. August co-founded the predecessor firm to OHA in 1987 and took responsibility for its credit investment activities in 1990. Under his leadership, OHA has become a leading asset manager across multiple credit strategies, including private credit, high yield debt, leveraged loans, stressed and distressed debt, and structured credit. Mr. August heads OHA's global distressed investment business and various OHA committees, including its Investment Strategy Committee and several fund investment committees.
Since 1987, has served on 18 corporate boards. Mr. August is also actively involved in fundraising efforts and relationship management across OHA's global investor base. In 2021, Mr. August oversaw the acquisition of OHA by T. Rowe Price Group, Inc., and currently serves on its Management Committee and Board of Directors. His nonprofit activities include serving on the boards of Mount Sinai Medical Center, the Partnership for New York City, and Horace Mann School. Mr. August is also a member of the Council on Foreign Relations. He earned an M.B.A. from Harvard Business School, where he was a Baker Scholar, and a B.S. from Cornell University.
Alan Schrager
Portfolio Manager and Senior Partner
34 years of investment experience
Alan M. Schrager shares responsibility for leading OHA’s private credit business and has portfolio management responsibilities for a number of OHA’s portfolios. Mr. Schrager serves on various OHA committees including the compliance, investment strategy, valuation and several fund investment committees.
Previously, he had senior research responsibility for investments in private credit companies, software, industrials and gaming. Prior to joining OHA in early 2003, Mr. Schrager was a Managing Director of USBancorp Libra, where he was responsible for originating, evaluating and structuring private equity, mezzanine and debt transactions and also held several positions at Primary Network, a data CLEC, including Chief Financial Officer and Interim Chief Executive Officer. He previously worked in the Leveraged Finance and High Yield Capital Markets group at UBS Securities, LLC. Mr. Schrager currently serves as Chairman of the Board of Trustees for two OHA BDCs and serves on the Board of Directors of Smile Brands and New Heights Youth, Inc. He earned an M.B.A. from the Wharton School of the University of Pennsylvania and a B.A. from the University of Michigan.
Eric Muller
CEO of OCREDIT, OHA Portfolio Manager and Partner
28 years of investment experience
Eric Muller shares responsibility for leading OHA's private credit business and has primary management responsibility for OHA's BDCs. Prior to joining OHA, Mr. Muller worked in Goldman Sachs' Merchant Banking Division, where he was a partner in the Private Credit Group, responsible for leading its private senior lending business in North America and managing vehicles that invested across the spectrum of the credit market. He previously worked as a private equity investor for the Cypress Group.
Additionally, Mr. Muller serves as a member of the Board of Trustees for Boston University and on the Investment Committee for the University's Endowment. He is cochairman of the Board of Trustees for StreetSquash, an after-school youth enrichment program. He earned an M.B.A. from Harvard Business School, a J.D. from Harvard Law School, and a B.A., summa cum laude, salutatorian, from Boston University.
Thomas Wong
Portfolio Manager and Partner
27 years of investment experience
Thomas Wong, shares portfolio management responsibilities for a number of OHA’s portfolios. He serves on various firm committees including the ESG Committee, Investment Strategy Committee, and several fund investment committees. Previously, Mr. Wong had senior research responsibility for the chemicals, consumer products, food and beverage, health care, industrials, retail and restaurants, services and telecommunications, media, cable, and technology industries.
He currently serves as vice chair of the Executive Committee of the Board of Directors for the Loan Syndications and Trading Association (LSTA) and on the Board of Directors for Yonkers Partners in Education.
Prior to joining OHA in 2001, Mr. Wong worked at Deutsche Bank, where he was a member of the Debt Capital Markets group. He received a B.A., cum laude, from Harvard University and has earned the Chartered Financial Analyst designation.
Harpreet Anand
Portfolio Manager and Partner
22 years of investment experience
Harpreet Anand, shares portfolio management responsibility for a number of OHA’s portfolios. He serves on various firm committees, including the Compliance Committee, Investment Strategy Committee, and several fund investment committees.
Mr. Anand also serves on the firm’s Diversity, Equity, and Inclusion Council. Previously, he had senior research responsibility for automotive, building products, chemicals, metals and mining, paper and packaging, and aerospace and defense industries.
Prior to joining OHA in 2006, Mr. Anand worked at Bear, Stearns & Co. Inc. in its Leveraged Finance/Financial Sponsors Group. He earned a B.B.A., with honors, from the Stephen M. Ross School of Business at the University of Michigan.
Adam Nankervis
Portfolio Manager and Partner
18 years of investment experience
Adam Nankervis, Portfolio Manager & Partner, shares portfolio management responsibilities for a number of OHA’s portfolios. He serves on various firm committees including the firm’s new product and business activity committee and several fund investment committees. Previously, Mr. Nankervis had senior research responsibility for the paper and packaging, services, gaming, lodging and real estate industries. He previously worked at Credit Suisse in the Financial Sponsors Group in New York and in the Investment Banking Division in Sydney. Mr. Nankervis earned a Bachelor of Electrical Engineering (First Class Honors) and a Bachelor of Commerce from the University of Melbourne.
OCREDIT portfolio
OCREDIT invests 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.
Contact us
Individual investors
Talk to your financial adviser or brokerage representative to learn more about the T. Rowe Price OHA Select Private Credit Fund.
Financial professionals and institutional investors
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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. A fundamental risk associated with OCREDIT’s investment strategy is that the companies whose debt OCREDIT invests will be unable to make regular payments when due, or at all, or otherwise fail to perform. Portfolio companies could deteriorate as a result of, among other factors, an adverse development in their business, poor performance by their management teams, a change in the competitive environment, an economic downturn or legal, tax or regulatory changes.
4. As of February 28, 2026.
5. As of February 28, 2026, 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. Floating rate coupons adjust with interest rates, and the seniority of loans helps protect principal if a borrower becomes challenged.
7. 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.
8. 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.
9. 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.
10. Future distribution rates are not guaranteed.
11. The Fund’s Class I Shares inaugural dividend for performance in July 2023 was declared in August 2023.
12. This vehicle made an election to be treated as a BDC on June 30, 2023. All terms and information subject to change.
13. Represents OHA’s objectives for leverage. Actual metrics are subject to change based on market conditions and may deviate from these objectives at various times.
14. Distribution payments are not guaranteed and are subject to board approval. The Issuer may pay distributions from the sale of assets, offering proceeds, or borrowings. The payment of future distributions is subject to the discretion of OCREDIT’s Board of Directors and applicable legal restrictions, therefore there can be no assurance as to the amount or timing of any such future distributions.
15. Not guaranteed; quarterly tender offers to repurchase shares are expected but not guaranteed. The Board of Trustees may amend, suspend, or terminate share repurchases at its discretion.
16. Non-U.S. investors will receive Form 1042-S.
17. Certain states have additional suitability requirements.
18. Assets under management (“AUM”) estimated as of December 31, 2025. Refers to the discretionary and non-discretionary assets of investment advisory clients and of certain tactical relationships to which OHA provides management, advisory or sourcing and administrative services. AUM includes net asset value, drawn and undrawn debt at the portfolio level, portfolio value and/or unfunded capital, as applicable. AUM uses USD exchange rates as of the applicable month-end for any non-USD-denominated assets. For the CLOs OHA manages, OHA’s AUM is equal to the initial principal of collateral adjusted for paydowns. Additional information on the AUM calculation methodology is available upon request. Private Strategies, Liquid Strategies and Structured Credit are based on the primary strategy of each investment vehicle and/or account, each of which may invest in multiple asset classes. The AUM provided here is distinct from regulatory assets under management (as reported on the Form ADV), GIPS assets under management calculations, and capital under management. Totals may not add due to rounding.
19. As of December 31, 2025.
20. Represents the Total Investment Amount in the OHA Private Lending Representative Transactions Record (“PLRTR”). As of December 31, 2025. Total Investment Amount reflects the initial par value of such Private Lending Investment at issuance in addition to the par value of any subsequent primary market purchases of such Private Lending Investment. Private Lending Investments include what OHA believes to be non-broadly syndicated debt investments (whether bonds or loans) acquired in primary issuances that are sourced, originated, negotiated and/or structured by OHA. The inception of the PLRTR is September 2002. Totals may not add due to rounding.
21. Based on Sharpe ratios (a measure that indicates the average return minus the risk-free return divided by the standard deviation of return on an investment): Source: T. Rowe Price analysis as of December 31, 2025. Private credit represented by the Cliffwater Direct Lending Index. The Cliffwater Direct Lending Index seeks to measure the unlevered, gross of fees performance of U.S. middle market corporate loans. U.S. core bond represented by the Bloomberg U.S. Aggregate Bond Index. The Bloomberg U.S. Aggregate Bond Index represents the investment-grade, USD-denominated fixed-rate taxable bond market. U.S. high yield represented by the Bloomberg U.S. Corporate High Yield Index. The Bloomberg U.S. Corporate High Yield Bond Index measures the USD-denominated, high yield, fixed-rate corporate bond market. U.S. equities represented by the S&P 500 Index. An investor cannot invest directly in an index.
22. Based on OHA analysis as of June 30, 2025. Percentage is calculated as OHA’s deployment in all senior private lending investments that were unitranche financings in which it had a leadership role divided by OHA’s deployment in all of its senior private lending investments that were unitranche financings, in each case, from January 1, 2022 through June 30, 2025. Excludes incremental financings less than one billion in size. OHA leadership roles reflect transactions in which OHA was the top or second-largest lender based on size, had a lead title and/or otherwise had, in OHA’s determination, a meaningful leadership role in negotiating documentation. Including deployment of senior private lending investments made by OHA prior to January 1, 2022 may (including materially) reduce such percentage.
*Other includes Chemicals, Plastics, and Rubber, Retail Stores, Construction & Building, Telecommunications, Consumer Goods: Durable, Printing and Publishing, Cargo Transport, Containers, Packaging and Glass, Ecological, Buildings and Real Estate, and Banking.