All investments involve risk, including possible loss of principal. Carefully consider key risk factors prior to investing.
Delivering the all-weather capabilities of OHA, one of the largest and most experienced credit-focused alternative investment managers and adviser to many of the most sophisticated institutional investors globally.2
30+ Years
History Through Market Cycles
$63 B
Capital Under Management3
20 Years
Investment Committee Tenure4
$27 B
Private Credit Commitments since 20185
- OCREDIT seeks to provide the same type of private credit investment solution to individual investors that was previously largely only available to OHA's institutional clients.
- All-weather capabilties describes OHA’s experience from investing through multiple market cycles to construct and manage a portfolio that seeks to achieve targeted income-oriented returns through different market environments.
- As of September 30, 2023. Includes net asset value, portfolio value and/or unfunded capital. Uses respective USD exchange rates as of month-end for any non-USD assets. Additional information on calculation methodology is available upon request.
- As of June 2023.
- As of September 30, 2023. Represents the Total Investment Amount. 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 and/or the cost of any equity purchased. 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.
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 capitalizes 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.
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.6
Investor-Friendly Structure
Low investor minimums, quarterly liquidity, and simplified Form 1099 tax reporting make it easier to invest in an institutional-quality strategy with lower fees than many publicly traded BDCs.
All-Weather Investment Objective7
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 $1.4T asset manager. Preliminary data as of September 30, 2023. Subject to adjustment.
6 Diversification cannot assure a profit or protect against loss in a declining market.
7 Floating rate coupons adjust with interest rates, and the seniority of loans helps protect principal if a borrower becomes challenged. Portfolio construction seeks to achieve targeted income-oriented returns through different market environments capitalizing on OHA's experience investing through multiple market cycles.
“We believe OCREDIT's mandate and OHA's unique capabilities are well positioned to navigate and capitalize on the current market environment. OHA takes a ‘credit-first’ approach, proceeding with an investment when we have strong conviction that it will perform to our high standards across market cycles.
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 | OCREDIT CEO, OHA Portfolio Manager and Partner
Why Invest in Private Credit?
Private credit has outperformed major equity and fixed income asset classes on a risk-adjusted basis over the long term and can help diversify traditional portfolio allocations. Furthermore, the asset class has demonstrated lower downside risk through periods of market turbulence and economic uncertainty - like the recent investment environment.7
Learn more about the growing opportunity and whether investing in private lending might be right for you.
Why OHA?
Well Positioned to Seek Premium Yields for Investors From Private Credit
Trusted Partner
Deep relationships with management teams and private equity sponsors who value OHA’s expertise, independence, and reliability as a lender, enhancing deal flow and terms.
Deep Credit Experience
Institutional knowledge, seasoned experience, and time-tested investment process, enhanced by 30+ years investing in thousands of companies.
Scaled Credit Specialist
Investment activities of a $63B platform drive proprietary sourcing and enhance all aspects of private credit investment process.
Leading Private Lender
$34B in private credit commitments across North America and Europe as of September 30, 2023, leveraging full firmwide capabilities.
Value-Added Solutions Provider
Create customized, proprietary financing solutions for borrowers using OHA’s flexible capital and distinctive structuring expertise.
Large-Cap Borrower Focus
Consistent with its history, OHA focuses on larger companies, which generally have stronger market positions and management teams and resilient businesses.
Highly Experienced Team
OCREDIT’s investment leadership has decades of experience, and OHA’s 60+ partners and managing directors average 20+ years of industry experience.
Risk Management
OHA is well postioned to manage downside risk by leveraging its world-class workout and restructuring expertise, developed as a leading distressed investor since the early 1990s.
Learn how OHA and T. Rowe Price are partnering to deliver institutional-quality investment strategies1 with a commitment to client solutions.
OCREDIT seeks to provide the same type of private credit investment solution to individual investors that was previously largely only available to OHA's institutional clients.
OCREDIT Investment Leadership Team
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.
Asset Class Specialists
Dedicated private credit, transaction, financing, and restructuring teams work closely with industry specialists to optimize results.
Transaction Leadership
Scale and deep expertise to lead transactions demonstrated by typical top 1 or 2 lender role13 and significant “repeat” borrower deal flow.
13 Based on OHA’s private lending investments from 2018 through 2023.
OCREDIT Investment Committee
As of 09/30/2023
Glenn August
OHA Founder and Chief Executive Officer
39 years of investment industry experience
Alan Schrager
OHA Portfolio Manager and Senior Partner
31 years of investment industry experience
Eric Muller
OCREDIT CEO, OHA Portfolio Manager and Partner
26 years of investment industry experience
Thomas Wong
OHA Portfolio Manager and Partner
24 years of investment industry experience
Harpreet Anand
OHA Portfolio Manager and Partner
19 years of investment industry experience
The deep continuity of OHA’s senior team has helped institutionalize a highly disciplined investment process.
Fund Terms
All terms and information subject to change. The information provided herein is presented as a summary of certain key terms of the fund and is qualified in its entirety by the fund’s definitive legal documents. See more.
Key Risk Factors
OCREDIT may in certain circumstances invest in companies experiencing distress, increasing the risk of default or failure. In addition, OCREDIT is not listed on an exchange, which heightens the liquidity risk.
Please review the additional risk information below prior to investing.
T. Rowe Price OHA
Select Private Credit Fund
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
T: +1 (877) 561-7670
Learn how OHA’s expertise and capabilities make it a leading global alternative credit investment specialist.
Discover how T. Rowe Price helps clients around the world achieve their long-term investment goals.
Footnotes
- OCREDIT seeks to provide the same type of private credit investment solution to individual investors that was previously largely only available to OHA's institutional clients.
- Portfolio construction seeks to achieve targeted income-oriented returns through different market environments capitalizing on OHA's experience investing through multiple market cycles.
- As of September 30, 2023. Includes net asset value, portfolio value and/or unfunded capital. Uses respective USD exchange rates as of month-end for any non-USD assets. Additional information on calculation methodology is available upon request.
- As of June 2023.
- As of September 30, 2023. Represents the Total Investment Amount. 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 and/or the cost of any equity purchased. 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.
- Diversification cannot assure a profit or protect against loss in a declining market.
- Floating rate coupons adjust with interest rates, and the seniority of loans helps protect principal if a borrower becomes challenged. Portfolio construction seeks to achieve targeted income-oriented returns through different market environments capitalizing on OHA's experience investing through multiple market cycles.
- 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 06/30/2023. Private credit represented by the Cliffwater Direct Lending Index. U.S. core bond represented by the Bloomberg U.S. Aggregate Bond Index. U.S. high yield represented by the Bloomberg U.S. Corporate High Yield Index. U.S. equities represented by the S&P 500 Index. View the white paper linked under “View Our White Paper” for more information.
- This vehicle made an election to be treated as a BDC on June 30, 2023. All terms and information subject to change.