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
$88 B
Capital Under Management3
25+ Years
Investment Committee Tenure4
$42 B
Private Credit Commitments since 20185
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.
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.
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
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.
Seeks to generate premium yields and capture opportunities through different market environments, including periods of volatility and higher interest rates.
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 partnership provides differentiated investor experience and world-class client service of a $1.61T asset manager. Preliminary data as of December 31, 2024. 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
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.8
Learn more about the growing opportunity and whether investing in private lending might be right for you.
Well Positioned to Seek Premium Yields for Investors From Private Credit
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.
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 $88B platform drive proprietary sourcing and enhance all aspects of private credit investment process.
Leading Private Lender
$48B in private credit commitments across North America and Europe as of December 31, 2024, leveraging full firmwide capabilities.
Create customized, proprietary financing solutions for borrowers using OHA’s flexible capital and distinctive structuring expertise.
Consistent with its history, OHA focuses on larger companies, which generally have stronger market positions and management teams and resilient businesses.
OCREDIT’s investment leadership has decades of experience, and OHA’s 60+ partners and managing directors average 25+ 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 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.
70+ industry specialists across 16 industry groups enrich company and sponsor relationships, deal flow, and due diligence.
Dedicated private credit, transaction, financing, and restructuring teams work closely with industry specialists to optimize results.
Scale and deep expertise to lead transactions demonstrated by typical top 1 or 2 lender role14 and significant “repeat” borrower deal flow.
13 Based on OHA’s private lending investments from 2018 through 2023.
As of 12/31/2023
Glenn August
OHA Founder and Chief Executive Officer
40 years of investment industry experience
Alan Schrager
OHA Portfolio Manager and Senior Partner
32 years of investment industry experience
Eric Muller
OCREDIT CEO, OHA Portfolio Manager and Partner
27 years of investment industry experience
Thomas Wong
OHA Portfolio Manager and Partner
25 years of investment industry experience
Harpreet Anand
OHA Portfolio Manager and Partner
20 years of investment industry experience
The deep continuity of OHA’s senior team has helped institutionalize a highly disciplined investment process.
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.
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.
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.
* Other includes Media: Diversified & Production, Retail Stores, Consumer Goods: Durable, Construction & Building, Cargo Transport, Printing and Publishing, Technology & Electronics, Buildings and Real Estate, Ecological, Broadcasting and Entertainment, Containers, Packaging and Glass, Banking, and Telecommunications.
T. Rowe Price OHA Private Credit Fund (OCREDIT) is a non-exchange-traded business development company (BDC) that expects to invest at least 80% of its total assets (net assets plus borrowings for investment purposes) in private credit investments (bonds and other credit investments that are issued in private offerings or issued by private companies). This investment involves a high degree of risk. An investor should purchase these securities only if they can afford the complete loss of the investment. An investor should read the prospectus carefully for a description of the risks associated with an investment in OCREDIT. These risks include, but are not limited to, the following:
Neither the Securities and Exchange Commission nor any state securities regulator has approved or disapproved of these securities or determined if this prospectus is truthful or complete. Any representation to the contrary is a criminal offense. Securities regulators have also not passed upon whether this offering can be sold in compliance with existing or future suitability or conduct standards including the Regulation Best Interest standard to any or all purchasers.
As of March 26, 2024, OCREDIT is available in all 54 states and territories.
As of March 26, 2024, OCREDIT is not registered for offer or sale outside of the United States.
This website must be read in conjunction with the OCREDIT prospectus in order to fully understand all the implications and risks of an investment in OCREDIT. This website is neither an offer to sell nor a solicitation of an offer to buy securities. An offering is made only by the prospectus, which must be made available to an investor prior to making a purchase of shares in connection with this offering and is available at the OCREDIT website. Prior to making an investment, investors should read the prospectus, including the “Risk Factors” section therein, which contains a discussion of the risks and uncertainties that we believe are material to our business, operating results, prospects, and financial condition.
Numerical data are approximate and as of December 31, 2023, unless otherwise noted. The words “we,” “us,” and “our” refer to OCREDIT, unless the context requires otherwise.
There is no guarantee that an investor would achieve results comparable to those presented. All investments involve the risk of material or total loss. Past performance is not necessarily indicative of future results. The data used to calculate the returns are unaudited and subject to revision.
This material was not created by any third-party registered broker-dealers or investment advisers who are distributing shares of OCREDIT (each, a “Dealer”). The Dealers are not affiliated with OCREDIT and have not prepared the material or the information herein.
Investments mentioned may not be in the best interest of, or suitable for, all investors. Any product discussed herein may be purchased only after an investor has carefully reviewed the prospectus and executed the subscription documents.
The contents of this communication: (i) do not constitute an offer of securities or a solicitation of an offer to buy securities (offers can be made only by the respective offering documents which are available upon request), (ii) do not and cannot replace the offering documents and is qualified in its entirety by the offering documents, and (iii) may not be relied upon in making an investment decision related to any investment offering by the issuer of the securities, or any affiliate, or partner thereof.
Alternative investments often are speculative; typically have higher fees than traditional investments; often include a high degree of risk; and are in the best interest of, or suitable for, eligible, long-term investors who are willing to forgo liquidity and put capital at risk for an indefinite period of time. They may be highly illiquid and can engage in leverage and other speculative practices that may increase volatility and risk of loss.
Opinions and estimates offered herein constitute the judgment of Oak Hill Advisors, L.P., as of the date this document is provided to an investor and are subject to change as are statements about market trends. All opinions and estimates are based on assumptions, all of which are difficult to predict and many of which are beyond the control of Oak Hill Advisors, L.P. In preparing this document, Oak Hill Advisors, L.P., has relied upon and assumed, without independent verification, the accuracy and completeness of all information. Oak Hill Advisors, L.P., believes that the information provided herein is reliable; however, it does not warrant its accuracy or completeness. Certain information contained in the materials discusses general market activity, industry or sector trends, or other broad-based economic, market, or political conditions and should not be construed as research or investment advice.
Further, opinions expressed herein may differ from the opinions expressed by a Dealer and/or other businesses/affiliates of a Dealer. This is not a “research report” as defined by FINRA Rule 2241 and was not prepared by the research departments of a Dealer or its affiliates.
Past performance is no guarantee of future results. Actual results may vary. Diversification of an investor’s portfolio does not assure a profit or protect against loss in a declining market.
Alternative investments involve complex tax structures, tax-inefficient investing, and delays in distributing important tax information. Individual funds have specific risks related to their investment programs that will vary from fund to fund. Investors should consult their own tax and legal advisers as Dealers generally do not provide tax or legal advice.
BDCs are generally not taxed at the corporate level to the extent they distribute all of their taxable income in the form of dividends. Ordinary income dividends are taxed at individual tax rates, and distributions may be subject to state tax. Each investor’s tax considerations are different, and consulting a tax adviser is recommended. Any of the data provided herein should not be construed as investment, tax, accounting, or legal advice.
Potential investors are urged to consult a professional advisor regarding the possible economic, tax, legal, or other consequences of them investing in OCREDIT in light of their particular circumstances.
Interests in alternative investment products are distributed by the applicable Dealer and (1) are not FDIC-insured, (2) are not deposits or other obligations of such Dealer or any of its affiliates, and (3) are not guaranteed by such Dealer and its affiliates. Each Dealer is a registered broker-dealer or investment adviser, not a bank.
Certain countries have been susceptible to epidemics or pandemics, most recently COVID-19. The outbreak of such epidemics or pandemics, together with any resulting restrictions on travel or quarantines imposed, has had and will likely continue to have a negative impact on the economy and business activity globally (including in the countries in which OCREDIT invests), and thereby is expected to adversely affect the performance of OCREDIT’s investments. Furthermore, the rapid development of epidemics or pandemics could preclude prediction as to their ultimate adverse impact on economic and market conditions and, as a result, present material uncertainty and risk with respect to OCREDIT and the performance of its investments or operations.
BDCs may charge management fees, incentive fees, as well as other fees associated with servicing loans. These fees may detract from the total return. OCREDIT employs leverage, which may increase the volatility of OCREDIT’s investments and may magnify the potential for loss. Fixed income securities are subject to credit risk, call risk, and interest rate risk. As interest rates rise, bond prices fall. Investments in high yield bonds involve greater risk. International investments can be riskier than U.S. investments and are subject to foreign exchange risk.
OCREDIT is “nondiversified,” meaning it may invest a greater portion of its assets in a single company. OCREDIT’s share price can be expected to fluctuate more than that of a comparable diversified fund. OCREDIT may invest in derivatives, which may be riskier or more volatile than other types of investments because they are generally more sensitive to changes in market or economic conditions.
Account opening and closing fees may apply depending on the amount invested and the timing of the account closure. There may be costs associated with the investments in the account, such as periodic management fees, incentive fees, loads, other expenses, or brokerage commissions. Fees for optional services may also apply.
For a more detailed description of OCREDIT’s investment guidelines and risk factors, please refer to the prospectus. Consider the investment objectives, risks, and charges and expenses carefully before investing or sending money. For more detailed information, please download and carefully read a free prospectus.
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