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All investments involve risk, including possible loss of principal. Carefully consider key risk factors prior to investing.

Private Credit

T. Rowe Price OHA Select Private Credit Fund (OCREDIT)

Delivering OHA's institutional-quality private credit solution to income-seeking investors.1

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

$64 B

Capital Under Management3

25+ Years

Investment Committee Tenure4

$30 B

Private Credit Commitments since 20185

  1. 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.
  2. 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.
  3. As of March 31, 2024. 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.
  4. As of December 31, 2023.
  5. As of December 31, 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 $1.54T asset manager. Preliminary data as of March 31, 2024. Subject to adjustment.

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.

“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.8

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 $64B platform drive proprietary sourcing and enhance all aspects of private credit investment process.

Leading Private Lender

$37B in private credit commitments across North America and Europe as of December 31, 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 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 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 role14 and significant “repeat” borrower deal flow.

13 Based on OHA’s private lending investments from 2018 through 2023.

OCREDIT Investment Committee

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.

Fund Terms

Structure9 SEC registered non-exchange listed
Registered Offering $2.5 B (‘40 Act Offering)
Inflows Monthly subscriptions at monthly NAV
Primary Focus U.S. senior secured private loans
Geographic Focus U.S. and, to a lesser extent, Europe and other non-U.S. locations
Leverage11 Target 1.0x - 1.25x debt-to-equity, with 2.0x regulatory cap per ‘40 Act
Management Fee 1.25% per annum on NAV, paid monthly
Incentive Fee 12.5% of net investment income (subject to 5% hurdle rate and 100% catch-up), paid quarterly
12.5% of cumulative realized capital gains from inception through the end of the calendar year, computed net of realized and unrealized losses, paid annually
Distributions Monthly
Expected Liquidity10 Quarterly repurchases at NAV as of each quarter end, limited to 5.0% for aggregated shares outstanding (either by number of shares or aggregate NAV) as of the close of the previous calendar quarter
Early repurchase deduction 2% (Shares not held for one year will be repurchased at 98% of NAV)
The Board of Trustees may amend or suspend these share repurchases in its discretion if it deems such action to be in the interest of shareholders
Tax Reporting12 Form 1099 - DIV
Investor Eligibility13 (1) A net worth of at least $250 K or (2) a gross annual income of at least $70 K and a net worth of at least $70 K. Certain states have additional suitability standards. See the prospectus for more information.

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

E: AdvisorServices@troweprice.com

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
  1. 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.
  2. Portfolio construction seeks to achieve targeted income-oriented returns through different market environments capitalizing on OHA's experience investing through multiple market cycles.
  3. As of March 31, 2024. 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.
  4. As of December 31, 2023.
  5. As of December 31, 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.
  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