Private Markets Capabilities

Built for an evolving investment landscape

Gain exposure to private markets, backed by our rigorous research, long-term perspective, and active oversight.

Explore Capabilities
  1. Our approach
  2. Private credit
  3. Private equity
  4. Real assets
  5. Our teams
  6. Contact us

Today’s investment opportunities are 
increasingly private
Source: S&P Capital IQ, June 2026. Note: 74% represents private U.S. companies with >$100M in total revenue.

A platform for the next era of private markets investing

Research-led investing

Beyond access, private markets demand research, selectivity and a focus on execution, to deliver long-term value.

Specialist capabilities

We seek to add value through proprietary capabilities in late-stage growth and institutional private credit.

Purpose built design

We build relationships and portfolios with conviction, seeking to strengthen outcomes and create a client-first private markets platform.

Private credit

Through customized, privately negotiated solutions, private credit seeks to provide income-oriented investment opportunities designed to manage credit risk.

In 2021, T. Rowe Price acquired Oak Hill Advisors (OHA), a leading global alternative credit investment specialist.

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Opportunity set

Senior private lending

Junior private lending

Special situations / capital solutions

Distressed

Real Assets

Structured credit

Institutional credit expertise

OHA brings 30+ years of alternative credit experience, and relationships across sponsors, issuers, and capital markets.

Consistent, disciplined process

Investment decisions focus on credit quality, capital structure, downside mitigation and risk-adjusted return potential.

Experienced team

More than 130 investment professionals bring expertise across sectors, structures and credit cycles.

Private equity

Private equity invests in non-publicly traded companies with a focus on growth, operational improvement and long-term value creation.

Opportunity set

Buyout

Growth

Venture Capital

Secondaries

Integrated global research

200+ sector and regional analysts across industries, geographies, and market cycles.

Proprietary sourcing

Relationships with founders, investors, and intermediaries help source competitive opportunities.

Established track record

A long history of investing in 300+ late-stage private companies across market cycles since 2007.

Data shown represents an aggregate of T. Rowe Price private equity investments experience from 22 May 2007 through 31 March 2026. The investments were managed and held within various non-private equity T. Rowe Price investment vehicles. Information shown is intended to reflect on the firm’s long‐standing experience in the private equity space and does not reflect the management in a discrete private equity portfolio.

Real assets

Real assets seek to diversify portfolios, support income needs, and provide exposure to assets with inflation-sensitive return drivers.

Opportunity set

Private real estate

Private infrastructure

Diversification

Potential to offer return streams driven by different economic factors than traditional equities and fixed income.

Long-term income potential

May benefit from contractual revenues, physical assets, or cash flows linked to inflation-sensitive sectors.

Inflation-aware exposure

Designed to generate income backed by physical or contractual assets.

Building to provide opportunities

Our teams

Private credit
 Private equity Multi-asset
Glenn R. August
Glenn R. August Founder & Chief Executive Officer
Glenn R. August became CEO of Oak Hill Advisors (OHA) in 1999 after co-founding OHA's predecessor firm in 1987. Under his leadership, OHA has developed into a leading asset manager across private credit, leveraged loans, high yield debt, stressed and distressed debt, and structured credit. He heads OHA's global distressed investment business, chairs the executive and investment strategy committees, and serves on several fund investment committees. He has played leadership roles in many restructurings and has served on 18 corporate boards since 1987. He is also involved in relationship management across OHA's global investor base and led OHA's 2021 acquisition by T. Rowe Price Group, Inc., where he serves on the board. His nonprofit board service includes Mount Sinai Medical Center, the Partnership for New York City, and Horace Mann School. He is a member of the Council on Foreign Relations and earned an M.B.A. from Harvard Business School, where he was a Baker Scholar, and a B.S. from Cornell University. 
Years at OHA
39
 Years of investment experience
42
Eric Muller
Eric Muller OHA Portfolio Manager & Partner
Eric Muller, Portfolio Manager & Partner, Chief Executive Officer – BDCs, shares responsibility for leading OHA’s private credit business and has primary management responsibility for OHA’s BDCs. Mr. Muller also serves on the firm’s executive committee. Prior to joining OHA, he 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. Mr. Muller previously worked as a private equity investor for the Cypress Group. Additionally, he serves as a Member of the Board of Trustees for Boston University and on the Investment Committee for the University’s Endowment. Mr. Muller is Co-Chairman 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.
Years at OHA
8
 Years of investment experience
28
Greg Leveto
Greg Leveto OHA Portfolio Manager & Partner, OFLEX CEO
Greg Leveto, Portfolio Manager & Partner, serves as an investment professional focusing on asset based finance and sits on OHA’s executive committee. Before joining OHA, Mr. Leveto ran the Transportation, Infrastructure and Energy Financing group at Deutsche Bank, where he was a Managing Director. He previously worked at Goldman Sachs for eight years, most recently in the Hard Asset Trading group in the Fixed Income division. While at Goldman Sachs, Mr. Leveto also worked as an investment analyst in the Special Asset Group and as an investment banker on the Real Estate, Gaming and Lodging team. He spent the first two years of his career at Land Group Atlanta, a boutique real estate advisory and development firm. Mr. Leveto is on the board of NAMI NYC, an organization focused on mental health awareness and advocacy. He earned a B.S. from the Boston University Questrom School of Business.
Years at OHA
7
Years of investment experience
22
David M. DiPietro
David M. DiPietro Head, Private Equity team and a partner on the Private Opportunities Fund investment committee

David DiPietro is the head of the Private Equity team and a partner on the Private Opportunities Fund investment committee. The Private Equity team serves as a single point of accountability and coordination of all private equity investments for the firm. David is also a vice president of T. Rowe Price Group, Inc.

Years at T. Rowe Price
5
Years of investment experience
39
Emma Norchet
Emma Norchet Partner, Private Opportunities Fund investment committee

Emma Norchet is a partner on the Private Opportunities Fund investment committee and member of the Centralized Private Equity team in the U.S. Equity Division. She is a vice president of T. Rowe Price Group, Inc. 

Years at T. Rowe Price
1
Years of investment experience
12
Vikram Natu
Vikram Natu Portfolio Manager, Multi-Asset

Vikram Natu is a portfolio manager, Private Market Solutions in the Multi-Asset Division.

Years at T. Rowe Price
1
Years of investment experience
13
Som Priestley, CFA
Som Priestley, CFA Head of Global Investment Solutions, Americas & Portfolio Manager

Som Priestley is head of Global Investment Solutions, Americas and a portfolio manager in the Multi-Asset Division. He is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price Associates, Inc.

Years at T. Rowe Price
14
Years of investment experience
20

Contact us

Financial professionals

1-800-551-5299 alts.us@troweprice.com

Leverage our broader investment expertise

Discover investment capabilities that can complement your existing portfolio

Learn more about our investment capabilities designed to meet a full range of client needs. 

View All Capabilities

Risk Considerations: All investments are subject to market risk, including the possible loss of principal. Investing in private companies involves greater risk than investing in stocks or bonds of established publicly traded companies. Risks include potential loss of capital, illiquidity, less available information and difficulty in valuating private companies. Investments in real assets companies related to real estate, infrastructure and other real assets are more susceptible to adverse developments affecting one or more of these industries than a more broadly diversified investment would be and may perform poorly during a downturn in any of those industries. Diversification cannot assure a profit or protect against loss in a declining market.

USA - Issued in the USA by T. Rowe Price Associates, Inc., 1307 Point Street, Baltimore, MD, 21231, which is regulated by the U.S. Securities and Exchange Commission. 

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