Press release
T. Rowe Price and Oak Hill Advisors Launch "OCREDIT" Private Credit Fund
Joint Offering Launching With Over $1.5 Billion in Capital BALTIMORE, Oct. 2, 2023 /PRNewswire/ -- T. Rowe Price and Oak Hill Advisors (OHA) are pleased to
About this update from T. Rowe Price Group, Inc.
[{"type":"text","content":"Joint Offering Launching With Over $1.5 Billion in Capital\nBALTIMORE, Oct. 2, 2023 /PRNewswire/ -- T. Rowe Price and Oak Hill Advisors (OHA) are pleased to announce the launch of their joint investment offering, the T. Rowe Price OHA Select Private Credit Fund (OCREDIT). OCREDIT provides an OHA-managed private credit investment solution for income-oriented individual investors with the convenience of a non-traded, perpetual-life business development company (BDC) structure.\n\nOCREDIT is launching with $1.5 billion of investible capital, making it one of the industry's largest non-traded BDC launches. This includes over $600 million raised in equity commitments from T. Rowe Price and a group of global institutional investors with long-term investment orientations, in addition to $875 million in credit facility commitments. OCREDIT will build on this momentum by opening this perpetual offering to individual investors.\n\"From the beginning of our partnership with OHA, we have shared a vision to build a broader business in private markets by combining their expertise in private credit with T. Rowe Price's global scale,\" said Rob Sharps, chief executive officer and president of T. Rowe Price. \"OCREDIT offers just that, bringing the benefits of private credit – historically available only to institutional investors – to individual investors and their advisors.\"\nOCREDIT seeks to generate attractive returns driven by generally strong and stable current income through different market environments, including periods of market volatility. The fund invests in a diversified portfolio of primarily senior secured, privately originated loans to larger, well-established, recession-resistant companies located predominately in North America. OCREDIT harnesses the differentiated capabilities of OHA's $61 billion credit specialist platform developed and proven over its 30-year history.\n\"Consistent with OHA's history, OCREDIT focuses on market-leading companies that we believe offer better credit profiles with experienced management teams, diverse sources of revenue and the potential to weather challenging market conditions,\" said Eric Muller, portfolio manager and partner at OHA and OCREDIT chief executive officer. \"We are a \"go-to\" financing partner for companies and their private equity sponsors, which enhances sourcing and our abili...