T Rowe Price and Oak Hill Advisors have launched a new private credit fund, the T Rowe Price OHA Select Private Credit fund (Ocredit), which has already raised $1.5bn, according to a report by CityWire.
The new fund, which is structured as a perpetual-life business development company, will invest in both small and mid-sized firms, as well as distressed companies.
Managed by Oak Hill Advisors (OHA), Ocredit has secured more than $600m from T Rowe Price and other institutional investors, as well as $875m in credit facility commitments. The fund will now open up to individual investors.
T Rowe Price acquired Oak Hill Advisors in December 2021 to accelerate its expansion into alternative markets.
