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OCREDIT 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.

"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."

OCREDIT 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.

"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 ability to lead and structure transactions with pricing and terms that reward our investors."

OCREDIT seeks to capitalize on significant continued growth of the market for private credit, which is projected to expand from $1.5 trillion at the end of 2022 to $2.3 trillion by the end of 2027, according to data from Preqin.

"We expect the substantial growth in demand for private financing solutions to continue to drive an attractive investment opportunity for OCREDIT," said Alan Schrager, senior partner and portfolio manager at OHA and chairman of OCREDIT. "We believe that directly originated loans at the top of the capital structure offer the most attractive absolute and relative value in corporate credit currently. Our highly selective approach and deep expertise as a leading credit specialist over decades also position us to manage downside risk across market cycles."

T. Rowe Price acquired Oak Hill Advisors, L.P., in December 2021 to accelerate its expansion into alternative markets, complementing its existing global platform and ongoing strategic investments in its core capabilities. OCREDIT combines OHA's institutional-quality1 investment strategy with T. Rowe Price's differentiated investor experience and world-class client service.