About us
OHA is an investment firm that has provided the market with leading alternative credit and private capital solutions since 1991.
A compelling track record across decades
Delivering the all-weather capabilities1 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.
History through market cycles
Assets under management2
Investment committee tenure3
Private credit commitments since 20184
Why invest in private credit?
Private credit has outperformed the majority of 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.5
Learn more about whether investing in private lending might be right for you.
Past performance is no guarantee or a reliable indicator of future results.
Discover the opportunity
An allocation to private credit as part of a diversified portfolio may benefit suitable investors in several ways, including the potential for higher income, higher risk-adjusted returns, and managed downside risk. These advantages can help investors evaluate risks different from those inherent in traditional asset classes.
Diversification cannot assure a profit or protect against loss in a declining market.
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 a time-tested investment process, enhanced by 30+ years of investing in thousands of companies.
Scaled credit specialist
Investment activities of a $88B platform drive proprietary sourcing and enhance all aspects of a private credit investment process.2
Leading private lender
$48B in private credit commitments across North America and Europe as of December 31, 2024, 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 75+ partners and managing directors average 24+ years of industry experience.6
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.
OCREDIT investment leadership
OHA’s stable leadership core, talented investment team and performance-driven culture have contributed to their 30+ year history of deep credit expertise and risk management.
Footnotes
1. 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.
2. Assets under management (“AUM”) estimated as of December 31, 2024. Refers to the discretionary and non-discretionary assets of investment advisory clients and of certain tactical relationships to which OHA provides management, advisory or sourcing and administrative services. AUM includes net asset value, drawn and undrawn debt at the portfolio level, portfolio value and/or unfunded capital, as applicable. AUM uses USD exchange rates as of the applicable month-end for any non-USD-denominated assets. For the CLOs OHA manages, OHA’s AUM is equal to the initial principal of collateral adjusted for paydowns. Additional information on the AUM calculation methodology is available upon request. Private Strategies, Liquid Strategies and Structured Credit are based on the primary strategy of each investment vehicle and/or account, each of which may invest in multiple asset classes. The AUM provided here is distinct from regulatory assets under management (as reported on the Form ADV), GIPS assets under management calculations, and capital under management. Totals may not add due to rounding.
3. As of January 31, 2025.
4. Represents the Total Investment Amount (as defined in the OHA Private Lending Representative Transactions Record (“PLRTR”) Endnote) as of December 31, 2024. 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. 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. The inception of the PLRTR is September 2002. Totals may not add due to rounding.
5. Based on Sharpe ratios (a measure that indicates the average return minus the risk-free return divided by the standard deviation of return on an investment): Source: T. Rowe Price analysis as of 9/30/2024. Private credit represented by the Cliffwater Direct Lending Index. The Cliffwater Direct Lending Index seeks to measure the unlevered, gross of fees performance of U.S. middle market corporate loans. U.S. core bond represented by the Bloomberg U.S. Aggregate Bond Index. The Bloomberg U.S. Aggregate Bond Index represents the investment-grade, USD-denominated fixed-rate taxable bond market. U.S. high yield represented by the Bloomberg U.S. Corporate High Yield Index. The Bloomberg U.S. Corporate High Yield Bond Index measures the USD-denominated, high yield, fixed-rate corporate bond market. U.S. equities represented by the S&P 500 Index. An investor cannot invest directly in an index.
6. As of January 31, 2025.
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
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