T. Rowe Price puts private credit fund on iCapital
T.Rowe Price and Oak Hill Advisors have launched a private credit fund on the iCapital Marketplace.
The T. Rowe Price OHA Select Private Credit Fund (OCREDIT) has been set up as a non-traded, perpetual-life business development company (BDC) in the US in October with $1.5bn (£1.2bn) of capital. It will now be available to financial advisers through fintech iCapital’s platform.
“Before the prevalence of the BDC structure, private credit had historically only been available to institutional investors,” said Eric Muller, portfolio manager and partner at OHA and OCREDIT chief executive officer.
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“iCapital is an important partner to bring OHA’s private credit capabilities to a wider investor audience, and we’re excited to offer streamlined access to OCREDIT through the iCapital Marketplace.”
The fund invests in mainly senior secured, privately originated loans to larger companies located predominantly in North America.
Asset management firm T. Rowe Price acquired Oak Hill Advisors in 2021 in an effort to boost its private markets expertise. The alternative credit specialist has $63bn of assets under management and invests globally.
iCapital is a fintech platform that aims to bring alternative investment funds to a wider group of investors using its technology. It works with some of the largest alternative asset managers, offering their funds to advisers and wealth managers.
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