OHA hits record $17.7bn close for first senior private lending fund

Oak Hill Advisors (OHA) has achieved a record final close on its first-vintage senior private lending fund, securing commitments of $17.7bn (£13.2bn).

The $108bn global credit-focused alternative asset manager said the capital was raised across its levered and unlevered strategies, including $8bn of equity commitments.

“OHA Senior Private Lending Fund (OLEND) is OHA’s largest flagship fundraise in our history,” said Glenn August, founder and chief executive at OHA. “The team is looking forward to seizing on the market opportunity in senior private lending, and we are grateful for our partnership with existing and new investors.”

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OLEND focuses on direct lending to larger companies, targeting first-lien and unitranche loans to businesses generating more than $75m in EBITDA. The fund primarily invests in North America across a broad range of industries.

The investor base includes global institutions such as pension funds, sovereign wealth funds, insurers, endowments and family offices. OHA said its partnership with T. Rowe Price, for which it serves as the investment firm’s private markets platform, supported the fundraise.

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“OLEND is a natural extension of OHA’s established credit investing platform, which has evolved significantly over recent years to capitalise on the accelerated growth of the private credit market and the attractive relative value of unitranche financings,” said Alan Schrager, portfolio manager and senior partner at OHA.

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