T. Rowe Price, in partnership with Oak Hill Advisors (OHA), has launched a new investment product called the OHA Flexible Credit Income Fund (OFLEX). This fund is structured as a publicly offered interval fund, meaning it is accessible to a broader range of investors while still allowing the managers to invest in less-liquid assets. The goal of the fund is to expand access to OHA’s alternative credit expertise beyond institutional investors and into the U.S. wealth market. 

OFLEX follows a multi-strategy credit approach, investing across both public and private debt markets. This includes opportunities such as corporate loans, private lending, structured credit, and other income-generating assets. By combining different types of credit investments, the fund aims to diversify risk and capture opportunities across various market conditions, rather than relying on a single strategy. A key feature of the fund is its flexibility. The managers can shift allocations between liquid and illiquid assets depending on where they see the best risk-adjusted returns.

OHA has a strong presence across the United States with specialized investment and client service teams, managing around USD 111 billion in alternative credit assets worldwide. The firm also brings over three decades of experience serving institutional investors in the U.S. In 2024, T. Rowe Price and OHA introduced their first collaborative product, the T. Rowe Price OHA Select Private Credit Fund (OCREDIT). This offering is designed for income-focused individual investors and operates as a non-traded, perpetual-life business development company (BDC), providing access to private credit opportunities.