T. Rowe Price and Oak Hill Advisors announced the launch of the T. Rowe Price OHA Flexible Credit Income Fund (OFLEX) on March 19, 2026. The new interval fund is a joint effort that combines Oak Hill’s deep private‑credit expertise with T. Rowe Price’s distribution network, creating a single entry point for U.S. wealth and retirement clients seeking exposure to both public and private credit markets.
OFLEX is structured as a multi‑strategy interval fund that invests across public and private credit, including direct lending, junior capital, asset‑based lending, CLOs, liquid credit and special‑situations opportunities. The fund’s “all‑weather 1” strategy seeks to capture income and capital appreciation in a range of market environments, while the interval structure provides daily ticker‑trading and quarterly repurchase offers of at least 5% of outstanding shares at NAV, giving investors a degree of liquidity uncommon in private‑credit vehicles.
The launch is part of T. Rowe Price’s broader push to grow fee‑bearing assets under management in higher‑margin alternative asset classes. In 2025 the firm reported $1.80 trillion in AUM, with alternative investments representing a growing share of that total. By adding OFLEX, the firm aims to capture the rising demand for private‑credit exposure among high‑net‑worth and retirement clients, a market that has expanded to an estimated $3 trillion in total size.
Private‑credit demand has accelerated in a higher‑interest‑rate environment, but recent concerns about liquidity and loan valuations—highlighted by events such as Blue Owl Capital’s withdrawal gating—have prompted investors to seek more structured products. OFLEX’s interval format and rigorous risk‑management framework address these concerns, positioning the fund as a defensible entry point for clients wary of illiquid private‑credit vehicles.
Glenn August, Founder and CEO of Oak Hill, said, “OFLEX is built to seek to capitalize on our best ideas across the OHA platform, applying a consistent investment process and a rigorous focus on risk management as we pursue stable, income‑generating investments across both liquid and private credit markets.” Dee Sawyer, Head of Global Distribution for T. Rowe Price, added, “Interval funds offer a unique combination of flexibility and access to private and public credit markets, helping investors pursue their long‑term financial goals. OFLEX expands our suite of alternative investment offerings to meet this growing client demand.”
The partnership builds on a previous joint offering, the T. Rowe Price OHA Select Private Credit Fund launched in 2024, and reflects T. Rowe Price’s strategy to deepen its alternative platform after acquiring Oak Hill in 2021. By adding OFLEX, the firm strengthens its competitive positioning in a market where fee‑bearing AUM growth is a key differentiator for asset managers.
In summary, the OFLEX launch represents a strategic expansion into the high‑margin private‑credit space, offering clients a flexible, income‑focused product that aligns with current market demand while mitigating liquidity concerns through its interval structure. The move is expected to enhance T. Rowe Price’s fee‑bearing AUM and reinforce its position as a leading provider of alternative investment solutions for wealth and retirement clients.
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