T. Rowe Price, Oak Hill Advisors Launch Multi-Strategy Credit Interval Fund
T. Rowe Price and Oak Hill Advisors, or OHA, have expanded their alternative investment suite with the launch of the T. Rowe Price OHA Flexible Credit Income Fund, also known as OFLEX. The new multi-strategy credit interval fund is designed to provide a broad range of investors with access to OHA’s alternative credit strategies across both private and public markets.
OFLEX utilizes an “all-weather” investment strategy, allowing management to pivot between credit sectors based on shifting market environments. The fund aims to provide a single point of entry into several alternative credit areas, including direct lending and junior capital solutions, asset-based lending, collateralized loan obligations, and liquid credit and other special situations, including stressed and non-control distressed credit and opportunities arising due to market dislocation.
“OFLEX is built to seek to capitalize on our best ideas across the OHA platform,” said Glenn August, founder and chief executive officer of OHA. He emphasized that the firm’s core tenet – a rigorous focus on risk management and downside protection – will be applied to pursue stable, income-generating investments.
As an interval fund, OFLEX makes shares available for daily purchase and will conduct quarterly repurchase offers for at least 5% of outstanding shares at net asset value.
Dee Sawyer, head of global distribution for T. Rowe Price, said that the structure meets growing client demand for solutions that provide consistent income while managing risk in an evolving market.
The launch is the latest development in the partnership formed when T. Rowe Price acquired OHA in 2021 to expand into alternative markets. As of year-end 2025, OHA managed approximately $111 billion in alternative credit assets globally.
OFLEX follows the partners’ first joint product, the T. Rowe Price OHA Select Private Credit Fund, or OCREDIT, which operates as a non-traded, perpetual-life business development company. While OCREDIT focuses specifically on private credit for income-oriented individuals, OFLEX offers broader flexibility across the entire credit spectrum.
The fund features minimum investments starting at $2,500 for retail share classes, though specific amounts vary by share class.
Class I shares, designed for institutional and fee-based advisory accounts, have no upfront sales load and no ongoing distribution or service fees. The minimum investment is $1 million.
Class D shares, often used in brokerage accounts or through financial intermediaries, carry an upfront sales load of 1.5% and a modest ongoing service fee of 0.25%. The minimum investment is $2,500.
Class A shares, primarily for retail investors, feature the highest upfront sales load of 3.5% and may include ongoing distribution and service fees of 0.75% annually. The minimum investment is $2,500.
Transaction costs are estimated at approximately 0.08% per annum. Other operating fees and costs are capped at approximately 0.92% per annum (excluding management and performance fees), resulting in a total capped expense ratio for these specific items of 1%.
Founded in 1937, T. Rowe Price provides active management of equity, fixed income, alternatives, and multi-asset investment capabilities. It reported $1.8 trillion in assets under management as of Jan. 31, 2026, and serves millions of clients globally.
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