T. Rowe Price, in partnership with Oak Hill Advisors, introduces the OFLEX AUD fund, providing Australian institutional and high-net-worth investors access to global private credit with a flexible, diversified approach amid evolving market conditions.
T. Rowe Price, in partnership with Oak Hill Advisors (OHA), has launched the Flexible Credit Income Fund AUD (OFLEX AUD), tailored specifically for wholesale investors in Australia. This new offering seeks to deliver income primarily through lending to large-cap companies across a diverse range of industries, predominantly within the US market. The fund’s design centres on flexibility and diversification, enabling investments that span the full credit spectrum, from private to public markets and across various structures such as direct lending, junior capital solutions, asset-based lending, collateralised loan obligations, special situations, and liquid credit.
According to OHA portfolio manager Adam Nankervis, the current market environment is providing compelling opportunities for flexible capital within the realm of alternative credit. He highlights that OFLEX AUD leverages OHA’s three decades of expertise in credit selection, structuring, and risk management, underscoring the firm’s commitment to downside protection and capital preservation. This approach, he explains, has enabled OHA to successfully navigate multiple credit cycles, offering a disciplined framework that balances risk with opportunity.
Darren Hall, T. Rowe Price’s country head for Australia and New Zealand, emphasises the growing local appetite for alternative credit among financial advisers and family offices. He contrasts OFLEX AUD with existing Australian private credit offerings, which tend to be heavily concentrated in real estate and higher-risk property development. OFLEX AUD, by contrast, provides broad sectoral exposure designed to mitigate sector-specific risks and enhance portfolio resilience. Hall notes that the collaboration combines OHA’s recognised alternative credit expertise with T. Rowe Price’s established distribution network. This is positioned to widen access for high-net-worth Australian investors to a global private credit market historically limited to institutional investors.
The launch of OFLEX AUD represents the first opportunity for Australian wealth clients to access OHA’s multi-strategy credit platform, expanding their investment universe into global private credit. OHA currently manages approximately US$108 billion in alternative credit assets worldwide, operating across credit strategies that include private credit, distressed and special situations, high yield bonds, leveraged loans, and collateralised loan obligations. The firm employs a rigorous, fundamental, and value-based approach with a strong emphasis on downside protection, supported by over 400 experienced professionals working collaboratively across six global offices.
The alliance between T. Rowe Price and OHA has been bolstered since T. Rowe Price’s acquisition of Oak Hill Advisors in December 2021, a strategic move valued at approximately $4.2 billion. This deal was designed to accelerate T. Rowe Price’s expansion into alternative credit markets, complementing its global investment platform. Despite the acquisition, OHA continues to operate autonomously within the T. Rowe Price group, maintaining control over its investment processes, team, and culture. This continuity has been critical in sustaining OHA’s consistent investment philosophy and strong performance record.
Industry observers note that alternative credit is increasingly viewed as a vital component of diversified portfolios, offering enhanced yield potential and resilience amid uncertain economic conditions. The OFLEX AUD fund caters to this rising demand by providing access to a broad and flexible credit mandate that is less correlated with traditional equity and fixed income markets. It is also accessible via Investor Directed Portfolio Service (IDPS) and superannuation accounts, broadening its availability to Australian investors seeking innovative and risk-aware credit strategies.
Overall, the launch of OFLEX AUD stands as a noteworthy development in the Australian investment landscape. It introduces a sophisticated private credit strategy backed by a globally recognised investment manager, aimed at delivering stable income and risk-adjusted returns in a challenging market environment, while diversifying away from the concentrated risk profiles that characterise much of the Australian private credit market today.
- https://www.financialstandard.com.au/news/t-rowe-and-oak-hill-launch-flexible-credit-income-fund-179810704 – Please view link – unable to able to access data
- https://www.financialstandard.com.au/news/t-rowe-and-oak-hill-launch-flexible-credit-income-fund-179810704 – T. Rowe Price and Oak Hill Advisors (OHA) have launched the Flexible Credit Income Fund AUD (OFLEX AUD), designed for wholesale investors. The fund aims to deliver income by lending primarily to large-cap companies across various industries, mainly in the US. It offers a diversified strategy with flexibility to invest across both private and public credit markets, including direct lending, junior capital solutions, asset-based lending, collateralised loan obligations, special situations, and liquid credit. OHA portfolio manager Adam Nankervis highlighted the current market opportunities for flexible capital within alternative credit. The fund will be distributed by T. Rowe Price and is available to both Investor Directed Portfolio Service (IDPS) and superannuation accounts. T. Rowe Price country head for Australia and New Zealand, Darren Hall, noted the growing local demand for alternative credit solutions among advisers and family offices. Unlike most existing offerings in the Australian private credit market, which are concentrated in real estate and higher-risk property development, OFLEX AUD provides broad exposure across a wide spectrum of sectors. This diversification aims to mitigate sector-specific risks and enhance portfolio resilience for Australian investors. The partnership combines OHA’s alternative credit investment expertise with T. Rowe Price’s distribution network, expanding access for high-net-worth Australian investors to diversify their portfolios with high-quality alternative credit. This collaboration underscores their commitment to providing advisers and clients with innovative investment options and local expertise in a changing market environment. The fund marks the first time OHA’s multi-strategy credit approach will be available to Australian wealth clients, expanding access to the global private credit investment universe historically reserved for institutions. OHA manages approximately US$108 billion in alternative credit assets globally. T. Rowe Price acquired OHA in December 2021 to accelerate its expansion into alternative markets.
- https://www.oakhilladvisors.com/ – Oak Hill Advisors (OHA) is a leading alternative investment firm with $108 billion under management as of September 30, 2025, across performing and distressed credit-related investments in North America, Europe, and other geographies. With over 30 years of experience, OHA employs a rigorous, fundamental, value-based approach to credit investing, focusing on downside protection and active management. The firm offers a fully integrated investment platform across asset classes and geographies, enhancing results and promoting a strong culture of teamwork. OHA’s deep continuity of senior management has enabled a consistent investment philosophy and process, contributing to attractive performance. By evaluating opportunities across the credit universe, OHA’s investment teams have a broad perspective that positions the firm to capture both relative and absolute value across asset classes. Since its inception, OHA has embraced a partnership approach to developing long-term strategic relationships with clients, borrowers, and other market participants to address their evolving needs in creative ways. Oak Hill Advisors, L.P. is a subsidiary of T. Rowe Price.
- https://www.prnewswire.com/news-releases/t-rowe-price-completes-acquisition-of-oak-hill-advisors-301451583.html – T. Rowe Price Group, Inc. announced the completion of its acquisition of Oak Hill Advisors, L.P. (OHA), a leading alternative credit manager. The acquisition, announced on October 28, 2021, accelerates T. Rowe Price’s expansion into alternative credit markets, complementing its existing global platform and ongoing strategic investments. Rob Sharps, T. Rowe Price president, head of Investments, group chief investment officer, and incoming chief executive officer, expressed pleasure in welcoming the OHA team to T. Rowe Price. Glenn August, founder and chief executive officer of OHA, stated that the acquisition allows both firms to deliver more value to clients through greater scale and a broader range of product offerings. With the closing of the transaction, OHA operates as a standalone business within T. Rowe Price, maintaining autonomy over its investment process, team, and culture. Glenn August continues in his current role and joins T. Rowe Price’s Board of Directors and Management Committee, effective December 30, 2021. Rob Sharps also joins T. Rowe Price’s Board of Directors at that time.
- https://www.nasdaq.com/press-release/t.-rowe-price-oha-select-private-credit-fund-announces-march-31-2024-financial – Oak Hill Advisors (OHA) is a leading global credit-focused alternative asset manager with over 30 years of investment experience. OHA works with institutions and individuals and seeks to deliver a consistent track record of risk-adjusted returns with downside focus. The firm manages approximately $64 billion of capital across credit strategies, including private credit, high yield bonds, leveraged loans, stressed and distressed debt, and collateralized loan obligations as of March 31, 2024. OHA’s emphasis on long-term partnerships with companies, sponsors, and other partners provides access to a proprietary opportunity set allowing for customized credit solutions with strength across market cycles. With over 410 experienced professionals across six global offices, OHA brings a collaborative approach to offering investors a single platform to meet their diverse credit needs. OHA is the private markets platform of T. Rowe Price Group, Inc. (NASDAQ – GS: TROW).
- https://www.paulweiss.com/insights/client-news/oak-hill-advisors-to-be-acquired-by-t-rowe-price-for-42-billion – Paul, Weiss is advising Oak Hill Advisors, L.P. in its $4.2 billion sale to T. Rowe Price Group, Inc. OHA will become T. Rowe Price’s private markets platform, accelerating T. Rowe Price’s expansion into alternative investment markets and complementing T. Rowe Price’s existing global platform and ongoing strategic investments. OHA is a leading alternative credit manager, with $53 billion in capital under management as of July 31, 2021. T. Rowe Price is a global investment management organization with $1.61 trillion in assets under management. Under the terms of the transaction, T. Rowe Price will acquire 100% of the equity of OHA and certain other entities that have common ownership for a purchase price of up to approximately $4.2 billion, with $3.3 billion payable at closing. The purchase price reflects approximately 74% in cash and 26% in T. Rowe Price common stock, and up to an additional $900 million in cash upon the achievement of certain business milestones beginning in 2025.
- https://www.sahmcapital.com/news/content/t-rowe-price-oha-select-private-credit-fund-announces-september-30-2025-financial-results-and-declared-total-distributions-of-069-per-share-in-q3-2025-2025-11-06 – Oak Hill Advisors (OHA) is a leading global credit-focused alternative asset manager with over 30 years of investment experience. OHA works with institutions and individuals and seeks to deliver a consistent track record of attractive risk-adjusted returns. The firm has approximately $108 billion in assets under management (AUM) as of September 30, 2025, across credit strategies, including private credit, distressed and special situation investments, high yield bonds, leveraged loans, and collateralized loan obligations. OHA’s emphasis on long-term partnerships with companies, sponsors, and other partners allows for the provision of customized credit solutions across market cycles. With over 400 experienced professionals across six global offices, OHA brings a collaborative approach to offering investors a single platform to meet their diverse credit needs. OHA is the private markets platform of T. Rowe Price Group, Inc. (NASDAQ – GS: TROW).
Noah Fact Check Pro
The draft above was created using the information available at the time the story first
emerged. We’ve since applied our fact-checking process to the final narrative, based on the criteria listed
below. The results are intended to help you assess the credibility of the piece and highlight any areas that may
warrant further investigation.
Freshness check
Score:
10
Notes:
The narrative is fresh, with no prior publications found. The launch of the Flexible Credit Income Fund AUD (OFLEX AUD) is a recent development, announced on November 24, 2025. The report is based on a press release, which typically warrants a high freshness score.
Quotes check
Score:
10
Notes:
The quotes from OHA portfolio manager Adam Nankervis and T. Rowe Price country head Darren Hall are unique to this report, with no earlier matches found. This suggests potentially original or exclusive content.
Source reliability
Score:
8
Notes:
The narrative originates from Financial Standard, a reputable Australian financial news outlet. However, the report is based on a press release, which may indicate a lack of independent verification.
Plausability check
Score:
9
Notes:
The claims about the fund’s launch and its features are plausible and align with known information about T. Rowe Price and Oak Hill Advisors. The fund’s design and target market are consistent with industry trends. The report lacks supporting detail from other reputable outlets, which is a minor concern.
Overall assessment
Verdict (FAIL, OPEN, PASS): PASS
Confidence (LOW, MEDIUM, HIGH): HIGH
Summary:
The narrative is fresh and likely original, with no prior publications found. The quotes are unique, and the source is reputable, though based on a press release. The claims are plausible and align with known information, despite a lack of supporting detail from other reputable outlets. Overall, the report passes the fact-check with high confidence.