Oak Hill Advisors

What Oak Hill Advisors does

Oak Hill Advisors, L.P. (OHA) is a leading alternative credit manager founded in 1987 and headquartered at One Vanderbilt in New York, managing $112 billion in assets under management as of March 31, 2026 across performing and distressed credit-related investments in North America, Europe, and other geographies. The firm operates as a wholly-owned subsidiary of T. Rowe Price Group, Inc. (NASDAQ: TROW) following the December 2021 acquisition for approximately $4.2 billion. OHA runs an integrated investment platform spanning multi-strategy credit ($24.8B), leveraged loans ($30.8B), high yield bonds ($9.2B), stressed/distressed ($6.9B), private credit ($60.1B deployed across 460+ investments since 2002), and OHA-sponsored CLOs ($21.3B plus $4.9B third-party, with $31.0B cumulative issuance since 2001). The firm maintains offices in New York, London, Hong Kong, Sydney, Fort Worth, San Francisco, and Luxembourg, and became the 100th hedge fund manager registered by DIFC Authority after receiving DFSA authorization in June 2026.

The firm's core technology stack combines proprietary in-house developed CLO/CDO analytical software and pricing models (built over decades by senior technologists), an integrated enterprise risk management platform led by Managing Director Yi Gu, and enterprise-wide deployment of the Hebbia AI platform for credit agreement processing that reportedly reduced review times by 75%. AI strategy and governance are overseen by an internal OHA AI Focus Group. OHA monetizes through four primary streams: (1) recurring management fees on approximately $112B AUM across commingled funds, separately managed accounts, CLOs, BDCs, and interval funds (OCREDIT BDC and OFLEX interval fund, the latter launched March 2026); (2) incentive/performance fees and carried interest on multi-strategy, distressed, and private credit vehicles including the $17.7B OLEND senior lending fund; (3) CLO management, structuring, and trustee-related fees; and (4) net interest income, original issue discount, and structuring income from direct lending origination.

OHA serves a hybrid client base: institutional investors (sovereign wealth funds, pension funds, insurance companies, endowments) accessed via enterprise field sales and regional coverage in EMEA, APAC, and Australia; wealth channel investors accessed through OCREDIT (October 2023), OFLEX (March 2026), and distribution partnerships with iCapital Marketplace and CAIS; insurance balance sheets (notably Aspida via a February 2025 strategic partnership); private equity sponsors and their portfolio companies (Thoma Bravo, Francisco Partners, Carlyle, Bain Capital, Stonepeak, etc.) seeking unitranche and direct lending; and direct lending borrowers generating over $75 million EBITDA. A September 2025 strategic collaboration with Goldman Sachs Asset Management (accompanied by a $1B Goldman stake in T. Rowe Price) further extends distribution reach into the U.S. wealth market for public-private investment solutions.

Name

Oak Hill Advisors

Legal name

Oak Hill Advisors, L.P.

Website

https://oakhilladvisors.com

Company type

Private

Founded year

1987

Operating status

Operating

Headcount range

251–500 employees

Short description

Oak Hill Advisors is a leading alternative credit manager managing $112B AUM across multi-strategy credit, leveraged loans, high yield bonds, distressed debt, CLOs, and private credit, serving institutional investors, wealth clients, insurance balance sheets, and PE-backed borrowers globally as a T. Rowe Price subsidiary.

Ownership category

akta.pro rank

Product category

Alternative Credit Investment Management

NAICS

Credit Intermediation and Related Activities (522), Portfolio Management and Investment Advice (523940)

SIC

Miscellaneous Business Credit Institution (6159), Asset-Backed Securities (6189)

akta.pro primary industry

Private Credit — Distressed & Opportunistic Credit (FSAHAJAG)

akta.pro secondary industries

Private Credit — Structured Credit (CLOs, ABS, Private Securitizations) (FSAHAJAH), Structured Credit (CDO/CLO Tranches, Credit Opportunities) (FSAAAHAH), Distressed & Restructuring Credit (FSAHAGAB), Structured Credit (ABS/MBS/CLO/CDO) (FSAHAGAC), Leveraged Finance & Loan Credit (Loans/Lev Loans/Loan CLOs) (FSAHAGAI)

Keywords

• Alternative credit management
• Leveraged loan investing
• High yield bonds
• Private credit lending
• CLO management

Headquarters

HQ city

New York

HQ country

United States

HQ region

North America

Offices7 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure, Others

Revenue model

1. Management Fees on AUM: Recurring asset-based management fees charged on approximately $112B in assets under management (as of March 31, 2026) across commingled funds, separately managed accounts (SMAs), CLOs, BDCs, and interval funds (OCREDIT, OFLEX). T. Rowe Price Group's reported fee rate of 38.4 basis points is reflective of broader industry blended pricing.
2. Incentive / Performance Fees: Performance-based incentive fees and carried interest on multi-strategy credit, stressed/distressed, private credit (including $17.7B OLEND senior lending fund), and structured product vehicles, plus OHA Cash Compensation Pool and Value Creation Incentive Pool allocations for OHA partners.
3. CLO Management & Structuring Fees: Fees from sponsoring and managing $21.3B in OHA-sponsored CLOs plus third-party CLO investments ($4.9B), including structuring, management, and trustee-related fees, with $31.0B of cumulative CLO issuance since 2001.
4. Private Credit / Direct Lending Origination Income: Net interest income, original issue discount, and structuring income from $60.1B private credit portfolio deployed across 460+ investments including first/second lien debt, mezzanine, DIPs, and unitranche financings such as Majesco-Vitech, LiveOak Fiber, Omni Fiber, Resilience, and FleetPride-TruckPro.

Pricing tiers

Go-to-market motion3 records

Core offering

Oak Hill Advisors is a global alternative credit investment manager that invests across performing and distressed credit markets, including leveraged loans, high yield bonds, structured products (CLOs/CDOs), stressed and distressed debt, and direct private credit. It manages approximately $112 billion in assets across commingled funds, separately managed accounts, CLO vehicles, business development companies (BDCs), and interval funds for institutional investors, wealth channel clients, and insurance balance sheets. The firm offers both liquid credit and private credit strategies via partnerships with T. Rowe Price, Goldman Sachs Asset Management, and Aspida.

Differentiator

Problem solved

Functional benefit

Brands

• OCREDIT: T. Rowe Price OHA Select Private Credit Fund, an OHA-managed private credit investment solution structured as a non-traded, perpetual-life business development company (BDC). Launched in October 2023.
• OFLEX

Products and services

• Multi-Strategy Credit Active, opportunistic multi-strategy credit offering that dynamically rotates capital across high yield bonds, leveraged loans, distressed debt, structured products and private lending to capture relative and absolute value. $24.8B in capital under management, inception 1991. Offered via funds and SMAs to institutional investors.
• High Yield Bonds High yield bond portfolio management strategy with $9.2B in capital under management. Targeted at institutional investors seeking exposure to below-investment-grade corporate credit.
• Leveraged Loans Leveraged loan portfolio management strategy with $30.8B in capital under management. Provides institutional investors exposure to senior secured floating-rate loans.
• Stressed/Distressed Credit Stressed and distressed credit strategy with $6.9B in capital under management. Focused on special situations and restructurings, including OHA Strategic Credit Fund III (flagship distressed fund, $2.3B final close October 2023).
• OLEND Senior Private Lending Fund First-vintage senior private lending fund targeting direct loans to larger North American companies (typically $75M+ EBITDA). Reached final close of $17.7 billion in December 2025, the largest single fund commitment to senior private lending in OHA's history. Invests in first/second lien debt, mezzanine, DIPs, and unitranche financings.
• OHA CLO Enhanced Equity Fund III CLO equity investment fund targeting CLO equity tranches. Reached final close of $1.1 billion in September 2025. Part of OHA's broader CLO platform with $31.0B cumulative CLO issuance sponsored and managed since 2001 and $21.3B in OHA-sponsored CLOs.
• OCREDIT (T. Rowe Price OHA Select Private Credit Fund) Non-traded, perpetual-life business development company (BDC) providing private credit exposure for income-oriented individual investors and wealth clients. Launched October 2023 with $1.5B of investible capital. Q1 2026 distributions of $0.69 per share with annualized distribution rate of 10.6%. NAV per share $26.15 as of March 31, 2026. Distributed via T. Rowe Price, iCapital Marketplace, and CAIS.
• OFLEX (T. Rowe Price OHA Flexible Credit Income Fund) Multi-strategy credit interval fund offering exposure to public and private credit markets. Features ticker-trading with daily purchases and quarterly repurchase offers of at least 5% of shares at NAV. Allocation across direct lending, asset-based lending, CLOs, and special situations. Launched March 19, 2026 for U.S. wealth clients.

Quantifiable outcome

• $112B assets under management as of March 31, 2026
• +5 more outcomes

Named customers13 records

Segments5 records

Ideal customer profiles5 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration1 record

AI capability6 records

Feature4 records

Partnerships

17 partnerships are on record, tiered secondary, major, flagship and minor.

• CAISsecondaryChannel Partner/ Reseller/ Distributor · 12 October 2026CAIS Summit participation. OHA featured alongside major asset managers (Vista Equity Partners, Goldman Sachs, BlackRock, Carlyle, KKR) at the 2026 fifth annual CAIS Summit for independent financial advisors (October 12-15, 2026, Beverly Hills). CAIS received two 2026 Stevie Awards for Events Excellence and Content Excellence.
• HebbiamajorTechnology or Integration · 1 December 2025AI technology platform partnership. OHA deployed the Hebbia AI platform across its public and private credit businesses, achieving a 6X return on AI investment and 75% reduction in credit agreement review times. Hebbia surpassed one billion pages processed and serves approximately one-third of asset managers including OHA, KKR, Centerview Partners, MetLife.
• Milken InstitutesecondaryGTM or Marketing Partner · 11 November 2025Annual conference participation. Glenn August (Founder & CEO) regularly speaks on Milken Institute Global Conference panels covering alternative opportunities, stressed/distressed credit, and special situations (2022, 2020, 2019, and prior years).
• Goldman Sachs Asset ManagementflagshipStrategic or Co-development Partner · 4 September 2025Strategic collaboration to deliver innovative public-private investment solutions. T. Rowe Price/OHA and Goldman Sachs Asset Management jointly develop and distribute products including interval funds (OFLEX) and other public-private solutions for the U.S. wealth market. T. Rowe Price took a $1 billion stake from Goldman Sachs as part of this strategic relationship.
• Aspida HoldingsmajorStrategic or Co-development Partner · 2 February 2025Strategic partnership with U.S. life insurance and annuity company Aspida (backed by Ares Management Corporation with $464B AUM, $19B Aspida assets). T. Rowe Price and Oak Hill Advisors manage Aspida's public and private assets and explore product development opportunities at the intersection of traditional asset management, alternative investments, and insurance.
• OneIM (One Investment Management)majorStrategic or Co-development Partner · 16 July 2024Partnership to invest in European private credit. OHA and OneIM launched a joint initiative to deploy capital into European private credit opportunities, leveraging OHA's European platform and OneIM's local sourcing capabilities.
• iCapital MarketplacemajorChannel Partner/ Reseller/ Distributor · 20 December 2023Distribution partnership making OCREDIT (T. Rowe Price OHA Select Private Credit Fund) available on iCapital Marketplace, advancing financial advisor access to OHA's private lending capabilities. iCapital is a leading alternative investment platform for the wealth channel.
• T. Rowe Price Group, Inc.flagshipStrategic or Co-development Partner · 1 December 2021Parent company relationship. T. Rowe Price acquired Oak Hill Advisors, L.P. in 2021 for $4.2 billion ($3.3B at closing with ~74% cash / 26% TROW stock plus $900M contingent on milestones). OHA is a subsidiary of T. Rowe Price and co-develops alternative investment products (OFLEX interval fund, OCREDIT BDC, European Special Situations with ADIA, private credit interval funds for the US wealth market) with T. Rowe Price distribution. Glenn August serves on T. Rowe Price's board of directors.
• Black Girls CodeminorOthersNon-profit partnership supporting OHA's DEI initiatives. Black Girls Code is a non-profit that empowers girls of color to become innovators in STEM fields through exposure to computer science and technology.
• Girls Who InvestminorOthersNon-profit partnership supporting OHA's DEI initiatives. Girls Who Invest is a non-profit organization dedicated to increasing the number of women in portfolio and asset management positions; Gail Burlant (CHRO) serves as Chair of the Advisory Board.
• Out For UndergradminorOthersNon-profit partnership. Out For Undergrad is focused on advancing undergraduate LGBTQ leaders in their professional lives; OHA's LGBTQ+ Network proudly sponsors this organization.
• 100 Women in FinanceminorOthersNon-profit partnership. 100 Women in Finance is a global network of professionals in the finance and alternative investment industries working to empower women at every stage of their careers.
• Sponsors for Educational Opportunity (SEO)minorOthersNon-profit partnership. SEO recruits and trains high-achieving minority college students and those from disadvantaged or under-represented communities.
• Summer SearchminorOthersNon-profit partnership. Summer Search is a youth development organization focused on guiding students from low-income households through high school and college into meaningful careers and leadership roles.
• Year UpminorOthersNon-profit partnership. Year Up is dedicated to providing young adults from low-income backgrounds with the skills, experience, and support to reach their potential through careers and higher education.
• Read AheadminorOthersNon-profit partnership. Read Ahead is a reading-based mentoring program for elementary school students in New York City.
• The Wharton AllianceminorOthersNon-profit / academic sponsorship. The Wharton Alliance is a student organization at the University of Pennsylvania that provides experiences and opportunities for LGBTQIA+ students; OHA's LGBTQ+ Network proudly sponsors it.

Scale indicators12 records

Recent moves7 records

Expansion highlights7 records

Direct peers

• Ares Management: Ares Management operates one of the largest alternative credit platforms globally with roughly $240B+ in credit AUM spanning direct lending, syndicated loans, high yield, CLOs and structured products — directly comparable to OHA's $112B credit AUM and multi-strategy focus. Ares Credit Group is OHA's closest scaled private-credit competitor, particularly in the mid/large-cap unitranche segment targeted by OLEND.
• Apollo Global Management: Apollo's $700B+ AUM platform includes a massive credit franchise (Athene-anchored, with significant direct lending, high yield, and CLO operations). Apollo is a direct peer in performing and distressed credit and shares OHA's institutional + wealth-channel expansion strategy via interval funds and other retail wrappers.
• KKR & Co. KKR's Credit business spans leveraged loans, high yield, direct lending, CLOs and special situations, with several hundred billion in credit AUM. KKR is a direct peer in private credit and distressed, and is similarly deploying Hebbia's AI platform — making the two firms directly comparable on AI-augmented credit workflows.
• Blackstone Credit: Blackstone Credit (formerly GSO Capital) is one of the largest direct lenders and CLO managers globally, with hundreds of billions in credit AUM. It is a direct peer in performing and stressed credit and competes with OHA in the unitranche and large-cap direct lending segment.
• Blue Owl Capital: Blue Owl manages ~$200B+ AUM heavily concentrated in direct lending and GP minority stakes, with strong institutional and growing wealth-channel reach. Blue Owl is a direct peer in private credit direct lending — particularly competing for the same $75M+ EBITDA borrowers that OLEND targets — and in interval fund/wealth distribution.
• Oaktree Capital Management: Oaktree is a $200B+ AUM credit specialist (a subsidiary of Brookfield) with deep distressed, high yield and private credit franchises — historically one of the closest comparables to OHA in distressed credit investing. Direct peer in stressed/distressed and multi-strategy credit.
• Sixth Street Partners: Sixth Street is a $100B+ AUM global investment firm with significant direct lending, CLO and credit investing activities, comparable in scale to OHA's $112B AUM. Direct peer in unitranche direct lending and structured credit, with overlap in mid/large-cap sponsor-backed financings.
• Bain Capital Credit: Bain Capital Credit operates a multi-strategy credit platform spanning leveraged loans, high yield, distressed, CLOs and private credit — directly analogous to OHA's integrated multi-strategy approach. Direct peer in performing and distressed credit.

Broad incumbents

• Goldman Sachs Asset Management (Credit): Goldman Sachs Asset Management runs a large credit and private lending franchise and is now OHA's strategic partner (via T. Rowe Price) on interval funds and public-private solutions. As a much larger incumbent, GSAM is a broad competitor in syndicated and private credit and a direct partner in wealth distribution.
• Carlyle Group (Global Credit): Carlyle's Global Credit segment manages $80B+ across private credit, CLOs, liquid credit and special situations. Direct peer in performing and private credit, and a co-investor / co-arranger on unitranche deals alongside OHA.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat7 records

Key risks6 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/@oakhilladvisors
• LinkedInlinkedin.com/company/oak-hill-advisors

Compliance12 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles25 records

Subsidiaries5 records

Funding overview

Funding rounds1 record

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments16 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Oak Hill Advisors