A joint venture between OppenheimerFunds and The Carlyle Group have launched the OFI Carlyle Private Credit Fund, a $1 billion interval fund that plans to allocate its assets in a variety of credit-related strategies, including direct lending, opportunistic credit, structured credit, and liquid credit to companies around the world.
Shares are priced at $10.35 each and have a sales load of up to 3.50 percent. The minimum initial investment is $25,000 for regular and retirement plan accounts, and subsequent investments may be made with at least $5,000.
“By offering true institutional private credit capabilities through our high net worth partner platform, we are able to actively allocate and manage client assets while providing a periodic income stream that would be difficult to get from traditional public market investing,” said Kamal Bhatia, co-head of the joint venture and head of investment solutions for OppenheimerFunds.
The fund’s investment adviser is registered investment adviser OC Private Capital, a joint venture between an affiliate of OppenheimerFunds and Carlyle Investment Management.
Founded in 1959, OppenheimerFunds, a leader in global asset management, and its affiliates manage more than $250 billion in assets for over 13 million shareholder accounts, including sub-accounts, as of May 31, 2018. The firm’s 16 investment management teams specialize in equity, fixed income, alternative, multi-asset, and factor and revenue-weighted-ETF strategies.
The Carlyle Group (NASDAQ: CG) is a global alternative asset manager with $201 billion of assets under management across 324 investment vehicles as of March 31, 2018. Carlyle invests across four segments – corporate private equity, real assets, global credit and investment solutions – in Africa, Asia, Australia, Europe, the Middle East, North America and South America.