American asset manager OppenheimerFunds and local private equity group The Carlyle Group have joined forces to roll out a private credit fund for HNW investors and advisers.

The new vehicle, dubbed OFI Carlyle Private Credit Fund, invests in various credit strategies such as direct lending, opportunistic credit, structured credit as well as liquid credit.

The fund launch is the result of a joint venture (JV) between the two companies, which was announced in October last year. The JV combines Carlyle’s credit expertise with OppenheimerFunds’ product structuring and distribution capabilities to support the development of an alternative credit platform to offer long-term income solutions.

OppenheimerFunds co-head of the JV and head of investment solutions Kamal Bhatia said: “By offering true institutional private credit capabilities through our HNW 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.”

The Carlyle Group head of global credit and co-head of the JV Mark Jenkins added: “We are excited to partner with OppenheimerFunds to provide high net worth investors with access to the spectrum of credit investments that experienced institutional investors already have.”

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