OHA's European Credit Opportunities Fund Reports $1.55 Billion Sold Across Three Vehicles, a Year After Its Form D Showed Zero

Three Luxembourg special limited partnerships in Oak Hill Advisors' European Credit Opportunities Fund family filed Form D amendments with the SEC on September 1, 2026, each reporting the same total: $1,550,225,000 sold against a $1,740,000,000 offering. The initial notices for all three vehicles, filed on September 2, 2025, had reported nothing sold and no investors. The amendments are the first update in a year, and they record that the USD vehicles' first sale took place on September 3, 2025, the day after those initial filings.

The figure is a family-level total. Form D asks each vehicle in a master-feeder or parallel structure for the amount sold across the offering as a whole, so the USD vehicle, the offshore USD vehicle and the offshore EUR vehicle each report $1.55 billion; adding them would triple the raise. What differs between the three filings is the investor count: 14, 6 and 6, for 26 in total.

OHA European Credit Opportunities Fund (USD) SCSp (CIK 0002073433) reports $1,550,225,000 sold to 14 investors, a $1,740,000,000 total offering amount and a first sale on September 3, 2025 (accession 0000950142-26-002477). OHA European Credit Opportunities Fund (Offshore)(USD) SCSp (CIK 0002074550) reports the same sold and offering figures with 6 investors and the same first-sale date (accession 0000950142-26-002476). OHA European Credit Opportunities Fund (Offshore)(EUR) SCSp (CIK 0002074548) reports the same figures with 6 investors and a first sale on April 17, 2026 (accession 0000950142-26-002475).

All three claim Rule 506(b) and Investment Company Act Section 3(c)(7), the exemption for funds sold only to qualified purchasers, and list a $1 minimum investment, a placeholder common on institutional fund notices. The initial Form Ds of September 2, 2025 carried no offering amount and no sales. Against the $1.74 billion offering, the reported total is 89 percent sold at the amendment date; the filings do not say whether the offering has closed.

Oak Hill Advisors describes itself as the private markets platform of T. Rowe Price Group, Inc. and, in its September 8, 2025 announcement of a commitment from a wholly owned subsidiary of the Abu Dhabi Investment Authority to its European special situations strategy, reported approximately $98 billion of assets under management at June 30, 2025 and more than EUR 18 billion deployed in Europe since 1992, including EUR 7 billion in private and special situations opportunities. The release states that ADIA has invested with OHA since 2015.

OHA's European build-out has run through more than one vehicle. In July 2024 OHA and One Investment Management announced a partnership to invest in European private credit with initially up to $5 billion of investable capital. The Form D filings for the European Credit Opportunities Fund family do not state the strategy, the target size or the relationship, if any, between these vehicles and the ADIA-backed special situations strategy or the OneIM partnership; AltStreet has not established that link from any filing.

AltStreet's monitoring flagged the USD vehicle under its first-sale rule because its reported amount sold moved from zero to a ten-figure sum in a single amendment. The same-day sibling filings with an identical total are the signature of a combined Item 13 figure, which AltStreet treats as one raise; the per-vehicle investor counts are the only figures that are vehicle-specific.

The timing explains the year of silence. A Form D is due within 15 days of the first sale; OHA filed the day before the first sale, so the initial notices lawfully showed nothing, and the amendments a year later are the annual update Rule 503 requires for an ongoing offering. On AltStreet's Form D ledger, a first amendment that moves from zero to the full raise after twelve months is the normal shape of an institutional fund's reporting, not a sign of a delayed close.

For allocators the filing establishes three things: that the family had sold $1.55 billion of a $1.74 billion offering by September 1, 2026; that 26 investors hold it, with the USD vehicle carrying 14 and the two offshore vehicles 6 each; and that the offshore EUR vehicle began selling seven months after the USD vehicles. Dividing the combined total by any one vehicle's investor count would misstate the average commitment, and dividing it by 26 gives an arithmetic mean of about $59.6 million that says nothing about the distribution; the filings do not identify investors or their sizes.

What the filing does not establish is how the total is split across the three vehicles, whether the offering has held a final close, or what the fund holds. Those are outside Form D. The $98 billion platform figure and the European track record are OHA's own statements from a 2025 release and are cited as such.

The Form D amendments do not disclose the fund's strategy, portfolio, target size or closing status, and do not allocate the $1,550,225,000 among the three vehicles. The 26-investor figure is the sum of three vehicle-level counts and assumes no investor appears in more than one vehicle, which the filings do not confirm. Whether these vehicles are the fund behind the ADIA commitment or the OneIM partnership is not stated in any filing and is not asserted here. AltStreet has not independently verified the organizational structure of the fund complex beyond the three Form D filings and their September 2025 predecessors.