Welcome back to the Alt Goes Mainstream podcast. We were live from iCapital Connect’s conference in Phoenix, where we sat down with some of the industry’s leaders across asset management and wealth management. Eric Muller is Portfolio Manager & Partner, CEO - BDCs for Oak Hill Advisors (OHA). Oak Hill, which was acquired by T. Rowe Price in December 2021, has $112B AUM across performing and distressed credit-related investments in North America, Europe and other geographies. Eric shares responsibility for leading OHA’s private credit business and has primary management responsibility for OHA’s BDCs. Prior to joining OHA in 2018, Mr. Muller worked in Goldman Sachs’ Merchant Banking Division, where he was a Partner in the Private Credit Group, responsible for leading its private senior lending business in North America and managing vehicles that invested across the spectrum of the credit market. With credit on the minds of many, Eric provided a nuanced perspective on the current state of the credit markets and where to uncover both opportunity and risk in the market. Eric and I had a fascinating conversation about the current state of private credit. We discussed: How his experience in private equity has informed how he approaches credit investing.What are the risk / reward trade-offs in private credit?Why credit investors need to be pessimists.How LPs should evaluate private credit firms and why the ability to do workouts matters.How do private equity sponsors pick their credit partners?Why private credit firms might have higher recovery rates than liquid credit markets.How OHA’s combination with T. Rowe Price has helped the firm productize for the wealth channel.What are misconceptions about private credit risk and liquidity?Where are the opportunities in liquid credit versus illiquid credit?Thanks, Eric, for sharing your wisdom, expertise, and passion for private credit and private markets. Show Notes 00:00 Relative Value Lens 00:11 A Message from Ultimus Fund Solutions 01:08 Live at iCapital Connect 01:46 Early Career at Goldman 01:59 Mezzanine Fund Era 02:23 GFC Timing Advantage 02:51 Running Private Credit 03:03 Joining Oak Hill 04:15 PE Lessons for Credit 04:30 Different Investor Questions 04:56 Credit Risk Reward Mindset 05:45 Optimistic Pessimist 06:16 Downside With Right Tail 06:47 Workouts and Distressed Skills 08:02 Private vs Liquid Recoveries 08:19 Aligned Lenders in Private 08:54 Sponsor Relationships Matter 09:22 Choosing the Right Partners 10:46 Volatility Reveals Behavior 11:22 Is Capital Commodity 12:39 OHA Distressed DNA 13:31 Crossroads of Markets 14:26 Challenges of Unconstrained 15:22 Risk Spectrum for LPs 16:19 T Rowe Deal Rationale 17:18 Democratizing Alts Access 19:10 One Ticker Multi Strategy 20:28 Liquidity Wrappers Tradeoffs 21:49 Quasi Liquid Reality Check 22:35 Liquid vs Illiquid Risk 23:27 Diligence Questions for LPs 24:33 Origination Edge and Speed 26:19 Public-Private Financing Choice 26:55 Alts in Target Date Funds 28:41 Private Credit Misconceptions 30:30 Closing Thoughts A Word from Our Sponsor, Ultimus This episode of Alt Goes Mainstream is brought to you by Ultimus, the full-service fund administrator and transfer agent powering asset managers in private and public markets. As alts go mainstream, you need real expertise to handle complex fund structures, connect with key distribution partners, and handle sophisticated compliance, reporting, and transparency demands. That’s Ultimus: high-tech, high-touch solutions for over 450 clients and 2,500 funds with $775B in assets under administration. Backed by an expert team of over 1,200 employees, they place client service at the core of their business, helping you navigate complexity during your fund structuring or launch and then supporting you through every stage of growth. Whether you’re already in the market or thinking about entering private wealth, you can trust their team’s deep expertise in retail alternatives to help you reach your goals. Learn more at ultimusfundsolutions.com or email info@ultimusfundsolutions.com. We thank Ultimus for their support of alts going mainstream. Disclosures The views expressed are the interviewee’s, are subject to change without notice, and may differ from those of other T. Rowe Price associates. Information and opinions are derived from proprietary and nonproprietary sources deemed to be reliable; the accuracy of those sources is not guaranteed. This material does not constitute a distribution, offer, invitation, recommendation, or solicitation to sell or buy any securities. It does not constitute investment advice and should not be relied upon as such. Investors should seek independent legal and financial advice, including advice as to tax consequences, before making any investment decision. Some or all alternative investments may not be suitable for certain investors. Alternative investments are typically speculative and involve a substantial degree of risk. Each fund and account may be leveraged and engage in other speculative practices that may increase the risk of investment loss. Investors must realize that they could lose all or a substantial amount of their investment. In addition, the fees and expenses charged may be higher than the fees and expenses of other investment alternatives, which will reduce profits. T. Rowe Price has $1.7T total assets under management and OHA has $112B assets under management as of March 31, 2026. In the United States, securities are offered through T. Rowe Price Investment Services, Inc., a broker dealer, registered with the U.S. Securities and Exchange Commission and a member of FINRA. Securities are offered through T. Rowe Price Investment Services, Inc., and advisory services are offered by Oak Hill Advisors, L.P. OHA is a T. Rowe Price company. T. Rowe Price Investment Services, Inc. and Oak Hill Advisors, L.P. are affiliated. 5629822
