NEW YORK, Oct. 16, 2017 /PRNewswire/
-- OppenheimerFunds and The Carlyle Group today announced a
new joint venture, which will provide global private credit
opportunities for high net worth (HNW) investors and advisors
primarily focused on the U.S. market.
The JV, which will begin operating in 2018, brings together
Carlyle's core global credit expertise with OppenheimerFunds'
extensive product structuring and distribution capabilities to
build an alternative credit platform for HNW clients and advisors.
The platform will aim to deliver long-term income solutions not
generally available to accredited investors.
Institutional investors have traditionally been able to
capitalize on the unique market premium of non-public investing
strategies. Providing the same access to the non-institutional
segment will add another source of diversification for investors
seeking greater risk-adjusted returns in a low yield and rising
rate environment.
"I'm excited about our partnership with Carlyle and our entry
into the private credit space," said Art Steinmetz, Chairman
and CEO of OppenheimerFunds. "This venture joins two marquee names
in the industry to provide access to a private credit solution for
HNW clients and is a great complement to our active mutual funds
and beta solutions strategies."
The venture will be led by Co-Heads Kamal Bhatia, Head of Investment Solutions
for OppenheimerFunds, and Mark
Jenkins, Head of Global Credit for The Carlyle Group.
The joint venture's initial focus will include allocation and
underwriting across investments in opportunistic credit, direct
lending, distressed transactions and structured credit assets in
the U.S., Europe and Asia.
"Carlyle and Oppenheimer prize innovation and a dedication to
delivering for investors over the long term," said Jenkins. "We
look forward to leveraging our firms' strengths to deliver
important diversification in the less-liquid credit space to the
large high net worth segment."
Bhatia added, "There are tremendous synergies between Carlyle's
global credit expertise and OppenheimerFunds' client engagement and
distribution platform. HNW investors want income solutions that
require the hard work of complex portfolio construction and
hands-on risk management in a low return world given their wealth
profile. We will approach the market as one team."
About OppenheimerFunds
OppenheimerFunds, Inc., a
leader in global asset management, is dedicated to providing
solutions for its partners and end investors. OppenheimerFunds,
including its subsidiaries, manages more than $243 billion in assets for over 13 million
shareholder accounts, including sub-accounts, as of September 30, 2017.
Founded in 1959, OppenheimerFunds is an asset manager with a
history of providing innovative strategies to its investors. The
firm's 16 investment management teams specialize in equity, fixed
income, alternative, multi-asset, and revenue-weighted-ETF
strategies, including ESG. OppenheimerFunds and its subsidiaries
offer a broad array of products and services to clients, who range
from endowments and sovereigns to financial advisors and individual
investors. OppenheimerFunds and certain of its subsidiaries provide
advisory services to the Oppenheimer family of funds, and OFI
Global Asset Management offers solutions to institutions. The firm
is also active through its Philanthropy & Community initiative:
10,000 Kids by 2020, reaching children with introductions to math
literacy programs.
Web: oppenheimerfunds.com
Tweets: twitter.com/OppFunds
Podcasts: oppenheimerfunds.com/advisors/podcasts
About The Carlyle Group
The Carlyle Group (NASDAQ:
CG) is a global alternative asset manager with $170 billion of assets under management across
299 investment vehicles as of June 30,
2017. Carlyle's purpose is to invest wisely and create value
on behalf of its investors, many of whom are public pensions.
Carlyle invests across four segments – Corporate Private Equity,
Real Assets, Global Market Strategies and Investment Solutions – in
Africa, Asia, Australia, Europe, the Middle
East, North America and
South America. Carlyle has
expertise in various industries, including: aerospace, defense
& government services, consumer & retail, energy &
power, financial services, healthcare, industrial, infrastructure,
real estate, technology & business services, telecommunications
& media and transportation. The Carlyle Group employs more than
1,550 people in 31 offices across six continents.
Web: www.carlyle.com
Videos: www.youtube.com/onecarlyle
Tweets: www.twitter.com/onecarlyle
Podcasts: www.carlyle.com/about-carlyle/market-commentary
Shares of Oppenheimer funds are not deposits or
obligations of any bank, are not guaranteed by any bank, are not
insured by the FDIC or any other agency, and involve investment
risks, including the possible loss of the principal amount
invested.
Before investing in any of the Oppenheimer funds,
investors should carefully consider a fund's investment objectives,
risks, charges and expenses. Fund prospectuses and summary
prospectuses contain this and other information about the funds,
and may be obtained by asking your financial advisor, visiting
oppenheimerfunds.com or calling 1.800.CALL OPP (225.5677). Read
prospectuses and summary prospectuses carefully before
investing.
Oppenheimer funds are distributed by OppenheimerFunds
Distributor, Inc.
225 Liberty Street,
New York, NY 10281-1008
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SOURCE OppenheimerFunds