Ian Fitzgerald
About Ian Fitzgerald
Ian Fitzgerald (year of birth: 1975) serves as General Counsel and Corporate Secretary of Ares Dynamic Credit Allocation Fund, Inc. (ARDC) and has held the officer title since 2019; he previously served as Vice President and Assistant Secretary from 2017–2019 . He is a Managing Director and Deputy General Counsel (Credit) in the Ares Legal Group and joined Ares in 2010 . He regularly executes regulatory documents on behalf of ARDC and affiliated funds as an authorized signatory and as Secretary/General Counsel, evidencing a central governance and compliance role (e.g., signatory on co-investment exemptive applications and ARDC proxy materials) . Fund-level performance metrics (e.g., TSR, revenue/EBITDA growth) are not attributed to ARDC officers in the proxy; ARDC’s officers do not receive compensation from the Fund and performance-pay linkages are not disclosed at the fund level .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Ares Dynamic Credit Allocation Fund, Inc. (ARDC) | Vice President and Assistant Secretary | 2017–2019 | Officer role supporting fund governance/secretariat prior to promotion to General Counsel and Corporate Secretary . |
| Ares Legal Group | Managing Director and Deputy General Counsel (Credit) | Not disclosed (joined Ares in 2010) | Senior legal leadership across Ares credit platform; informs ARDC governance and regulatory execution . |
External Roles
| Organization | Role | Years | Evidence |
|---|---|---|---|
| CION Ares Diversified Credit Fund (CADC) | Chief Legal Officer, General Counsel and Corporate Secretary | Not disclosed | Disclosed in ARDC proxy officer biography; also signs as General Counsel and Secretary on regulatory application verifications . |
| Ivy Hill Asset Management, L.P. | Vice President and Assistant Secretary | Not disclosed | Disclosed in ARDC proxy officer biography . |
| Ivy Hill Asset Management GP, LLC | Vice President and Assistant Secretary | Not disclosed | Disclosed in ARDC proxy officer biography . |
| Senior Direct Lending Program, LLC and affiliates (SDLP SPV LLC; SDLP SPV II LLC) | Authorized Signatory (via Ares Capital Management LLC as Member Representative) | 2025 filings | Executes co-investment application documents as authorized signatory . |
Fixed Compensation
ARDC does not pay compensation to its officers (including the General Counsel/Corporate Secretary). Officers are employees of the Investment Manager or affiliates; only Independent Directors receive fund-level fees .
| Component | ARDC Disclosure | Notes |
|---|---|---|
| Base Salary | Not paid by ARDC (officers do not receive compensation from the Fund) | Compensation, if any, is at Ares/affiliate level; not disclosed in ARDC proxy . |
| Target Bonus % / Actual Bonus | Not disclosed by ARDC | Officers compensated by Investment Manager; fund does not report officer bonuses . |
| Cash Perquisites | Not disclosed by ARDC | No officer perquisite disclosure at the fund level . |
Performance Compensation
ARDC does not disclose officer performance-based compensation structures (e.g., metrics, weights, payouts) because officers are not compensated by the Fund .
| Metric | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|
| Not disclosed by ARDC (officers not compensated by the Fund) | Not disclosed | Not disclosed | Not disclosed | Not disclosed | Not disclosed |
Equity Ownership & Alignment
| Item | Disclosure |
|---|---|
| Individual beneficial ownership in ARDC | Not individually disclosed for officers; directors and officers as a group owned less than 1% of common stock as of April 1, 2025 . |
| Ownership as % of shares outstanding | Group beneficial ownership by all directors and officers: <1% (common) as of April 1, 2025 . |
| Vested vs. unvested shares | Not disclosed for officers in ARDC proxy . |
| Options (exercisable/unexercisable) | Not disclosed for officers in ARDC proxy . |
| Shares pledged as collateral | Not disclosed for officers in ARDC proxy . |
| Stock ownership guidelines | Not disclosed for officers in ARDC proxy . |
| Compliance status vs. guidelines | Not disclosed for officers in ARDC proxy . |
Employment Terms
| Term | Disclosure |
|---|---|
| ARDC Officer roles/dates | General Counsel and Corporate Secretary since 2019; Vice President and Assistant Secretary 2017–2019 . |
| Employment start at Ares | Joined Ares in 2010 . |
| Contract term, expiration, auto-renewal | Not disclosed in ARDC proxy . |
| Severance / Change-of-control | Not disclosed in ARDC proxy . |
| Clawbacks / tax gross-ups | Not disclosed in ARDC proxy . |
| Non-compete / non-solicit / garden leave | Not disclosed in ARDC proxy . |
| Post-termination consulting | Not disclosed in ARDC proxy . |
Additional Context and Governance Footprints
- Secretary role and signatory authority: Fitzgerald is listed as ARDC Secretary in the 2025 Proxy Statement and signs shareholder communications; he also signs multi-entity co-investment exemptive applications on behalf of ARDC and affiliated funds, underscoring a core governance/compliance remit .
Investment Implications
- Pay-for-performance visibility is limited at the fund level: Because ARDC officers are not compensated by the Fund and officer compensation is not disclosed in ARDC materials, alignment to ARDC’s performance metrics (e.g., TSR, distribution stability, NAV total return) cannot be evaluated from fund documents; compensation likely resides at Ares/affiliate level .
- Retention risk appears tied to Ares enterprise incentives rather than ARDC: Tenure at Ares since 2010 and multi-entity roles suggest firm-level ties; however, without Ares-level disclosures for this individual, the durability of incentives/vesting cannot be assessed from ARDC filings .
- Insider selling pressure and pledging risk cannot be assessed from ARDC filings: No officer-level equity, vesting, options, or pledging details are disclosed for Fitzgerald; group ownership by all directors and officers is <1% of common shares, limiting observable direct “skin-in-the-game” signals at the ARDC entity level .
- Governance signal is strong: As ARDC Secretary and frequent signatory on regulatory applications, Fitzgerald is central to legal, compliance, and co-investment governance for ARDC and related funds—an indicator of execution discipline but not a direct trading signal absent compensation/ownership data .
References:
- ARDC DEF 14A (April 25, 2025): officer biographies, roles/dates, and compensation policy (officers not compensated by the Fund); ownership summary for directors/officers as a group .
- 40-APP/A filings (April 17 and April 30, 2025): multiple verifications and signatures indicating Fitzgerald’s roles across ARDC/CADC and as authorized signatory for SDLP entities .