William Renahan
About William Renahan
William Renahan (born 1969) is Chief Compliance Officer of Blackstone Strategic Credit 2027 Term Fund (BGB), serving since September 2022 with an indefinite term; he is a Managing Director in Blackstone’s Legal & Compliance group . Prior roles include Senior Managing Director and Chief Compliance Officer at Duff & Phelps Investment Management, ~13 years as Managing Director and Senior Counsel at Legg Mason and predecessor firms, and associate at Battle Fowler LLP (later merged into Paul Hastings LLP) . He chaired the Investment Company Institute’s Closed‑End Fund Committee from 2014–2018, evidencing industry leadership in closed‑end fund governance . Renahan signs SEC regulatory notices on behalf of BGB in his capacity as CCO (e.g., Section 13(r)/Iran Threat Reduction notice dated September 4, 2025) .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Duff & Phelps Investment Management | Senior Managing Director & Chief Compliance Officer | Pre-2022 (exact dates not disclosed) | Led compliance at a registered investment manager, overseeing regulatory frameworks for fund operations |
| Legg Mason and predecessor firms | Managing Director & Senior Counsel | ~13 years | Senior legal leadership across asset management platform; deep experience in fund legal matters |
| Battle Fowler LLP (merged into Paul Hastings LLP) | Associate | Not disclosed | Foundational legal training; corporate/securities practice background |
External Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Investment Company Institute (ICI) | Chairman, Closed‑End Fund Committee | 2014–2018 | Industry-wide influence on closed‑end fund policy, practices, and governance standards |
Fixed Compensation
Officers employed by Blackstone Credit & Insurance receive no compensation or expense reimbursement from the Funds (including BGB); officer pay is not disclosed in the fund proxies.
| Item | Value | Source |
|---|---|---|
| Compensation paid by BGB to Chief Compliance Officer | $0 | |
| Base salary (paid by Blackstone; not the Fund) | Not disclosed in BGB proxy | |
| Target bonus % | Not disclosed in BGB proxy | |
| Actual bonus paid | Not disclosed in BGB proxy | |
| Perquisites | Not disclosed in BGB proxy |
Performance Compensation
No fund-level performance incentive metrics (e.g., revenue growth, EBITDA, TSR) are disclosed for officers; compensation occurs at Blackstone, outside the Fund proxies.
| Metric | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|
| Not disclosed for Fund officers (compensated by Blackstone) | — | — | — | — | — |
| Notes | Officers employed by Blackstone receive no compensation from the Funds | — | — | — | — |
Equity Ownership & Alignment
- Renahan’s individual BGB holdings are not separately enumerated in proxies; ownership is presented for Trustees and Executive Officers as a group .
- Renahan is appointed as attorney‑in‑fact and signs Section 16 filings for other officers, indicating active oversight of insider reporting; Form 3 filings for Kevin Michel and Daniel Leiter show “No securities are beneficially owned,” each signed “/s/ William Renahan, Attorney‑in‑Fact” .
- No pledging of shares by officers is indicated in the reviewed proxies; ownership tables list group totals and 5% holders without pledging notations .
| Owner | Class | % of Shares Outstanding | Shares |
|---|---|---|---|
| All Trustees and Executive Officers as a group | BGB Common Shares | <1% | 4,876 |
| 5%+ Holder (as of 12/31/2023) | Class | % | Shares |
|---|---|---|---|
| Morgan Stanley Morgan Stanley Smith Barney LLC | BGB Common Shares | 5.1% | 2,272,329 |
| MetLife Investment Management, LLC | BGB Preferred Shares | 100% | 45,000 |
Employment Terms
| Term | Detail | Source |
|---|---|---|
| Role | Chief Compliance Officer | |
| Officer since | September 2022 (BGB, BGX, BSL) | |
| Term | Indefinite | |
| Board reporting | CCO reports directly to the Board; meets regularly and as needed regarding risk, policies, procedures, and controls | |
| Power of Attorney authority | Appointed Nov 15, 2024 as attorney‑in‑fact to execute Forms 3/4/5 for trustees/officers of BGB/BGX/BSL | |
| Regulatory signature authority | Signed Section 13(r)/Iran Threat Reduction notice for BGB as CCO on Sep 4, 2025 | |
| Employment contract, severance, CoC | Not disclosed in Fund proxies (officers compensated/employed by Blackstone) |
Investment Implications
- Alignment: Fund officers receive no compensation from BGB and group‑level BGB equity ownership is de minimis (<1%), suggesting limited direct pay‑for‑performance alignment at the fund level; alignment is primarily via Blackstone employment incentives rather than BGB‑specific compensation .
- Insider selling pressure: Renahan functions as attorney‑in‑fact on Section 16 filings for other officers; reviewed filings show no beneficial ownership for those officers, and no selling activity is indicated in those initial statements—reducing near‑term insider selling signal from the officer cohort .
- Retention risk: Multi‑fund CCO role (BGB/BGX/BSL) with indefinite term and MD status at Blackstone points to institutional continuity; however, employment terms (severance/CoC) are not disclosed at the fund level, so retention economics are opaque to BGB shareholders .
- Governance and compliance quality: Direct Board reporting and regular CCO engagements on risk, controls, and policies, plus timely regulatory notices, signal strong compliance infrastructure—supporting operational reliability for the Fund complex .