Valerie Naratil
About Valerie Naratil
Valerie Naratil (birth year 1988) serves as Public Relations Officer of Blackstone Long-Short Credit Income Fund (BGX) with an indefinite term of office; she has held officer roles for BGX since February 2021. She is a Managing Director and member of the Product Management team within Blackstone Credit & Insurance’s Liquid Credit Strategies business; prior experience includes UBS Investment Bank advising corporate clients in Healthcare. She is employed by Blackstone Alternative Credit Advisors LP; fund-paid compensation is not applicable to BGX officers.
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Blackstone Credit & Insurance (Liquid Credit Strategies) | Managing Director; Product Management team | 2014–present | Product management for Liquid Credit Strategies; supports retail-focused funds and investor-facing communications |
| UBS Investment Bank | Corporate advisory across Healthcare industry | Pre-2014 | Advised corporate clients in Healthcare; capital markets and advisory experience |
External Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Not disclosed in BGX proxy | — | — | — |
Fixed Compensation
Officers employed by Blackstone Credit & Insurance receive no compensation or expense reimbursement from the Funds; BGX does not disclose officer salary, bonus, or equity grants.
Performance Compensation
BGX does not disclose performance metrics/targets or incentive payouts for officers (officers are compensated by the adviser, not the Fund).
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Last reported BGX holdings | 300 shares acquired on July 6, 2022 at $12.38 per share |
| Additional BGX open-market purchases | 250 shares at $13.88 (Mar 5, 2021) |
| Additional BGX open-market purchases | 50 shares at $11.41 (Mar 5, 2021) |
| Shares outstanding (BGX) | 12,708,275 as of record date Feb 12, 2025 |
| Ownership as % of shares outstanding | ~0.0024% based on 300 shares vs 12,708,275 shares |
| Pledging/hedging | Not disclosed in BGX proxy |
| Group insider ownership | All Trustees and Executive Officers as a group held 265 BGX shares as of Dec 31, 2024 (<1%) |
Insider Transactions (BGX)
| Date | Action | Shares | Price | Dollar value | Source |
|---|---|---|---|---|---|
| 2021-03-05 | Buy | 250 | $13.88 | $3,470 | |
| 2021-03-05 | Buy | 50 | $11.41 | $570.50 | |
| 2022-07-06 | Buy | 300 | $12.38 | $3,714 | |
| 2022-07-06 | Form 4 filing reference | — | — | — |
Employment Terms
| Term | Detail |
|---|---|
| Officer title (BGX) | Public Relations Officer |
| Officer since | February 2021 (BGX, BSL, BGB) |
| Term of office | Indefinite |
| Employer/address | Blackstone Alternative Credit Advisors LP, 345 Park Ave, 31st Floor, New York, NY 10154 |
| Compensation from BGX | None (officers employed by Blackstone Credit & Insurance; the Funds pay no officer compensation) |
| Contract terms, severance, change-of-control | Not disclosed in BGX proxy |
Investment Implications
- Pay-for-performance alignment: Absence of fund-paid compensation and small, repeated open-market purchases indicate modest personal alignment rather than incentive-driven selling pressure; no pledging or hedging disclosures identified.
- Retention risk: As an adviser-employed officer with an indefinite term, compensation and retention levers sit at Blackstone Credit & Insurance, not BGX; proxy lacks severance or change-of-control economics, limiting fund-level risk from executive turnover.
- Trading signals: Insider activity comprises small-dollar purchases; these are supportive but not sizeably predictive of near-term performance. BGX’s aggregate insider holdings are de minimis (<1%), suggesting minimal insider-driven liquidity effects.
- Governance context: BGX does not maintain a Compensation Committee; officer roles are operational with no fund-level compensation disclosure, so traditional pay-for-performance benchmarking is not available at the fund level.