William Renahan
About William Renahan
William J. Renahan (birth year 1969) serves as Chief Compliance Officer of BGX, officer 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 at Legg Mason and predecessor firms as Managing Director/Senior Counsel, and associate at Battle Fowler LLP. He also served as Chairman of the Investment Company Institute’s Closed‑End Fund Committee from 2014–2018. Fund proxies list his business address as Blackstone Alternative Credit Advisors LP, 345 Park Avenue, 31st Floor, New York, NY 10154 . BGX proxies state officers employed by Blackstone Credit receive no compensation from the funds; any performance pay is not disclosed at the fund level .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Duff & Phelps Investment Management | Senior Managing Director & Chief Compliance Officer | Prior to 2022 (end date: 2022) | Led firm-wide compliance; foundation for fund CCO responsibilities |
| Legg Mason & predecessor firms | Managing Director & Senior Counsel | Approximately 13 years | Deep legal/compliance experience in asset management across multiple affiliates |
| Battle Fowler LLP (merged into Paul Hastings LLP) | Associate (New York) | Not disclosed | Early legal training; structured finance and compliance exposure |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Investment Company Institute (ICI) | Chairman, Closed‑End Fund Committee | 2014–2018 | Industry leadership; policy influence on closed‑end fund governance |
| Blackstone (Adviser to BGX) | Managing Director, Legal & Compliance group | 2022–present | Advises across Blackstone Credit & Insurance funds; central to compliance oversight |
| SEC Filings Authority | Attorney‑in‑Fact on insider filings for BGX officers (e.g., Meghan Fornshell; Kevin Michel) | 2024 | Executes Section 16 filings, reflecting delegated compliance authority |
Fixed Compensation
- Officers employed by Blackstone Credit receive no compensation or expense reimbursement from BGX; the proxy discloses trustee compensation separately and confirms officers do not receive fund-paid compensation .
- No fund-level disclosure of base salary, target bonus %, or actual bonus paid for officers; these are set by Blackstone and not reported in BGX proxies .
Performance Compensation
- BGX proxies do not disclose officer performance metrics, incentive weightings, targets, actuals, payouts, or vesting tied to fund performance; officers’ incentives are determined by Blackstone, outside fund-level reporting .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Section 16 status | Officers are subject to Section 16(a) reporting; BGX reported full compliance for fiscal years 2021–2024 based on review of filings and representations . |
| Initial insider filing | Form 3 filed by William J. Renahan on April 15, 2025 (initial statement of beneficial ownership) . |
| Beneficial ownership detail | BGX proxies present “Beneficial Ownership” tables for Trustees; officer-level share counts are not presented in proxies . |
| Pledging/Hedging | No pledging or hedging disclosures for officers were found in BGX proxies; proxies focus on trustees and Section 16 compliance . |
| Ownership guidelines | No officer stock ownership guidelines disclosed at the fund level; trustee compensation/fees disclosed separately . |
Employment Terms
| Term | Disclosure |
|---|---|
| Title & role | Chief Compliance Officer (officer since: September 2022); term of office: Indefinite . |
| Employer/adviser | Blackstone Liquid Credit Strategies LLC is each Fund’s investment adviser; officers list address at Blackstone Alternative Credit Advisors LP (345 Park Ave) . |
| Compensation source | Officers employed by Blackstone Credit receive no compensation or expense reimbursement from BGX . |
| Section 16 obligations | BGX reports compliance with Section 16(a) for officers in 2021–2024 proxies . |
| Severance/change‑of‑control | No fund-level severance or change-of-control terms disclosed for officers in BGX proxies . |
| Recent compliance activity | BGX’s September 4, 2025 Iran Threat Reduction notice on Form N‑CSR is signed by CCO William J. Renahan, evidencing active compliance oversight . |
Investment Implications
- Pay-for-performance alignment to BGX shareholders is indirect: officers are compensated by Blackstone (the adviser), and BGX does not pay or disclose officer compensation or incentive metrics; thus fund-level KPIs (e.g., TSR, NAV performance) are not explicitly tied to disclosed officer pay .
- Insider status is current and active: Renahan filed a Form 3 on April 15, 2025, and signs fund compliance notices; monitoring subsequent Section 16 filings (Forms 4/5) is essential to gauge any insider selling pressure or changes in beneficial ownership .
- Retention and transition risk appear contained at the fund level because officer roles are indefinite and employed by the adviser; the absence of fund-level severance or change-of-control economics reduces immediate fund expense exposure tied to executive transitions .
- Governance confidence: repeated proxy statements indicate Section 16 compliance and clear separation of trustee compensation from officer pay, with the CCO serving as attorney‑in‑fact for multiple BGX insider filings—signals of robust legal/compliance infrastructure under Blackstone’s framework .