Stacy Wang
About Stacy Wang
Stacy Wang (born 1989) is Managing Director at Blackstone and Head of Stakeholder Relations for Blackstone Secured Lending Fund (BXSL) and BCRED; she has served as an executive officer of BXSL since 2023. She previously focused on fundraising, product strategy, and client relationships across private and opportunistic credit products, and before joining Blackstone in 2015, worked as an Investment Banking Associate at Natixis in leveraged finance and M&A; she holds a B.S. in Finance and Journalism from NYU Stern . BXSL is externally managed under the 1940 Act; the company discloses that executive officers (including Ms. Wang) do not receive direct compensation from BXSL and the company is prohibited from issuing equity incentives to officers and trustees, which shapes pay-for-performance alignment and trading incentives at the company level .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Blackstone (BXCI) | Managing Director; Head of Stakeholder Relations for BXSL and BCRED | 2015–present (Officer since 2023) | Leads stakeholder relations for BXSL/BCRED; prior focus on fundraising, product strategy, and client relationships across private/opportunistic credit |
| Natixis | Investment Banking Associate (Leveraged Finance and M&A) | Prior to 2015 | Execution of leveraged finance and M&A transactions; relevant to private credit origination and capital markets engagement |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| BCRED (Blackstone Private Credit Fund) | Head of Stakeholder Relations | Not disclosed | Dual remit alongside BXSL as per BXSL filings |
| Blackstone (Firmwide) | Managing Director | Not disclosed | Senior role within Blackstone Credit & Insurance organization |
Fixed Compensation
- BXSL is externally managed; “none of our executive officers will receive direct compensation from the Company.” BXSL reimburses the Administrator only for the allocable compensation of the CFO/CCO staffs and certain administrative personnel; no direct salary/bonus is paid by BXSL to Ms. Wang .
- Under the 1940 Act, BXSL is “prohibited… from issuing equity incentive compensation… to our Officers and Trustees,” removing company-level RSU/option grants as compensation levers for Ms. Wang .
Performance Compensation
- Company-level incentive structures accrue to the Adviser (not to BXSL executive officers directly). The Adviser earns a base management fee (1.0% of average gross assets) and a two-part incentive fee based on pre-incentive fee net investment income and capital gains; investment committee members at the Adviser share in Adviser profits. No company-level bonus, PSU/RSU, or option plan exists for BXSL officers due to 1940 Act restrictions .
- As a result, there are no disclosed company-level performance metrics, targets, or payout curves tied to Ms. Wang’s compensation (e.g., TSR/EBITDA goals) in BXSL filings .
Equity Ownership & Alignment
| As-of Date | Shares Beneficially Owned | % of Shares Outstanding | Shares Outstanding Reference | Notes |
|---|---|---|---|---|
| Jul 8, 2024 | 9,708 | <1% | 198,611,919 | Executive officer ownership table (amounts round to <1%) |
| Feb 19, 2025 | 9,708 | <1% | 227,818,928 | Executive officer ownership table (amounts round to <1%) |
| Jun 27, 2025 | 9,730 | <1% | 229,680,609 | Executive officer ownership table (amounts round to <1%) |
- Vested vs. unvested/Options: BXSL cannot grant equity incentive compensation to officers; there are no company options/RSUs/PSUs outstanding for Ms. Wang disclosed by BXSL .
- Pledging/Hedging: BXSL states it does not have a hedging policy for executive officers and Trustees at this time; codes of ethics govern personal trading. No disclosure indicates any shares pledged by Ms. Wang .
- Insider trading cadence: Public aggregator indicates no reported insider transactions by Ms. Wang over the past 18 months (caution: third‑party data); Form 4 records show her included as an attorney-in-fact on company POAs, but not as a recent reporting seller/buyer .
Employment Terms
- Title/Start: Head of Stakeholder Relations; Officer since 2023; term of office “Indefinite” and officers serve at the discretion of the Board .
- Contractual provisions: BXSL discloses no individual employment agreement, severance, non-compete, or change‑of‑control terms for executive officers; as employees of Blackstone’s adviser, such terms (if any) would be governed by Blackstone, not BXSL .
- Adviser framework: The Investment Advisory and Administration Agreements renew annually (after an initial two‑year term) and may be terminated by either party on 60 days’ notice. These are company‑to‑adviser terms and not executive contracts, but they frame retention dynamics and role continuity for adviser employees serving as BXSL officers .
Performance & Track Record
- Role orientation: Stakeholder relations leadership suggests primary accountability for investor engagement, communications, and franchise positioning; filings list Ms. Wang as the investor relations contact on earnings releases and 8‑Ks .
- Company performance metrics (TSR/revenue/EBITDA) are not disclosed as executive‑level compensation levers for BXSL officers given the externally‑managed BDC model and 1940 Act constraints .
Governance and Related Considerations
- Codes of ethics under the 1940 Act and Advisers Act govern personal securities transactions; BXSL notes no hedging policy for officers and Trustees at this time .
- Beneficial ownership tables confirm Ms. Wang’s shareholding is de minimis relative to outstanding shares, implying minimal insider selling pressure from her personal holdings .
Investment Implications
- Pay-for-performance alignment at BXSL occurs primarily via the Adviser’s management and incentive fee structure—not through company-level cash/equity awards to officers—so Ms. Wang’s direct cash/equity incentives from BXSL are not a driver of trading signals; absence of officer equity awards removes common vesting/sale overhang catalysts .
- Ms. Wang’s disclosed ownership (~9.7k shares; <1%) suggests negligible insider selling pressure; lack of a company hedging policy for officers is a governance watch item, though codes of ethics apply .
- Retention risk and compensation competitiveness for Ms. Wang are functions of Blackstone’s internal policies rather than BXSL; changes in the Investment Advisory Agreement (renewal/termination) could more directly affect officer roles than company-level compensation decisions .
- As Head of Stakeholder Relations (and public investor contact on earnings materials), execution effectiveness is observed via consistency and clarity of investor communications and capital markets engagement; however, filings provide no direct quantitative performance linkage to her compensation or equity .