Vikrant Sawhney
About Vikrant Sawhney
Vikrant Sawhney, age 54, is an Interested Trustee of Blackstone Secured Lending Fund (BXSL), serving on the Board since 2021. He is Blackstone’s Chief Administrative Officer, Global Head of Institutional Client Solutions, and a member of Blackstone’s Management Committee; previously he started Blackstone Capital Markets and served as COO of Blackstone’s Private Equity group. He graduated magna cum laude from Dartmouth College (Phi Beta Kappa) and earned a J.D., cum laude, from Harvard Law School . He has been nominated for re‑election to a Class I term expiring at the 2028 annual meeting .
Past Roles
| Organization | Role | Tenure/Timing | Committees/Impact |
|---|---|---|---|
| Blackstone Inc. | Chief Administrative Officer; Global Head of Institutional Client Solutions; Mgmt Committee member; founded Blackstone Capital Markets; former COO, Private Equity | Joined 2007 (current) | Senior leadership across capital markets, client solutions, and private equity operations |
| Deutsche Bank | Managing Director | Prior to 2007 | Investment banking leadership |
| Simpson Thacher & Bartlett LLP | Attorney | Prior to Deutsche Bank | Legal background at leading law firm |
External Roles
| Organization | Role | Nature |
|---|---|---|
| Blackstone Charitable Foundation | Board member | Non‑profit/charitable governance |
| Dream (East Harlem) | Board Chair | Education/social services non‑profit leadership |
| Quinnipiac University | Trustee | Academic board role |
Board Governance
- Status and tenure: Interested Trustee under the 1940 Act due to employment with the Adviser; Trustee since 2021 .
- Committee assignments: Not listed as a member of the Audit, Nominating & Governance, or Compensation Committees (all committees are composed solely of Independent Trustees). Chairs: Audit—Robert Bass; Nominating & Governance—Tracy Collins; Compensation—Vicki L. Fuller .
- Attendance: The Board met eight times in 2024; each Trustee then serving attended at least 75% of Board and applicable committee meetings .
- Board leadership: Board Chair is Brad Marshall (an Interested Trustee); executive sessions of Independent Trustees are held regularly; all committees are chaired by Independent Trustees .
- Election: Nominated (Class I) for a term through the 2028 annual meeting .
Fixed Compensation
- Policy: Trustees employed by Blackstone (Interested Trustees) receive no compensation or expense reimbursement from the Company .
- Company prohibits equity incentive compensation (options, RSUs, etc.) for Officers and Trustees under the 1940 Act .
| Component | Amount/Terms | Notes |
|---|---|---|
| Board/Committee Cash Retainer | $0 paid by BXSL | Interested Trustees receive no BXSL pay |
| Meeting Fees | $0 paid by BXSL | Interested Trustees receive no BXSL pay |
| Equity/Stock Awards | Not permitted | BDC prohibition on equity incentive comp for Officers/Trustees |
Performance Compensation
- Equity or performance‑based awards: None; BXSL is prohibited from issuing equity incentive compensation to Officers and Trustees .
- Clawback policy: Adopted to comply with NYSE 303A.14, but the Company currently neither pays nor plans to pay incentive compensation to covered executives .
| Performance Metric/Instrument | Terms | Status |
|---|---|---|
| Stock options/RSUs/PSUs | Not permitted for Officers/Trustees | None outstanding |
| Cash bonus tied to performance | Not applicable to Trustees | None disclosed |
| Clawback applicability | Policy in place; incentive comp not paid | Implemented for compliance |
Other Directorships & Interlocks
| Company/Entity | Type | Role | Notes |
|---|---|---|---|
| Blackstone Private Credit Fund (BCRED) | Registered investment company in BXSL “Fund Complex” | Trustee | Serves on BCRED board; counts toward “portfolios overseen” (2 total) |
| Other public company boards (outside Fund Complex) | Public company | None | “Other Directorships… during past five years”: None |
Interlock/conflict context: BXSL’s Adviser and affiliates (Blackstone) receive significant fees from BXSL (e.g., 2024 base management fees $116.6m; income‑based incentive fees accrued $150.1m), while Mr. Sawhney is a senior Blackstone executive—an inherent related‑party alignment consideration for investors .
Expertise & Qualifications
- Capital markets, private equity operations, and institutional client solutions leadership at Blackstone; prior legal and banking experience at Simpson Thacher and Deutsche Bank .
- Educational credentials: Dartmouth (magna cum laude, PBK) and Harvard Law School (J.D., cum laude) .
- Board nomination factors: Character/integrity, board service willingness and capacity, and (for Mr. Sawhney) his roles with Blackstone; no single factor was controlling .
Equity Ownership
| Metric | Amount | Notes |
|---|---|---|
| Total BXSL shares beneficially owned (as of 6/27/2025) | 0 | “—” shown for Mr. Sawhney |
| Ownership % of outstanding | 0% | Based on table showing no shares |
| Dollar range of BXSL equity | None | As of 6/27/2025 |
| Aggregate dollar range across Fund Complex | Over $100,000 | As of 6/27/2025 |
| Shares pledged/hedged | Not disclosed | Company has no hedging policy for executives/Trustees |
Governance Assessment
-
Strengths
- Deep capital markets and governance experience; credible sponsor insight and network value to the Board .
- Board structure includes independent‑only committees and regular executive sessions; committee chairs are independent .
- Strong attendance culture (≥75% for each Trustee in 2024; eight Board meetings) .
-
Key investor considerations
- Interested Trustee with senior Blackstone role while BXSL pays substantial advisory and incentive fees to Blackstone affiliates ($116.6m base management; $150.1m income‑based incentive fees accrued for 2024)—ongoing related‑party alignment scrutiny is warranted .
- No BXSL share ownership disclosed for Mr. Sawhney—limited direct “skin‑in‑the‑game” alignment at the Company level; aggregate Fund Complex exposure is “Over $100,000” .
- BXSL has no hedging policy for executive officers and Trustees—a governance practice gap relative to many public issuers that prohibit hedging/pledging by insiders .
- Board Chair is an Interested Trustee (Brad Marshall), though committees and executive sessions mitigate some risks .
-
RED FLAGS
- Related‑party exposure: Senior Blackstone executive (Mr. Sawhney) on BXSL Board while Blackstone affiliates receive material advisory/administration fees from BXSL .
- Zero BXSL share ownership by the director as of the record date .
- Absence of a hedging policy for executives/Trustees .
Notes and References:
- Nomination/class/term and nomination factors .
- Biography, age, roles, education, BCRED board .
- Trustee roster, portfolios overseen, and “other directorships” disclosure .
- Committee compositions, chairs, and meeting counts .
- Board meeting count and attendance threshold .
- Director compensation policy (Interested Trustees: no pay; BDC equity prohibition) .
- Security ownership table and dollar ranges .
- Corporate governance/hedging policy statement .
- Advisory/administration agreements and 2024 fee magnitudes .