Steven Strandberg
About Steven F. Strandberg
Steven F. Strandberg (born 1955) is an Independent Director of Crescent Capital BDC, Inc. (CCAP), serving since 2015; he is Class III with a term expiring in 2027 and is Chairman of the Compensation Committee as well as a member of the Audit and Nominating & Corporate Governance Committees . He is co‑founder and Managing Partner of Albany Road Real Estate Partners; previously he co‑founded WestBridge Ventures and led Merrill Lynch’s West Coast Technology Investment Banking group after roles at Donaldson, Lufkin & Jenrette and Morgan Stanley . He holds an M.B.A. from Harvard University and an A.B. from the University of Chicago .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| WestBridge Ventures | Managing Director & Co‑founder | Not disclosed | Later-stage private technology investing |
| Merrill Lynch | Founder & Head, West Coast Technology Investment Banking | Not disclosed | Led coverage/advisory for emerging private companies |
| Donaldson, Lufkin & Jenrette | Investment Banking | Not disclosed | Advisory roles |
| Morgan Stanley | Investment Banking | Not disclosed | Advisory roles |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Albany Road Real Estate Partners | Co‑founder & Managing Partner | Not disclosed | Real estate investment leadership |
| Other public company boards (past 5 years) | None | — | None disclosed in CCAP proxy |
| CCAP Fund Complex oversight | 1 portfolio company | Current | Oversees CCAP only within fund complex |
Board Governance
- Committee assignments: Chairman of the Compensation Committee; member of Audit and Nominating & Corporate Governance Committees .
- Independence: CCAP’s Board has five Independent Directors; Strandberg is listed as an Independent Director under Nasdaq Rule 4200(a)(15) .
- Lead Independent Director: CCAP does not designate a lead Independent Director given board size and structure .
- Attendance and meetings: In 2024, Board held 5 meetings; Audit 4; Nominating 2; Compensation 1; all Directors attended at least 75% of Board and committee meetings held while members .
- Term and class: Class III Director since 2015; current term expires in 2027 .
Fixed Compensation
- CCAP Independent Director fee schedule (2024): $105,000 annual fee; $2,500 per regular Board meeting; $1,000 per special Board meeting; $1,000 per committee meeting; Audit Chair receives $12,500; Compensation Chair $5,000; Nominating Chair $5,000 .
- CCAP Independent Director fee schedule (2023): $95,000 annual fee; same meeting fees; Audit Chair $10,000 increased to $12,500 after August 3, 2023; Compensation Chair $5,000; Nominating Chair $5,000 .
| Metric (USD) | FY 2023 | FY 2024 |
|---|---|---|
| Aggregate Compensation from CCAP | $116,000 | $122,000 |
| Compensation Chair fee (included above) | $5,000 | $5,000 |
Performance Compensation
- Independent directors receive cash fees and meeting/committee chair fees; no performance-based metrics or equity awards are disclosed for directors in CCAP’s proxy .
| Performance Metric | FY 2023 | FY 2024 |
|---|---|---|
| TSR/EBITDA/Revenue targets | Not applicable (no director performance pay disclosed) | Not applicable (no director performance pay disclosed) |
| RSUs/PSUs/Options (director) | Not disclosed | Not disclosed |
Other Directorships & Interlocks
| Company | Role | Period | Notes |
|---|---|---|---|
| Public company boards (past 5 years) | None | — | None disclosed |
| CCAP Fund Complex (CPCI, CCS IX BDC) | None | Current | Strandberg oversees only 1 portfolio company (CCAP) in the Fund Complex |
Expertise & Qualifications
- Financial markets and board experience across real estate and technology; venture and later-stage private tech investing .
- Senior investment banking leadership (M&A and financing) at major firms; operational oversight through multiple board roles .
- Education: M.B.A., Harvard University; A.B., University of Chicago .
Equity Ownership
- CCAP’s Code of Ethics and Insider Trading Policy prohibit hedging, short sales, margin accounts, pledging of CCAP stock, and derivative transactions by Directors, supporting alignment with shareholders .
| Ownership Metric | As of Mar 13, 2024 (Record Date) | As of Mar 19, 2025 (Record Date) |
|---|---|---|
| Shares beneficially owned | 245,108 | 256,357 |
| % of shares outstanding | 0.66% | 0.69% |
| Dollar range of CCAP equity | Over $100,000 | Over $100,000 |
Insider Trades
Note: We attempted to retrieve Form 4 transactions via the insider-trades skill for “Strandberg” at CCAP from 2023-01-01 to 2025-11-19, but the data source returned an authorization error; therefore, specific trade details are not available in this report.
- Section 16(a) compliance: CCAP reported that Directors and Officers complied with filing requirements for FY 2023 (no delinquent reports) .
Related Party Transactions & Conflicts
- Pre‑Board investments: Prior to serving on the Board, Strandberg invested in private funds managed by an affiliate of the Advisor; to avoid conflicts, he is excluded from the “required majority” votes on co‑investments alongside those funds, and he has not added capital post‑service except to satisfy pre‑existing commitments .
- Fee treatment: His pre‑existing fund investments are not subject to management fees typically charged to other investors, which is disclosed and managed via governance protocols .
- Co‑investment oversight: CCAP operates under SEC exemptive relief for co‑investments; a required majority of Independent Directors must conclude terms are fair and consistent with shareholder interests .
Governance Assessment
- Alignment: Strandberg’s sizable personal stake (256,357 shares; 0.69% of outstanding) indicates meaningful alignment with shareholders, and CCAP’s prohibition of hedging/pledging strengthens alignment safeguards .
- Engagement: Chairing Compensation and serving on Audit and Nominating suggests high engagement; attendance thresholds were met across meetings in 2024 .
- Independence: Classified as an Independent Director; CCAP maintains a majority of Independent Directors and committee chairs are independent .
- Conflicts: Pre‑Board fund investments introduce potential conflict; however, CCAP’s exclusion of Strandberg from required‑majority co‑investment approvals and disclosure of fee treatment are mitigating controls .
- Board structure: Absence of a Lead Independent Director may limit coordination benefits, though CCAP cites small board size and independent committee chairs as offsetting factors .
RED FLAGS
- Pre‑existing investments with an affiliate of the Advisor represent potential perceived conflicts, albeit with explicit mitigations (exclusion from required‑majority votes; no additional capital; fee treatment disclosure) .
- No lead Independent Director designated, which some investors view as a governance gap despite CCAP’s rationale .