Susan Lee
About Susan Lee
Susan Y. Lee (born 1980) is an Independent Director of Crescent Capital BDC, Inc. (CCAP), serving as a Class II director since 2022 with a term expiring in 2026 . She is a multi-asset allocator with experience across public equities, private equity, venture capital, real assets, credit, fixed income, and hedge fund strategies; she holds an MBA from Harvard Business School (honors; Toigo Fellow) and a BA from Stanford University (Phi Beta Kappa) . Ms. Lee also serves on the boards of CPCI and CCS IX BDC within CCAP’s fund complex and has held an other directorship at American Battery Technology Company .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| The Broad Foundations | Managed investment assets | Not disclosed | Institutional portfolio oversight |
| Angeles Investment Advisors | Partner | Not disclosed | Institutional advisory/investing |
| Black Canyon Capital | Private equity investor | Not disclosed | PE investing |
| Vintage Capital Partners | Private equity investor | Not disclosed | PE investing |
| Bain & Company | Strategy | Not disclosed | Strategic advisory |
| The Walt Disney Company | Strategy | Not disclosed | Corporate strategy |
External Roles
| Organization | Role | Sector/Type | Notes |
|---|---|---|---|
| Clif Family Foundation | Chief Investment Officer | Endowed foundation | Current CIO |
| Rocketbox, LLC | Owner | Private investment firm | Family office/private investing |
| White Road Capital Management | Partner | Family office | Investment leadership |
| Sentinel Management, LLC | Chief Investment Officer | Single family office | Investment leadership |
| CPCI | Director | BDC (Fund Complex) | CCAP-related fund complex |
| CCS IX BDC | Director | BDC (Fund Complex) | CCAP-related fund complex |
| American Battery Technology Company | Director (past five years) | Public company | Other directorship |
Board Governance
- Independence: Ms. Lee is an Independent Director (not an “interested person”) and meets audit committee independence requirements under Rule 10A-3 .
- Board/Committee activity and attendance: In FY2024, the Board held 5 meetings; Audit 4; Nominating 2; Compensation 1. All Directors (including Ms. Lee) attended at least 75% of the aggregate meetings of the Board and committees on which they served .
- Committee memberships and chairs:
- Audit Committee: Member; Chair—George G. Strong Jr.; all members independent .
- Compensation Committee: Member; Chair—Steven F. Strandberg .
- Nominating & Corporate Governance Committee: Member; Chair—Michael S. Segal .
| Committee | Ms. Lee Role | Chair | FY2024 Meetings | Independence Confirmation |
|---|---|---|---|---|
| Audit | Member | George G. Strong Jr. | 4 | Rule 10A-3 compliant |
| Compensation | Member | Steven F. Strandberg | 1 | All committee members independent |
| Nominating | Member | Michael S. Segal | 2 | All committee members independent |
Fixed Compensation
Independent Directors are compensated via cash retainers and meeting fees; chairs receive additional fees. Ms. Lee is not a committee chair and thus does not receive chair fees .
| Component ($) | FY2023 | FY2024 |
|---|---|---|
| Annual retainer | $95,000 | $105,000 |
| Regular Board meeting fee (per meeting) | $2,500 | $2,500 |
| Special Board meeting fee (per meeting) | $1,000 | $1,000 |
| Committee meeting fee (per meeting) | $1,000 | $1,000 |
| Audit Committee Chair fee (annual) | $10,000 to Aug 3, 2023; $12,500 thereafter (not applicable to Lee) | $12,500 (not applicable to Lee) |
| Compensation Committee Chair fee (annual) | $5,000 (not applicable to Lee) | $5,000 (not applicable to Lee) |
| Nominating Committee Chair fee (annual) | $5,000 (not applicable to Lee) | $5,000 (not applicable to Lee) |
| Aggregate compensation from CCAP | $117,120 | $119,620 |
| Aggregate compensation from Fund Complex | $168,335 | $192,740 |
Performance Compensation
Independent Directors receive no equity awards or performance-linked pay; compensation is cash-based (retainers and meeting fees). No performance metrics, bonus, stock awards, or options are disclosed for Directors .
| Performance Element | FY2023 | FY2024 |
|---|---|---|
| Equity grants (RSUs/PSUs) | None disclosed | None disclosed |
| Option awards | None disclosed | None disclosed |
| Bonuses/variable pay | None disclosed | None disclosed |
| Compensation performance metrics | Not disclosed | Not disclosed |
Other Directorships & Interlocks
| Organization | Role | Type | Interlock/Conflict Consideration |
|---|---|---|---|
| CPCI | Director | BDC (Fund Complex) | Co-investment governed by SEC exemptive relief requiring “required majority” of Independent Directors to approve; fair and equitable allocations per policy |
| CCS IX BDC | Director | BDC (Fund Complex) | Same co-investment controls and allocation framework |
| American Battery Technology Company | Director (past five years) | Public company | Other directorship; no CCAP-specific related party exposure disclosed |
Expertise & Qualifications
- Multi-asset class allocator with institutional advisory experience across public and private markets; roles span CIO positions and investment leadership in foundations and family offices .
- Education: MBA Harvard Business School (honors; Toigo Fellow), BA Stanford University (Phi Beta Kappa) .
- Audit committee financial expert designation is held by George G. Strong Jr., not Ms. Lee .
Equity Ownership
| Metric | As of Record Date (Mar 19, 2025) |
|---|---|
| Shares owned (beneficial) | 0 |
| Ownership % | — |
| Dollar range of CCAP shares | None |
| Hedging/pledging policy | Hedging and pledging of CCAP securities prohibited by Insider Trading Policy |
| Pledged shares | None disclosed; pledging prohibited |
Governance Assessment
- Strengths: Independent status; service across all key committees; audit committee independence compliance; consistent attendance (≥75% of aggregate meetings); robust codes prohibiting hedging/pledging and outlining personal trading restrictions; formal co-investment oversight requiring a “required majority” of Independent Directors .
- Compensation structure: Cash-only director compensation with no equity awards or performance pay; annual retainer rose from $95,000 (2023) to $105,000 (2024) while meeting fees remained constant .
- Alignment considerations: Ms. Lee reported zero CCAP share ownership and “None” dollar range, which may signal limited direct stock alignment; however, insider policies prohibit pledging/hedging and the fund complex structure emphasizes independent committee oversight for co-investments .
- Conflict controls: Overlapping directorships within the fund complex (CPCI, CCS IX BDC) are subject to SEC exemptive relief and allocation policies intended to ensure fairness and protect CCAP stockholders; a “required majority” of Independent Directors must affirm fairness and non-overreaching for co-investments .