Joan McCabe
About Joan McCabe
Independent Trustee of Carlyle Credit Income Fund (CCIF) since July 2023; born 1955. Over 30 years of financial and corporate experience, including private equity investing and debt financings; Managing Member of JMYME, LLC (since 2020) and former CEO/Founder of Lipotriad LLC (2015–2019). Serves on multiple boards including non-profits; currently chairs CCIF’s Nominating and Governance Committee and sits on the Audit Committee and Independent Trustees Committee .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| JMYME, LLC | Managing Member | Since 2020 | Private investment/management role |
| Lipotriad LLC | CEO/Founder | 2015–2019 | Led company; corporate experience |
| Goodwill Industries International, Inc. | Board Member | 2015–2021 | Non-profit governance |
| Sensible Organics | Board Member | 2017–2021 | Board governance |
| Elevation Brands | Board Member | 2017–Nov 2022 | Board governance (service ended Nov 2022) |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Gulfstream Goodwill, Inc. | Board Member; Board Chair | Since 2017; Chair since 2021 | Non-profit; Board leadership |
| Gulfstream Goodwill Academy, Inc. | Board Member | Since 2018 | Non-profit education entity |
| Carlyle Tactical Private Credit Fund | Independent Trustee | Since 2018 | Another Carlyle-advised investment company |
Board Governance
- Independent status: Classified as an Independent Trustee under the Investment Company Act of 1940 (1940 Act) and SEC standards .
- Committees and roles:
- Audit Committee: Member (independent); Audit Committee met 4 times in FY 2024; Chair is Sanjeev Handa; the charter was reviewed Feb 28, 2025 .
- Nominating & Governance Committee: Chair (independent); Committee met 3 times in FY 2024; charter updated Feb 28, 2025 .
- Independent Trustees Committee: Member (independent); Committee met 3 times in FY 2024; addresses conflict-of-interest matters including co-investment approvals .
- Board leadership: Board Chair is an Interested Trustee (Lauren Basmadjian); no Lead Independent Trustee at present .
- Attendance: Each Trustee attended at least 75% of Board and applicable committee meetings in FY 2023 (Board met 6 times) and FY 2024 (Board met 5 times) .
Fixed Compensation
| Metric | FY 2023 | FY 2024 |
|---|---|---|
| Aggregate Compensation from the Fund (USD) | $40,000 | $40,000 |
| Notes | Includes any chairperson fees per proxy footnote | Includes any chairperson fees per proxy footnote |
Performance Compensation
| Component | FY 2023 | FY 2024 | Notes |
|---|---|---|---|
| Stock awards (RSUs/PSUs) | None disclosed | None disclosed | Proxy tables present only aggregate cash; no equity grants shown |
| Option awards | None disclosed | None disclosed | No option grants disclosed |
| Bonus/meeting fees | None disclosed beyond fixed compensation | None disclosed beyond fixed compensation | No meeting fees itemized; footnote indicates any chair fees included |
| Performance metrics tied to pay | Not applicable | Not applicable | No performance-based director compensation disclosed |
Other Directorships & Interlocks
| Company/Entity | Type | Role | Potential Interlock/Conflict Note |
|---|---|---|---|
| Carlyle Tactical Private Credit Fund | Registered investment company | Independent Trustee | Both funds are advised within Carlyle’s Global Credit platform; oversight across adviser-affiliated funds increases need for robust independence and conflict management |
| Gulfstream Goodwill, Inc. | Non-profit | Board Chair | Non-profit; no direct related-party exposure to CCIF disclosed |
| Gulfstream Goodwill Academy, Inc. | Non-profit | Board Member | Non-profit; no related-party exposure disclosed |
Context: The Carlyle Group held 41.00% of CCIF common shares as of July 11, 2024 and 22.91% as of June 30, 2025, underscoring the importance of independent committee oversight under an Interested Board Chair .
Expertise & Qualifications
- Over 30 years of financial and corporate experience, including private equity investing and related debt financings .
- Governance leadership as Chair of Nominating & Governance; active service on Audit and Independent Trustees Committees .
- Broad board experience across investment company and non-profit sectors .
Equity Ownership
| Metric | As of June 30, 2024 | As of June 30, 2025 |
|---|---|---|
| Dollar Range of Equity Securities in CCIF | $100,001–$500,000 | $100,001–$500,000 |
| Aggregate Dollar Range in Fund Family | Over $1,000,000 | Over $1,000,000 |
| Group Ownership (Trustees/Officers) | <1% of outstanding shares | <1% of outstanding shares |
| Shares pledged as collateral | Not disclosed | Not disclosed |
Insider Trades and Section 16 Compliance
| Item | FY 2023 | FY 2024 |
|---|---|---|
| Section 16(a) filings compliance (officers and Trustees) | Complied (no delinquent reports) | Complied (no delinquent reports) |
| Form 4 transactions for Joan McCabe | Not disclosed in proxy | Not disclosed in proxy |
Governance Assessment
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Strengths:
- Independent Trustee with >30 years’ financial experience; chairs Nominating & Governance Committee and serves on Audit and Independent Trustees Committees, which met regularly and operate under updated charters .
- Documented attendance at least 75% of Board and committee meetings; modest fixed cash compensation aligns with closed-end fund norms .
- No Section 16(a) delinquencies; Audit Committee oversight of EY and pre-approval of services; charter emphasizes independence and internal control oversight .
-
Watchpoints / RED FLAGS:
- Board chaired by an Interested Trustee and no Lead Independent Trustee; requires continued effective functioning of independent committees to address potential conflicts .
- Interlock within adviser’s fund complex (service as Independent Trustee at another Carlyle-advised fund) elevates importance of Independent Trustees Committee oversight of co-investments and related-party matters .
- Significant sponsor share ownership (The Carlyle Group) may influence governance dynamics; reinforces need for robust independence and shareholder-focused committee leadership .
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Overall: McCabe’s committee leadership and independence support board effectiveness; absence of performance-based director pay and meaningful equity ownership range suggests alignment without undue risk-taking incentives. Continued focus on conflict management (co-investments, sponsor influence) and maintaining strong attendance/engagement remain key for investor confidence .