Mark Garbin
About Mark Garbin
Mark Garbin (born 1951) is an Independent Trustee of Carlyle Credit Income Fund (CCIF) serving since July 2023. He is Managing Principal at Coherent Capital Management LLC (since 2008) and holds the CFA and Professional Risk Manager (PRM) charters, with advanced degrees in international business, negotiation, and derivatives, reflecting over 30 years of balance sheet, income statement, and derivatives risk management experience for large asset managers .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Coherent Capital Management LLC | Managing Principal | 2008–present | Advisory/consulting in derivatives and risk management; alternative asset manager consulting |
| Various large asset managers | Risk management (corporate BS/IS), derivatives | 30+ years (background) | Expertise applied in fund board oversight |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Two Roads Shared Trust | Independent Trustee | Since 2012 | Registered investment company governance |
| Forethought Variable Insurance Trust | Independent Trustee | Since 2013 | Variable insurance fund oversight |
| Northern Lights Fund Trust | Independent Trustee | Since 2013 | Mutual fund complex oversight |
| Northern Lights Variable Trust | Independent Trustee | Since 2013 | Variable trust oversight |
| iCapital KKR Private Markets Fund | Independent Trustee | Since 2014 | Private markets RIC oversight |
| OHA CLO Enhanced Equity II Genpar LLP | Independent Director | Since 2021 | CLO equity vehicle governance |
| Carlyle Tactical Private Credit Fund | Independent Trustee | Since 2018 | Shares adviser affiliation with CCIF (Carlyle); governance interlock potential |
Board Governance
- Independent Trustee of CCIF; nominated and re-elected as a Class I Trustee in 2025 to serve a three-year term expiring in 2028, subject to shareholder approval .
- Committee assignments: Audit Committee member (Chair: Sanjeev Handa), Nominating & Governance Committee member (Chair: Joan McCabe), and Chair of the Independent Trustees Committee (conflicts/co-investment approvals) .
- Board leadership: Chair of the Board is an Interested Trustee (Lauren Basmadjian); the Board does not have a Lead Independent Trustee. Independent Trustees meet separately at each regular Board meeting and with the Chief Compliance Officer at least annually .
- Annual meeting attendance is not required by the Fund; Audit Committee report was submitted by Handa (Chair), Garbin, and McCabe, evidencing active committee engagement .
| Committee | Garbin Role | FY 2023 Meetings | FY 2024 Meetings |
|---|---|---|---|
| Audit Committee | Member | 4 | 4 |
| Nominating & Governance Committee | Member | 2 | 3 |
| Independent Trustees Committee | Chair | 2 | 3 |
| Board Activity | FY 2023 | FY 2024 |
|---|---|---|
| Board meetings held | 6 | 5 |
| Garbin attendance | ≥75% of Board and committee meetings (all Trustees) | ≥75% of Board and committee meetings (all Trustees) |
Fixed Compensation
| Year | Aggregate Compensation from CCIF (Cash) |
|---|---|
| FY 2023 | $40,000 |
| FY 2024 | $40,000 |
Notes: Reported compensation “includes all amounts paid for serving as Trustee of the Fund, as well as serving as chairperson of a committee” . Interested Trustees receive no compensation from the Fund .
Performance Compensation
- No equity awards (RSUs/PSUs/options), performance metrics, or incentive compensation for Trustees are disclosed; proxy shows only cash aggregate trustee compensation .
Other Directorships & Interlocks
| Company | Relationship to CCIF or Adviser | Interlock/Conflict Consideration |
|---|---|---|
| Carlyle Tactical Private Credit Fund | Shares adviser affiliation (Carlyle) | Potential interlock addressed via Independent Trustees Committee oversight of co-investment conflicts; Garbin chairs this committee |
| OHA CLO Enhanced Equity II Genpar LLP | None with CCIF adviser | External oversight experience |
| iCapital KKR Private Markets Fund; Northern Lights Trusts; Two Roads Shared Trust; Forethought Variable Insurance Trust | None with CCIF adviser | Broader RIC governance exposure |
- The Independent Trustees Committee charter explicitly addresses conflict-of-interest matters, including approval of co-investments with other Carlyle-advised vehicles under exemptive relief; updated in 2025 (approved Feb 28, 2025) and initially approved in 2023 .
Expertise & Qualifications
- Financial risk management and derivatives expertise; over 30 years managing corporate balance sheet and income statement risk for large asset managers .
- CFA Charterholder and PRM designation; advanced degrees in international business, negotiation, and derivatives .
- Experience across investment company boards, compliance, and corporate governance .
Equity Ownership
| As of Date | CCIF Fund Ownership (Dollar Range) | Aggregate Dollar Range in Fund Complex |
|---|---|---|
| June 30, 2024 | None | $50,001–$100,000 |
Group holdings: Trustees and officers as a group owned <1% of outstanding shares as of June 30, 2024 . Adviser securities: No Independent Trustee or immediate family member owns securities in the Adviser or its affiliates .
Governance Assessment
- Alignment: Garbin held “None” in CCIF as of June 30, 2024, which may reduce direct economic alignment with shareholders; he does hold investments across the fund complex ($50,001–$100,000), providing broader industry exposure .
- Engagement: Serves on three key committees and chairs the Independent Trustees Committee; committee meeting frequency increased in FY 2024 versus FY 2023, and he met the ≥75% attendance threshold, supporting active governance participation .
- Independence: Classified as Independent Trustee and meets SEC/1940 Act independence standards; no ownership in the Adviser or affiliates reported, mitigating advisory conflicts .
- Conflict Oversight: As Chair of the Independent Trustees Committee, he directly oversees co-investment approvals and conflict matters under the charter, a critical function given Carlyle’s platform and potential related-party transactions across funds .
- Board Structure: Absence of a Lead Independent Trustee and an Interested Chair may heighten the need for strong Independent committee processes; the board cites independent committee composition and executive sessions as mitigants .
- Annual meeting: Trustees are not required to attend the Annual Meeting of Shareholders; investors may view voluntary attendance as a positive engagement signal .
RED FLAGS
- No direct CCIF share ownership as of June 30, 2024 (potential alignment concern) .
- No director stock ownership guidelines disclosed for Trustees (not found in proxy) .
- Board has an Interested Chair and no Lead Independent Trustee, increasing reliance on independent committees for conflict mitigation .
Additional Signals
- Audit Committee report signed by Handa (Chair), Garbin, and McCabe following the FY 2023 audit (EY) indicates committee-level involvement in financial reporting oversight .
- 2025 re-election proposal lists Garbin as Class I nominee for a term expiring in 2028, signaling continuity of independent oversight .