Nishil Mehta
About Nishil Mehta
Nishil Mehta (born 1981) is CCIF’s President and Principal Executive Officer (since February 2025) and an Interested Trustee (appointed May 19, 2025; Class I nominee for a three‑year term) . He has 20+ years in highly regulated financial markets; currently a Managing Director at Carlyle Global Credit Investment Management, where he leads structured credit investing, and previously held MD roles at First Eagle and Prospect Capital; he received a BBA with Honors from Emory’s Goizueta Business School and holds Series 7 and 63 licenses . During his tenure as PEO, CCIF maintained a $0.105 monthly common dividend with coverage from core NII, reported Q2 2025 NII of $0.23/share (core NII $0.27) with NAV $6.98, and Q3 2025 NII of $0.19/share (core NII $0.35) with NAV $6.51, while executing accretive resets/refinancings and ATM issuance at premiums to NAV .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Prospect Capital | Managing Director; Head of Capital Markets; Portfolio Manager to Priority Income Fund, Inc. | 2010–2020 | Responsible for ~$2.5B in CLO mezzanine debt and CLO equity; spearheaded >$8B of debt/equity capital raised for 1940 Act funds . |
| First Eagle | Managing Director; co‑portfolio manager for structured credit | 2021–2022 | Co‑PM for firm’s structured credit investments . |
| Carlyle Credit Income Fund (CCIF) | Portfolio Manager | Since July 2023 | Leads CCIF’s portfolio management of CLO equity/junior debt tranches . |
| Carlyle Credit Income Fund (CCIF) | President; Principal Executive Officer | Since Feb 2025 | Oversaw dividend maintenance and portfolio actions (resets/refis; ATM issuance; preferred conversions) during Q2–Q3 2025 . |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| Carlyle Global Credit Investment Management L.L.C. | Managing Director; leads structured credit investing | Since 2022 | Focuses on third‑party CLO investing platform within Carlyle’s Global Credit . |
| Carlyle Secured Lending (NASDAQ: CGBD) | Head of Shareholder Relations (within Carlyle Global Credit) | Not stated | Additional leadership responsibility within Carlyle’s Global Credit platform . |
| Other public company boards | — | — | None reported for Mehta . |
Fixed Compensation
- Fund-paid compensation: As an Interested Trustee and as an officer, Mehta does not receive compensation from CCIF or the Fund Complex for his services; “None” is listed for his Fund compensation (FY ended Sep 30, 2024) .
- Independent Trustees’ cash retainers (context): Sanjeev Handa $45,000; Mark Garbin $40,000; Joan McCabe $40,000 (FY ended Sep 30, 2024) .
Performance Compensation
- Not disclosed. CCIF’s proxy states Fund officers and Interested Trustees do not receive compensation from the Fund; any compensation from the Adviser (Carlyle) is not detailed in Fund filings .
Equity Ownership & Alignment
| Holder | Form of disclosure | Beneficial ownership | Notes |
|---|---|---|---|
| Nishil Mehta | Dollar range (as of June 30, 2025) | $100,001–$500,000 in CCIF; $100,001–$500,000 across Fund Complex | Individual dollar range; exact shares/vesting not disclosed . |
| Directors/officers (group) | % of outstanding (as of June 30, 2025) | <1% of CCIF shares outstanding (group) | Aggregate ownership level . |
| Ownership context | 5%+ holders | The Carlyle Group: 4,846,842 common shares (22.91% of class) as of July 11, 2025 | Large affiliated holder; potential alignment and conflict considerations . |
- Pledging/hedging: No pledging or hedging disclosures for Mehta in the proxy; committees/charters address conflicts oversight .
Employment Terms
| Item | Detail |
|---|---|
| Executive roles | President and Principal Executive Officer since February 2025 . |
| Board service | Appointed Class I Trustee on May 19, 2025; nominated for re‑election to a 3‑year term expiring 2028 . |
| Portfolio manager | Portfolio Manager of CCIF since July 2023 . |
| Contract/severance/COC | Not disclosed in CCIF proxy/8‑K filings; officers are Adviser employees and not compensated by the Fund . |
| Clawback/gross‑ups | Not disclosed in Fund filings . |
Board Governance
- Independence/status: Mehta is an Interested Trustee due to his affiliation with the Adviser (Carlyle Global Credit Investment Management) .
- Committees: All Board committees (Audit; Nominating & Governance; Independent Trustees) are composed solely of Independent Trustees; Mehta is not on these committees .
- Board leadership: Board Chair is Lauren Basmadjian (Interested Trustee); no Lead Independent Trustee; Board cites independent committee structure and executive sessions to mitigate independence concerns .
- Meetings/attendance: The Board met five times in FY ended Sep 30, 2024; each Trustee then serving attended at least 75% of Board and committee meetings .
- Director compensation: Interested Trustees (including Mehta) receive no Fund compensation; independent trustee retainers as noted above .
Director Compensation (for Mehta)
| Role | Aggregate Compensation from Fund (FY ended Sep 30, 2024) |
|---|---|
| Interested Trustee (Mehta) | None |
Performance & Track Record (Operating and capital allocation signals under Mehta’s PEO tenure)
| Metric | Q2 2025 (quarter ended 3/31/25) | Q3 2025 (quarter ended 6/30/25) |
|---|---|---|
| Net investment income per common share | $0.23 | $0.19 |
| Adjusted NII per share (non‑GAAP) | $0.26 | $0.22 |
| Core NII per share (CNII, non‑GAAP) | $0.27 | $0.35 |
| NAV per common share (period end) | $6.98 | $6.51 |
| Common dividend declared | $0.105 per month (Jun/Jul/Aug 2025) | $0.105 per month (Sep/Oct/Nov 2025) |
| Portfolio weighted avg GAAP yield | 16.48% (as of 3/31/25) | 15.11% (as of 6/30/25) |
| Capital actions | 1.61M common sold via ATM at premium; $18.6M 7.50% convertible preferred issued | 1.40M common sold via ATM at premium; $5.0M of 7.125% Series B convertible preferred converted |
Selected qualitative commentary:
- Mehta emphasized dividend coverage by core NII and active portfolio management (resets, refinancings) in both quarters’ communications .
- On Q2 2025 call, he discussed opportunistic liquidation of an underperforming CLO and limited expected liquidations at then‑prevailing loan prices, illustrating disciplined capital recycling .
Compensation & Incentives Analysis
- Pay-for-performance linkage: Not assessable from Fund filings; Mehta is not paid by CCIF, and Adviser‑level compensation metrics are not disclosed in Fund documents .
- Director pay: As an Interested Trustee, Mehta receives no Fund retainer or fees; independent trustees’ cash retainers indicate standard governance compensation structure at the Fund level .
- Equity alignment: Personal beneficial ownership dollar range of $100,001–$500,000 provides some skin‑in‑the‑game; The Carlyle Group’s 22.91% Fund stake further aligns the Adviser complex with shareholder outcomes, while also heightening related‑party oversight needs .
Related Party / Conflicts Oversight
- Independent Trustees Committee specifically addresses conflict‑of‑interest matters, including approvals of certain co‑investment transactions under SEC exemptive relief .
- Audit and Nominating & Governance Committees are fully independent and operate under charters last reviewed February 28, 2025 .
Risk Indicators & Red Flags (from filings)
- Dual role and independence: Mehta serves as both PEO and an Interested Trustee; Board chair is also an Interested Trustee; Board relies on committee structure and executive sessions rather than a Lead Independent Trustee to mitigate independence risks .
- Large affiliated holder: The Carlyle Group’s 22.91% common ownership concentration necessitates robust independent oversight, which the Board assigns to independent committees .
- Leverage/liquidity facilities: Post‑Q2, CCIF added a $30M credit facility (accordion to $50M) at SOFR/Prime + 3.25%, adding flexibility but also covenants and borrowing limits under the 1940 Act .
Compensation Committee Analysis
- The Fund’s proxy does not establish a Board compensation committee; compensation matters for Trustees are handled via the Nominating & Governance Committee’s remit on trustee compensation reviews, and officers receive no Fund compensation .
Say‑on‑Pay & Shareholder Feedback
- No say‑on‑pay disclosures; the Fund does not require Trustees to attend the Annual Meeting; voting relates to trustee elections and other fund matters .
Expertise & Qualifications
- 20+ years in credit markets; leadership of structured credit investing; prior responsibility for $2.5B in CLO mezz/equity; raised >$8B in capital for 1940 Act funds; BBA (Honors) Emory; Series 7/63 .
Investment Implications
- Alignment vs. independence: Mehta’s Fund‑level pay is zero and he holds a meaningful personal investment in CCIF ($100k–$500k), while the Adviser’s parent (Carlyle) owns 22.91% of common shares; this creates strong alignment with Fund economics but also elevates related‑party and independence scrutiny, mitigated by fully independent Board committees and an Independent Trustees Committee chartered to address conflicts .
- Execution signals: Under Mehta’s PEO tenure, core NII covered the $0.105 monthly dividend, portfolio resets/refis extended reinvestment periods, and ATM issuance at premiums to NAV added accretive capital—collectively supportive of dividend sustainability and NAV stewardship in the near term .
- Monitoring catalysts: Track dividend coverage (CNII vs. payouts), NAV trajectory, pace/terms of capital markets activity (ATM, preferred conversions), and any insider ownership updates in future proxies/Section 16 filings; watch facility utilization and covenant headroom under the new credit agreement .