Anthony Grillo
About Anthony Grillo
Anthony Grillo (birth year 1955) is a non-interested, independent director of the Fund, effective November 15, 2024. He brings three decades of private equity and investment banking leadership, including senior managing director roles at Blackstone, Joseph Littlejohn & Levy, and Evercore, and founding leadership at American Securities Opportunity Funds (2006–2018). He oversees 21 portfolios in the Franklin Templeton fund complex and serves on the Fund’s Nominating, Audit, Compensation, and Pricing & Valuation Committees .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| The Blackstone Group L.P. | Senior Managing Director | 1991–1999 | Private equity and credit leadership |
| Joseph Littlejohn & Levy, Inc. | Senior Managing Director | 1999–2001 | Private equity leadership |
| Evercore Partners Inc. | Senior Managing Director | 2001–2004 | Investment banking leadership |
| American Securities Opportunity Funds | Founder, Managing Director & Partner | 2006–2018 | Private equity and credit; firm founder |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Littelfuse, Inc. | Director | Since 1991 | Electronics manufacturing; long-tenured independent directorship |
| Oaktree Acquisition Corp. | Director | 2019–2021 | SPAC board experience |
| Oaktree Acquisition Corp. II | Director | 2020–2022 | SPAC board experience |
Board Governance
- Independence: Listed among NON-INTERESTED (Independent) Directors; serves on all key committees restricted to Independent Directors (Audit, Nominating, Compensation, Pricing & Valuation) .
- Leadership structure: Board comprises eight directors, seven Independent; the Chair of the Board (Eileen A. Kamerick) is Independent, enhancing oversight and orderly information flow; Independent Directors meet in executive sessions and are advised by independent counsel .
- Committee memberships and FY2024 meeting cadence:
- Audit Committee: Member; Chair—Nisha Kumar; met six times; Audit Committee report signed February 20, 2025 (includes Grillo as signatory) .
- Nominating Committee: Member; Chair—Hillary A. Sale; met five times .
- Compensation Committee: Member; Chair—Peter Mason; met twice .
- Pricing & Valuation Committee: Member; Chair—Carol L. Colman; met four times .
- Attendance: The Board held four regular and three special meetings in FY2024; each Director attended at least 75% of the aggregate number of Board and committee meetings for which they were eligible .
Committee Detail
| Committee | Grillo Role | Chair | FY2024 Meetings |
|---|---|---|---|
| Audit | Member | Nisha Kumar | 6 |
| Nominating | Member | Hillary A. Sale | 5 |
| Compensation | Member | Peter Mason | 2 |
| Pricing & Valuation | Member | Carol L. Colman | 4 |
Fixed Compensation
| Year | Aggregate Compensation from DMO ($) | Total Compensation from Fund Complex ($) | Fund Complex Directorships |
|---|---|---|---|
| 2024 | 767 | 32,989 | 21 |
- The Fund provides no pension or retirement benefits to Directors; compensation reported includes service on DMO committees and committees across other investment companies advised by FTFA .
Performance Compensation
- No equity awards (RSUs/PSUs), options, performance metrics, or incentive-based director compensation are disclosed for Directors in the proxy; the Compensation Committee’s remit is to recommend appropriate compensation for Independent Directors, and disclosures focus on aggregate cash compensation and committee service .
| Performance-linked Element | Disclosed? | Details |
|---|---|---|
| RSUs/PSUs | No | Not disclosed in director compensation section |
| Stock Options | No | Not disclosed in director compensation section |
| Bonus/Performance Metrics | No | Not disclosed for Directors |
| Pension/SERP | No | Fund does not provide pension/retirement benefits to Directors |
Other Directorships & Interlocks
| Company | Sector | Role | Overlap Risk to DMO |
|---|---|---|---|
| Littelfuse, Inc. | Electronics manufacturing | Director (since 1991) | Low — unrelated to Fund’s advisory and service providers |
| Oaktree Acquisition Corp. | SPAC | Director (2019–2021) | Low — prior SPAC role; no link to Fund adviser disclosed |
| Oaktree Acquisition Corp. II | SPAC | Director (2020–2022) | Low — prior SPAC role; no link to Fund adviser disclosed |
- No Director or immediate family had any interest in the Fund’s investment adviser or any person/entity under common control with Franklin Resources as of December 31, 2024, reducing related-party conflict risk .
Expertise & Qualifications
- The Board cites Grillo’s experience as a managing director in private equity and credit and investment banking as relevant qualifications for Fund oversight .
Equity Ownership
| As of 12/31/2024 | Dollar Range of Equity Securities in DMO | Aggregate Dollar Range in All Funds Overseen (Family of Investment Companies) |
|---|---|---|
| Anthony Grillo | A = None | A = None |
- Group beneficial ownership (nominees, Directors, officers) was less than 1% of DMO Common Stock as of August 29, 2025 .
Governance Assessment
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Strengths:
- Independent director on all key committees with substantial committee activity (6 Audit, 5 Nominating, 4 Pricing & Valuation, 2 Compensation in FY2024), indicating active oversight cadence .
- Independent Chair of the Board; Independent Directors meet in executive session with independent counsel, supporting robust governance .
- Audit Committee report signed by Grillo among others; full committee approval of audit and non-audit fees, reinforcing financial reporting oversight .
-
Alignment and Engagement:
- Newer tenure (effective November 15, 2024) but reported attendance threshold met by all Directors for FY2024; continued monitoring of attendance and committee engagement is appropriate .
-
Conflicts and Related Parties:
- No interests with the Fund’s adviser or affiliates disclosed; external directorships appear unrelated to Fund service providers, reducing immediate conflict risk .
-
Watch items:
- Ownership alignment: Grillo reported “A = None” holdings in DMO and across the family of investment companies, which may temper “skin-in-the-game” alignment; typical for fund boards, but still a consideration for investor confidence .
- Time commitments: Oversight across 21 portfolios in the fund complex plus other board roles can constrain capacity; monitor attendance and committee effectiveness over time .
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RED FLAGS: None disclosed regarding related-party transactions, pledging/hedging, legal proceedings, or option repricing; no pension/gross-ups indicated for Directors .