Anthony Grillo
About Anthony Grillo
Anthony Grillo (birth year: 1955) is a non-interested, independent Director of the Fund since November 15, 2024, serving on the Nominating, Audit, Compensation, and Pricing & Valuation Committees and overseeing 21 portfolios in the Franklin Templeton fund complex . He is a retired private equity and credit investor and investment banker, with prior senior leadership roles at American Securities Opportunity Funds (Founder/Managing Director/Partner), Evercore Partners, Joseph Littlejohn & Levy, and The Blackstone Group . Grillo’s selection emphasized character, integrity, willingness to serve, and ability to commit time, consistent with the Board’s criteria for Independent Directors under the 1940 Act and NYSE independence standards .
Past Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| American Securities Opportunity Funds | Founder, Managing Director & Partner | 2006–2018 | Private equity and credit firm |
| Evercore Partners Inc. | Senior Managing Director | 2001–2004 | Investment banking |
| Joseph Littlejohn & Levy, Inc. | Senior Managing Director | 1999–2001 | Private equity |
| The Blackstone Group L.P. | Senior Managing Director | 1991–1999 | Private equity and credit |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Littelfuse, Inc. | Director | Since 1991 | Not disclosed in EMD proxy |
| Oaktree Acquisition Corp. | Director | 2019–2021 | Not disclosed in EMD proxy |
| Oaktree Acquisition Corp. II | Director | 2020–2022 | Not disclosed in EMD proxy |
Board Governance
- Board composition: 8 directors, 7 Independent Directors; Chair of the Board is Independent (Eileen A. Kamerick), and Independent Directors meet in executive sessions outside management and are advised by independent legal counsel .
- Attendance: In FY 2024, the Board held 4 regular and 1 special meeting; each Director attended at least 75% of Board and applicable committee meetings .
- Independence: All standing committees (Audit, Nominating, Compensation, Pricing & Valuation) are composed entirely of Independent Directors and chaired by Independent Directors; Grillo is a member of each .
- Audit Committee oversight: Grillo is a signatory to the February 20, 2025 Audit Committee Report recommending inclusion of the FY 2024 audited financial statements in the annual report .
| Committee | Member (Grillo) | Chair | Meetings (FY 2024) |
|---|---|---|---|
| Audit | Yes | Nisha Kumar | 6 |
| Nominating | Yes | Hillary A. Sale | 5 |
| Compensation | Yes | Peter Mason | 2 |
| Pricing & Valuation | Yes | Carol L. Colman | 4 |
Fixed Compensation
- The Fund does not provide any pension or retirement benefits to Directors .
| Metric | FY 2024 (Fund) | CY 2024 (Fund + Fund Complex) |
|---|---|---|
| Aggregate Director Compensation ($) | $3,470 | $32,989 |
Performance Compensation
- No performance-metric-based compensation for Directors is disclosed; compensation is presented as fees for service across the Fund and Fund Complex committees .
| Performance Metric | FY 2024 |
|---|---|
| Metrics tied to Director compensation | None disclosed (per compensation disclosure table narrative) |
Other Directorships & Interlocks
| Company | Role | Potential Interlock/Conflict Notes |
|---|---|---|
| Littelfuse, Inc. | Director (since 1991) | No interest in the Fund’s investment adviser or affiliates for Independent Directors as of 12/31/24; no related-party exposure disclosed . |
| Oaktree Acquisition Corp. | Director (2019–2021) | No interest in the Fund’s investment adviser or affiliates for Independent Directors as of 12/31/24 . |
| Oaktree Acquisition Corp. II | Director (2020–2022) | No interest in the Fund’s investment adviser or affiliates for Independent Directors as of 12/31/24 . |
No Director who is not an “interested person” (nor any immediate family members), to the Fund’s knowledge, had any interest in the Fund’s investment adviser or affiliates as of December 31, 2024, which mitigates related-party risk .
Expertise & Qualifications
- Grillo brings deep private equity, credit, and investment banking experience, aligning with the Board’s emphasis on financial, investment, and valuation oversight for a closed-end fund .
- The Board highlights his experience in managing and executing investments and transactions within leading financial firms as part of the skills matrix required by SEC disclosure .
Equity Ownership
| Category | EMD Fund Dollar Range | Aggregate Dollar Range in Family of Investment Companies |
|---|---|---|
| Anthony Grillo | “A” (None) | “A” (None) |
- Group beneficial ownership: As of August 29, 2025, nominees, Directors, and officers as a group beneficially owned less than 1% of outstanding common shares .
- Dollar range definitions: “A” = None; “B” = $1–$10,000; “C” = $10,001–$50,000; “D” = $50,001–$100,000; “E” = Over $100,000 .
Governance Assessment
- Strengths:
- Independent status with broad committee participation (Audit, Nominating, Compensation, Pricing & Valuation), supporting robust oversight across financial reporting, valuations, and director pay .
- Documented committee activity and attendance (≥75% in FY 2024), plus Audit Committee report execution in Feb 2025, indicate active engagement and governance rigor .
- No related-party interests with the Fund’s adviser or affiliates for Independent Directors as of 12/31/24 reduces conflict-of-interest risk .
- Watch items:
- Ownership alignment: Grillo reported “A” (None) for holdings in EMD and across the Fund family as of 12/31/24, which may be viewed as limited “skin in the game” by some investors .
- Time commitments: Oversight of 21 portfolios across the fund complex implies significant workload; balancing breadth with depth of engagement remains an area to monitor .
RED FLAGS
- Minimal personal ownership in EMD (“A” = None), which can be perceived as a weaker alignment signal for some governance-sensitive investors .
- No specific director stock ownership guidelines or pledging policies were disclosed in the proxy sections retrieved, limiting visibility into formal alignment frameworks (based on available disclosures reviewed) .