Pamela Bentley
About Pamela Bentley
Pamela Bentley, 53, is Chief Financial Officer of GCM Grosvenor (GCMG). She joined as Managing Director of Finance in October 2020 and became CFO in January 2021, overseeing corporate and fund accounting, treasury, FP&A, tax, valuation, and operational due diligence, and serves on the firm’s Operations Committee. She previously spent 15 years at The Carlyle Group as Chief Accounting Officer and Managing Director; earlier roles include Vice President of Finance & Investor Relations at Transaction Network Services and Senior Manager at Arthur Andersen. She holds a BBA from the University of Michigan Ross School of Business and is a CPA; she serves on the boards of Junior Achievement of Greater Washington (past Chair) and Junior Achievement USA . Company-level pay-versus-performance metrics during her tenure include 2024 TSR of 110 (value of initial $100 investment), Net Income of $18.7 million, and Fee-Related Earnings (FRE) of $166.4 million .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| The Carlyle Group | Chief Accounting Officer; Managing Director | 15 years | Led accounting and financial reporting at a global investment firm |
| Transaction Network Services, Inc. | Vice President of Finance & Investor Relations | — | Finance leadership and investor relations for a tech/telecom services company |
| Arthur Andersen LLP | Senior Manager | — | Audit and technical accounting foundation |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Junior Achievement of Greater Washington | Board Member; past Chair | — | Youth financial literacy leadership and community engagement |
| Junior Achievement USA | Board Member | — | National nonprofit governance and outreach |
Fixed Compensation
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Base Salary ($) | $500,000 | $500,000 | $500,000 |
| Discretionary Cash Bonus ($) | $248,750 | $142,900 | $368,000 |
| All Other Compensation ($) | $252,996 | $304,522 | $359,071 |
| Total Compensation ($) | $4,166,681 | $2,037,492 | $2,202,984 |
Details for 2024 All Other Compensation ($359,071): carried interest distributions $20,667; discretionary profit distributions from Management LLC $182,762; 401(k) contributions $7,625; housing allowance $148,016 . Her 2024 bonus is discretionary under her employment agreement .
Performance Compensation
| Incentive Type | Metric | Weighting | Target | Actual/Payout | Vesting |
|---|---|---|---|---|---|
| RSUs (1/15/2024 grant: 10,623 sh) | Time-based service | — | — | Grant-date fair value $97,174 | Fully vested on 4/15/2024 |
| RSUs (3/1/2024 grant: 48,485 sh) | Time-based service | — | — | Grant-date fair value $415,031 | 1/3 on 5/31/2025, 5/31/2026, 5/31/2027 |
| RSUs (10/1/2024 grant: 37,792 sh) | Time-based service | — | — | Grant-date fair value $463,708 | Fully vested on 3/1/2025 |
| RSUs (3/1/2023 grant: 33,334 sh outstanding) | Time-based service | — | — | Market value $409,008 at 12/31/2024 | 1/3 on 5/31/2024, 5/31/2025, 5/31/2026 |
| Management Award Interests (12/15/2022: 300,000 interests) | Service-based award (right to receive company shares) | — | — | Market value $3,681,000 at 12/31/2024 | Fully vest on 5/1/2025; delivery deferred to 5/1/2030 |
| Carried Interest Distribution | Fund performance (firm incentive economics) | — | — | $20,667 cash received in 2024 | Multi-year service-based vesting; subject to reduction/forfeiture |
Notes:
- 2024 RSU vestings: Bentley acquired 111,966 shares on vesting with $990,910 realized value in 2024 .
- No stock options outstanding for NEOs .
Equity Ownership & Alignment
| As of Date | Class A Shares Beneficially Owned | % of Class A | Pledged? | Notes |
|---|---|---|---|---|
| April 10, 2024 | 28,014 | <1% (*) | No | No executive officer/director shares pledged, except as otherwise set forth (not Bentley) |
| April 9, 2025 | 98,045 | <1% (*) | No | No executive officer/director shares pledged, except as otherwise set forth (not Bentley) |
Outstanding unvested equity at 12/31/2024:
| Grant Date | Unvested Units | Market Value ($) | Vesting Terms |
|---|---|---|---|
| 12/15/2022 (Management Award Interests) | 300,000 | $3,681,000 | Fully vests 5/1/2025; delivery deferred to 5/1/2030 |
| 3/1/2023 RSUs | 33,334 | $409,008 | 1/3 on 5/31/2024, 5/31/2025, 5/31/2026 |
| 3/1/2024 RSUs | 48,485 | $594,911 | 1/3 on 5/31/2025, 5/31/2026, 5/31/2027 |
| 10/1/2024 RSUs | 37,792 | $463,708 | Fully vested on 3/1/2025 |
Additional alignment mechanisms:
- Housing allowance for temporary Chicago housing (incremental cost $148,016 in 2024) .
- Participation in carried interest arrangements (amounts vary with fund performance; $20,667 cash distributions in 2024) .
- Membership interests in Management LLC, controlled by Mr. Sacks, with discretionary profits distributions ($182,762 in 2024) .
Employment Terms
| Term | Detail |
|---|---|
| Agreement effective | Amended and restated agreement dated 12/31/2020, effective 1/1/2021 |
| Role and term | CFO; initial term through 10/1/2022; thereafter auto-renew until death/disability, for-cause termination, or 90 days’ notice by either party |
| Base salary | $500,000; actual 2024 base salary $500,000 |
| Bonus | Eligible for discretionary cash bonus; 2024 bonus $368,000 |
| Benefits | Basic medical insurance/coverage |
| Severance | If terminated other than (i) for cause or (ii) death/disability: salary continuation at $200,000 plus reimbursement of continuation group health premiums for 12 months, contingent on release |
| Restrictive covenants | Confidentiality; perpetual non-disparagement; IP assignment; 1-year post-termination non-compete; 2-year noninterference and non-solicit of employees, clients, and marketing agents; violation can cease severance/benefits |
Company Performance Context (Pay vs Performance)
| Metric | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| TSR (Value of Initial $100) | 81 | 62 | 77 | 110 |
| Net Income ($000s) | 21,482 | 19,820 | 12,774 | 18,695 |
| Fee-Related Earnings ($000s) | 120,401 | 128,513 | 139,942 | 166,351 |
Note: These are company-wide metrics under SEC’s pay-versus-performance methodology.
Investment Implications
- Compensation alignment: Bentley’s pay mix is modest cash plus time-based RSUs and participation in firm-level carried interest, tying part of economics to fund performance and reinforcing retention via multi-year vesting; lack of disclosed formulaic performance metrics suggests discretion dominates annual bonus outcomes .
- Vesting and potential selling pressure: Key dates include May 31, 2025/2026/2027 (RSU tranches) and May 1, 2025 (Management Award Interests vest). However, she elected to defer delivery of the 300,000 Management Award Interests to May 1, 2030, materially reducing near-term forced selling pressure from that award .
- Ownership and pledging: Beneficial ownership increased to 98,045 Class A shares by April 9, 2025; no pledging of Bentley’s shares, a positive alignment signal. Ownership remains <1% of Class A outstanding, typical for a CFO in a controlled company structure .
- Retention risk: Contract provides only $200,000 salary continuation and 12 months health premium reimbursement—relatively modest severance—offset by RSU vesting cadence and carried interest participation that encourage continued service; restrictive covenants include 1-year non-compete and 2-year non-solicit, supporting retention and limiting immediate competitive mobility .
- Governance and related party dynamics: Discretionary distributions from Management LLC (controlled by the CEO) and carried interest awards embed subjectivity and potential concentration of decision authority; investors should monitor consistency of discretionary awards vs firm performance and cash generation to assess pay-for-performance rigor .
- Trading signals: Monitor Form 4s around RSU vest dates (late May annually) and March 1, 2025 vest completions; while deferral to 2030 mitigates large supply from the 2022 Management Award Interests, periodic RSU vesting could create incremental float. Company TSR and FRE improvements in 2024 provide supportive backdrop, but bonus remains discretionary .