Alex Chi
Goldman Sachs BDCAbout Alex Chi
Alex Chi, 52, is Co-Chief Executive Officer and Co-President of Goldman Sachs BDC, Inc. (GSBD) since August 2022; he is also Co-Head of Goldman Sachs Asset Management Private Credit in the Americas. Prior to this role, he spent 25 years in Goldman Sachs’ Investment Banking Division, including leadership in the Financial and Strategic Investors Group (2006–2019), six years in Leveraged Finance, and three years in Asia focused on M&A and corporate finance; he was named Managing Director in 2006 and Partner in 2012 . Company-level performance during his tenure includes total return based on market value of -20.09% in FY 2023 and 20.95% in FY 2024, and total return based on NAV of 2.80% in FY 2023 and 13.35% in FY 2024 . Net income was $62.867 million in FY 2024, $195.874 million in FY 2023, and $55.003 million in FY 2022 .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Goldman Sachs Asset Management (GSAM) | Co-Head, Private Credit Americas | Current | Leads private credit strategy and investment execution across Americas |
| Goldman Sachs, Investment Banking Division | Financial and Strategic Investors Group | 2006–2019 | Managed relationships with private equity and portfolio companies; origination and advisory leadership |
| Goldman Sachs, Investment Banking Division | Leveraged Finance | ~6 years | Structured/executed leveraged loans and high yield financings across industries |
| Goldman Sachs, Investment Banking Division | Asia M&A and Corporate Finance | ~3 years | Advised on M&A and corporate finance transactions in Asia |
| Goldman Sachs | Managing Director; Partner | MD: 2006; Partner: 2012 | Senior leadership and firmwide responsibility |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| SCH; GS PMMC II; GS MMLC II; PSLF; GS Credit; West Bay | Co-Chief Executive Officer and Co-President | Since Aug 2022 | Executive leadership across BDC and private credit vehicles in the GSAM complex |
Fixed Compensation
| Component | Disclosure | Notes |
|---|---|---|
| Base Salary | Not paid by GSBD | GSBD pays no compensation to executive officers; executives are compensated by GSAM (the external adviser) |
| Target Bonus % | Not paid by GSBD | No executive officer compensation paid by the Company |
| Actual Bonus Paid | Not paid by GSBD | No executive officer compensation paid by the Company |
| Director/Officer Insurance | Purchased by Company | Company purchases D&O insurance on behalf of directors; no exec comp paid by Company |
Performance Compensation
| Metric | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|
| Company incentive-based compensation to Covered Executives | N/A | N/A | N/A | N/A | N/A |
| The Company currently neither pays nor has plans to pay incentive-based compensation to Covered Executives under its clawback policy |
Alignment context: GSBD is externally managed. The Investment Management Agreement (IMA) pays GSAM a 1.00% annual management fee on gross assets (ex-cash) and an incentive fee based on ordinary income above hurdle rates and capital gains, which drives adviser-level economics rather than Company-paid executive incentives .
Equity Ownership & Alignment
| Item | Value | Notes |
|---|---|---|
| Total beneficial ownership (Alex Chi) | — | No shares listed for Alex Chi as of record date |
| Ownership % of shares outstanding | — | 117,297,222 shares outstanding as of record date; Alex Chi shows “—” in ownership table |
| Vested vs unvested shares | Not disclosed | No equity grant disclosures for executive officers in Company filings (externally managed) |
| Options (exercisable/unexercisable) | Not disclosed | No Company-paid executive awards disclosed |
| Shares pledged as collateral | Not disclosed | Company’s insider trading policies referenced; pledging terms not specifically disclosed in proxy |
| Stock ownership guidelines | Not disclosed | No executive ownership guideline disclosures for Company-paid executives (externally managed) |
Employment Terms
| Term | Disclosure | Notes |
|---|---|---|
| Employment start date (GSBD role) | August 2022 | Co-CEO and Co-President since Aug 2022 |
| Tenure in current role | Since Aug 2022 | Executive leadership role at GSBD and affiliates |
| Office term | At pleasure of the Board until next election | Officers serve until next election; tenure contingent on Board |
| Contract with GSBD | No individual employment contract disclosed | Externally managed; Company pays no exec compensation |
| Severance provisions | Not disclosed | No Company-paid severance disclosed for executive officers |
| Change-of-control economics | Not disclosed for executives | IMA has renewal/termination provisions; fees to adviser not individual severance terms |
| Clawback policy | Adopted; effective Dec 1, 2023 | Defines scope for incentive-based comp but Company states it currently does not pay such comp |
| Non-compete / non-solicit | Not disclosed | No executive employment covenants disclosed in Company filings |
| Garden leave / consulting | Not disclosed | No post-termination arrangements disclosed |
| Signatory authority on IMA | Yes | Alex Chi signed the Third Amended and Restated IMA as GSAM Managing Director |
Company Performance During Chi’s Tenure
| Metric | FY 2023 | FY 2024 |
|---|---|---|
| Total return based on market value (%) | -20.09% | 20.95% |
| Total return based on NAV (%) | 2.80% | 13.35% |
| Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Net Income ($USD) | $55.003 million | $195.874 million | $62.867 million |
Additional Context on Adviser Economics
| Item | FY 2023 | FY 2024 |
|---|---|---|
| Fees paid to GSAM (total) | $70.22 million | $59.08 million |
| Management fee component | $35.83 million | $35.16 million |
| Incentive fee component | $34.39 million | $23.92 million |
| IMA framework | 1.00% annual management fee on gross assets; incentive fee on ordinary income exceeding hurdle rates and capital gains |
Investment Implications
- Externally managed structure results in no Company-paid executive compensation for Alex Chi, limiting direct disclosure of salary/bonus/equity awards; alignment is primarily through GSAM’s adviser-level fees (management and incentive) rather than Company-level pay-for-performance plans .
- Lack of disclosed personal equity ownership in GSBD for Chi (“—” in beneficial ownership) reduces visible “skin-in-the-game,” though adviser governance and fee structures provide indirect performance incentives tied to ordinary income and capital gains at the fund level .
- Clawback policy exists but is presently moot as the Company states it neither pays nor plans to pay incentive-based compensation to Covered Executives; execution risk and retention dynamics are therefore tied to GSAM employment rather than GSBD contracts .
- Company performance under Chi’s tenure shows volatile market-based returns and a decline in net income from FY 2023 to FY 2024, highlighting execution sensitivity to credit performance, fee accruals, and realized/unrealized marks—important for evaluating incentive fee potential and dividend capacity .