Greg Watts
Goldman Sachs BDCAbout Greg Watts
Greg Watts is Vice President of GSBD and has served in this capacity since August 2022. He is head of underwriting and portfolio management for Goldman Sachs Asset Management Private Credit in the Americas, and a member of GSBD’s BDC Investment Committee and the Private Credit Investment Subcommittee focused on middle market lending via the Goldman Sachs balance sheet . He joined Goldman Sachs in 2007, was named managing director in 2015 and partner in 2022; prior roles include five years in GE Capital’s TMT Finance Group as senior vice president and risk team leader, associate at Investcorp International, and investment banking analyst in Salomon Smith Barney’s M&A Group . Age: 48 (as disclosed in 2025 proxy); GSBD address: c/o Goldman Sachs Asset Management, L.P., 200 West Street, New York, NY 10282 . GSBD’s proxies disclose no executive-compensation program for officers (they are not compensated by GSBD), thus TSR/revenue/EBITDA performance linkages to his pay are not disclosed by the Company .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Goldman Sachs Asset Management Private Credit (Americas) | Head of underwriting & portfolio management; Vice President of GSBD | Joined Goldman Sachs in 2007; MD 2015; Partner 2022 | Leads underwriting and portfolio management; serves on BDC Investment Committee and Private Credit Investment Subcommittee |
| GE Capital – TMT Finance Group | Senior Vice President and risk team leader (underwriting & portfolio management) | 5 years | Led underwriting/portfolio management in TMT; workout/restructuring experience |
| Investcorp International | Associate | — | Investment execution experience |
| Salomon Smith Barney – M&A Group | Investment banking analyst | — | Foundational M&A and corporate finance experience |
External Roles
| Organization/Committee | Role | Years | Scope/Impact |
|---|---|---|---|
| GSBD BDC Investment Committee | Member | Current | Oversees investment decisions for the BDC |
| Private Credit Investment Subcommittee | Member | Current | Focuses on middle market lending primarily via Goldman Sachs balance sheet |
Fixed Compensation
GSBD discloses that none of the Company’s executive officers is compensated by GSBD; the Compensation Committee therefore does not produce/review an executive compensation report .
| Metric | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|
| Base salary (GSBD‐paid) | Not paid | Not paid | Not paid |
| Target bonus % (GSBD‐paid) | Not paid | Not paid | Not paid |
| Actual bonus paid (GSBD‐paid) | Not paid | Not paid | Not paid |
Notes:
- Officers are employees of Goldman Sachs Asset Management or affiliates; GSBD does not disclose their GSAM compensation .
Performance Compensation
No RSUs/PSUs, options, or performance metric–based awards are disclosed by GSBD for executive officers, as GSBD does not compensate its executive officers .
| Incentive Type | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|
| Stock awards (RSUs/PSUs) | Not granted | Not granted | Not granted |
| Option awards | Not granted | Not granted | Not granted |
| Performance metrics, weighting, targets | Not disclosed/applicable | Not disclosed/applicable | Not disclosed/applicable |
| Vesting schedules | Not disclosed/applicable | Not disclosed/applicable | Not disclosed/applicable |
Equity Ownership & Alignment
Beneficial ownership tables list executive officers; Greg Watts is shown with “—” (not reported), indicating no shares reported as beneficially owned for GSBD at the record dates shown.
| Metric | 2023 | 2024 | 2025 |
|---|---|---|---|
| Shares Owned (beneficial) | — (not reported) | — (not reported) | — (not reported) |
| Ownership % of shares outstanding | — | — | — |
| Shares Outstanding (reference) | 109,463,144 | 112,103,346 | 117,297,222 |
| Pledged shares | Not disclosed | Not disclosed | Not disclosed |
Notes:
- Some executives (e.g., David Miller) report holdings (20,000 shares in 2024), underscoring that the “—” for Greg Watts is a distinct status in the table .
- The Goldman Sachs Group, Inc. is a 5–6% beneficial owner of GSBD, which reflects adviser affiliation but not Greg Watts’ personal ownership .
Employment Terms
| Term | Detail |
|---|---|
| GSBD role/title | Vice President |
| Start date/tenure in role | Served as Vice President since August 2022 |
| Officer appointment/renewal | Officers hold office at the pleasure of the Board until the next election and until a successor is elected and qualified |
| Employment contract with GSBD | Not disclosed; GSBD does not compensate executive officers |
| Severance / change‐of‐control | Not disclosed by GSBD |
| Clawbacks, ownership guidelines (execs) | Not disclosed by GSBD (director compensation/ownership is disclosed separately) |
Compensation Committee Analysis
| Year | Committee Members | Meetings | Key Policy/Disclosure |
|---|---|---|---|
| FY 2022 (reported in 2023 proxy) | Ardila, Evans, Kari, Leach, Mark, McGee (all independent) | 0 (no formal meetings) | GSBD executive officers not compensated by Company; no executive comp report |
| FY 2023 (reported in 2024 proxy) | Ardila, Evans, Kari, Leach, Mark, McGee (all independent) | 0 (no formal meetings) | Same policy maintained |
| FY 2024 (reported in 2025 proxy) | Ardila, Evans, Kari, Leach, Mark, McGee (all independent) | 0 (no formal meetings) | Same policy maintained |
Additional Context on Adviser Economics
GSBD is externally managed under an investment management agreement with GSAM that pays a 1.00% annual management fee on gross assets and an incentive fee based on ordinary income relative to hurdles and capital gains; fees to GSAM totaled $36.37 million for FY 2022 (management $34.96 million; incentive $1.41 million) . This structure drives adviser economics and is the primary disclosed pay-for-performance lever, not individual officer compensation .
Investment Implications
- Alignment: GSBD does not pay or disclose individual officer compensation; Greg Watts has no reported GSBD share ownership across 2023–2025 record dates, limiting direct equity alignment and reducing insider selling pressure signals tied to his holdings .
- Influence: As head of underwriting/portfolio management and an investment committee member, Watts is a key decision-maker on credit selection and workout outcomes—an important operational lever for asset quality and NII—but his incentive design is at GSAM and undisclosed by GSBD .
- Governance/comp: Compensation Committee has consistently disclosed that executive officers are not compensated by GSBD; investors should focus on adviser fee terms and portfolio performance rather than officer pay for alignment assessment .
- Monitoring: Watch future proxies/8-Ks for any change in executive compensation disclosure, new ownership filings showing personal holdings, or committee changes; current disclosures suggest minimal direct insider selling pressure and limited transparency into GSAM-level incentives .