Jennifer Yang
Goldman Sachs BDCAbout Jennifer Yang
Jennifer Yang is Vice President at Goldman Sachs BDC, Inc. (GSBD), age 41, serving in this role since August 2022. She is also a Managing Director in Credit Alternatives within Goldman Sachs Asset Management (GSAM) with oversight of Healthcare, leading the healthcare investment strategy and portfolio; she joined Goldman Sachs in 2018 as a vice president and was named managing director in 2021 . GSBD’s proxy does not disclose individual executive pay, TSR, revenue or EBITDA performance tied to her compensation; GSBD states that none of its executive officers are compensated by the Company .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Goldman Sachs Asset Management (GSAM) | Managing Director, Credit Alternatives; Healthcare lead | 2021–Present | Leads healthcare investment strategy and portfolio |
| Goldman Sachs Asset Management (GSAM) | Vice President | 2018–2021 | Joined GS; progressed to MD; healthcare investing focus |
| Varagon Capital Partners | Executive Director | Not disclosed | Structured, executed, and managed healthcare credit investments |
| Fifth Street Asset Management | Vice President | Not disclosed | Focused on healthcare deal execution |
External Roles
No public company directorships or external board roles are disclosed for Jennifer Yang in GSBD’s proxy .
Fixed Compensation
GSBD discloses that its executive officers (including Jennifer Yang) are not compensated by the Company. As a result, base salary, target bonus, actual bonus, and other fixed compensation details are not reported in GSBD’s proxy .
Performance Compensation
GSBD does not report any Company-paid performance compensation for executive officers. Metrics, weightings, targets, payouts, and vesting schedules for Jennifer Yang are not disclosed by GSBD because the Company does not compensate its executive officers .
Equity Ownership & Alignment
| Holder | Shares Beneficially Owned | Ownership % of 117,297,222 Shares Outstanding | Vested vs Unvested | Pledged as Collateral |
|---|---|---|---|---|
| Jennifer Yang | None reported | Not disclosed | Not disclosed | Not disclosed |
| Notes | Record date: March 31, 2025 | Company shares outstanding: 117,297,222 | — | — |
| Sources | — | 117,297,222 | — | — |
- GSBD’s beneficial ownership table shows no reported GSBD share ownership for Jennifer Yang as of the record date; the proxy does not break down vested vs. unvested shares or disclose any pledging for executives .
Stock ownership guidelines, hedging/pledging policies specific to executives, and compliance status are not disclosed. GSBD has an Insider Trading Policy and a Code of Ethics; however, the proxy does not provide executive-specific pledging/hedging details in the narrative .
Employment Terms
| Term | Disclosure |
|---|---|
| Employment start date (GSBD officer) | Vice President since August 2022 |
| Contract length/expiration | Not disclosed by GSBD |
| Auto-renewal | Not disclosed by GSBD |
| Severance provisions | Not disclosed by GSBD |
| Change-of-control terms | Not disclosed by GSBD |
| Clawbacks | Not disclosed by GSBD |
| Non-compete / Non-solicit | Not disclosed by GSBD |
| Garden leave / Post-termination consulting | Not disclosed by GSBD |
Performance & Track Record
- Healthcare investing leadership: Oversees and leads GSAM’s healthcare credit investment strategy and portfolio, with prior roles focused on structuring and executing healthcare sector credit deals at Varagon and Fifth Street .
Company-level stock or financial performance during her tenure is not tied to her compensation by GSBD and is not disclosed in connection with her role .
Governance Context (Company-level)
- Compensation Committee: Comprised of independent directors; responsible for executive officer compensation determinations. GSBD notes that none of the Company’s executive officers are currently compensated by the Company, and the Compensation Committee did not hold formal meetings in 2024 .
- Insider trading & ethics: GSBD has an Insider Trading Policy and Code of Ethics filed with the 10-K; details are referenced but not expanded upon in the proxy .
Investment Implications
- Pay-for-performance alignment: Absence of GSBD-paid compensation and no reported GSBD share ownership for Jennifer Yang limit direct alignment and reduce near-term insider selling pressure signals from Company equity awards .
- Retention and severance visibility: Key employment economics (severance, change-of-control, clawbacks, ownership guidelines) are not disclosed by GSBD for executive officers, constraining analysis of retention risk or parachute incentives; terms likely governed by GSAM employment arrangements rather than GSBD .
- Policy framework: Company-level Insider Trading Policy and Code of Ethics exist, but executive-specific pledging/hedging disclosures are not provided in the proxy, leaving collateralization or hedging risk unassessed from filings .
- Sector expertise: Her leadership of GSAM’s healthcare credit strategy suggests domain expertise and operational execution in healthcare lending, but investor-grade trading signals tied to her personal compensation or GSBD equity exposure are limited given disclosure and structure .