Justin Betzen
Goldman Sachs BDCAbout Justin Betzen
Justin Betzen, 44, serves as Vice President of Goldman Sachs BDC, Inc. (GSBD) and is a Managing Director and senior underwriter in Goldman Sachs Asset Management (GSAM) Private Credit in the Americas. He initially joined Goldman Sachs in 2006, rejoined in 2013, and was named Managing Director in 2019. He has served as a GSBD officer since August 2022 and is part of the BDC Investment Committee that approves all GSBD investments, bringing underwriting leadership across middle market credit. Education not disclosed in company filings.
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Goldman Sachs Asset Management – Private Credit | Associate (2006); rejoined as Vice President (2013); Managing Director (2019–present) | 2006; 2013–present | Senior underwriter focused on U.S. middle market credit; member of BDC Investment Committee that approves all investments |
| Newstone Capital Partners | Investor (second lien, mezzanine, minority equity) | Not disclosed | Credit investing across subordinated/mezzanine strategies |
| JPMorgan Chase – Technology Corporate Banking Group | Banker (software, services, payments coverage) | Not disclosed | Sector-focused corporate banking coverage (tech/services/payments) |
External Roles
- None disclosed in GSBD filings.
Fixed Compensation
| Component | GSBD Company-Paid? | Notes |
|---|---|---|
| Base salary | No | GSBD discloses that none of the Company’s executive officers are compensated by the Company (executives are GSAM employees). |
| Target/Actual bonus | No | No officer cash bonuses paid by GSBD. |
| Equity awards (RSUs/PSUs/options) | No | No GSBD officer equity compensation disclosed; GSBD does not compensate executive officers. |
| Perquisites, pension/SERP, deferred comp | Not disclosed at GSBD | No Company-level officer compensation program disclosures (consistent with external management). |
As an externally managed BDC, GSBD pays management and incentive fees to GSAM rather than compensating executive officers directly. In 2024, GSBD paid GSAM $35.16 million in management fees and $23.92 million in incentive fees, totaling $59.08 million.
Performance Compensation
| Metric | Weighting | Target | Actual/Payout | Vesting |
|---|---|---|---|---|
| Not applicable at GSBD (officers not compensated by Company) | — | — | — | — |
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Beneficial ownership (common shares) | 0 shares reported for Justin Betzen as of the March 31, 2025 record date; Form 3 at initial appointment also reported no securities beneficially owned. |
| Ownership as % of outstanding | 0.00% (0 of 117,297,222 shares outstanding as of 3/31/2025; calculation shown for context) |
| Vested vs. unvested shares | Not applicable (no GSBD equity reported) |
| Options (exercisable/unexercisable) | Not applicable (no GSBD equity reported) |
| Shares pledged as collateral | None disclosed for Betzen; GSBD’s policy requires contacting compliance before hedging or pledging Company shares. |
| Stock ownership guidelines (officers) | Not disclosed in GSBD filings. |
| Trading plans/lock-ups | Listed as a lock-up party in the March 2023 underwritten offering documentation. |
Employment Terms
- Title and service: Vice President of GSBD since August 2022; holds office at the pleasure of the Board until the next election of officers.
- Employer/compensation source: Employee of GSAM; GSBD does not compensate executive officers.
- Employment agreement, severance, change-of-control: No GSBD-level officer employment contracts, severance, or change-of-control economics disclosed for officers.
- Insider trading/pledging/hedging: GSBD maintains insider trading and repurchase policies; Section 16 reporting handled by GSAM on behalf of reporting persons. Hedging or pledging Company shares requires contacting AM Compliance.
- Section 16 status: Form 3 filed (no securities beneficially owned) upon becoming an officer.
Investment Implications
- Alignment and selling pressure: Zero reported GSBD share ownership and no Company-paid equity compensation reduce direct equity alignment and eliminate near-term vesting- or option-driven selling pressure signals from Betzen specifically. This is typical for externally managed BDCs where officers are compensated by the adviser (GSAM).
- Decision-making influence: As a managing director and senior underwriter, and a member of the BDC Investment Committee that approves all GSBD investments, Betzen is influential in underwriting discipline and portfolio construction—key drivers of NAV stability, NII, and eventual total return.
- Fee incentive context: GSBD pays management and incentive fees to GSAM ($59.08 million in 2024), which frames incentive alignment at the platform level rather than via Company equity to officers. Monitoring fee terms and hurdle structures remains a primary lever for assessing pay-for-performance alignment in externally managed BDCs.