Julie Persily
About Julie Persily
Independent director of Investcorp Credit Management BDC, Inc. (ICMB) since 2013; current term expires in 2026; year of birth 1965. She chairs ICMB’s Compensation Committee (since 2013) and the Valuation Committee (since September 2019), and is a member of the Audit and Nominating & Corporate Governance Committees. Ms. Persily’s background spans senior leveraged finance roles at Nomura (Co‑Head of Leveraged Finance & Capital Markets, 2010–2011), Citigroup (various leadership roles 1999–2008), BT Securities (Leveraged Finance, 1990–1999), and Drexel Burnham Lambert (Analyst). She holds a B.A. in psychology and economics from Columbia College and an M.B.A. in finance and accounting from Columbia Business School.
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Nomura Securities North America | Co-Head, Leveraged Finance & Capital Markets | 2010–2011 | Led origination/markets for leveraged finance products |
| Citigroup Inc. | Co-Head, Leveraged Finance Group; Head, Acquisition Finance; Managing Director | 1999–2008 (various roles) | Structuring/underwriting senior loans, high yield, mezzanine |
| BT Securities (Bankers Trust subsidiary) | Leveraged Finance, incl. Managing Director | 1990–1999 | Leveraged finance leadership pre-DB acquisition |
| Drexel Burnham Lambert | Analyst | 1987–1989 | Early-career investment banking experience |
External Roles
| Organization | Role | Tenure | Listing/Type |
|---|---|---|---|
| Runway Growth Credit Fund Inc. (RWAY) | Director | Since 2017 | Public BDC (NASDAQ) |
| SEACOR Marine Holdings Inc. (SMHI) | Director | Since April 2018 | Public company (NYSE) |
| StepStone Private Credit Fund LLC | Director/Trustee | Since 2023 | Private BDC (elected BDC status) |
| Investcorp US Institutional Private Credit Fund | Director/Trustee | 2022–2024 | Private BDC (affiliated; now liquidated) |
Board Governance
- Independence: The Board determined all directors other than Messrs. Mauer and Shaikh are independent under NASDAQ and 1940 Act standards (Persily is independent).
- Board structure: No Lead Independent Director; independent directors hold regular executive sessions without management.
- Attendance: Board met 4 times in the six months ended Dec 31, 2024; each director attended at least 75% of Board/committee meetings; all directors attended the 2024 Annual Meeting.
| Committee | Persily Role | Members (incl. Persily) | Meetings (6M ended 12/31/2024) |
|---|---|---|---|
| Audit | Member | Persily, Shaiman (Chair), Sullivan | 3 |
| Compensation | Chair | Persily (Chair), Shaiman, Sullivan | 0 |
| Nominating & Corporate Governance | Member | Persily, Shaiman, Sullivan (Chair) | 1 |
| Valuation | Chair | Persily (Chair), Shaiman, Sullivan | 2 |
- Valuation oversight: The Valuation Committee (chaired by Persily) oversees fair value of predominantly Level 3 investments and engages an independent valuation firm at least annually.
Fixed Compensation
| Component | Amount (USD) | Notes |
|---|---|---|
| Annual retainer (independent directors) | $75,000 | Cash |
| Board meeting fee (regular/special, in-person/telephonic) | $2,500 per meeting | Plus expense reimbursement |
| Committee meeting fee (in-person/telephonic) | $1,000 per meeting | Plus expense reimbursement |
| Audit Committee Chair retainer | $7,500 | Cash |
| Valuation Committee Chair retainer | $2,500 | Cash |
| Nominating & Corporate Governance Chair retainer | $2,500 | Cash |
| Compensation Committee Chair retainer | $2,500 | Cash |
| Persily – Actual Cash Received | FY 2024 (year ended 6/30/2024) | Six months ended 12/31/2024 |
|---|---|---|
| Aggregate cash compensation from ICMB | $103,500 | $31,500 |
| Total compensation from fund complex | $133,250 (includes affiliated fund) | N/A disclosed |
Notes: No profit-sharing or retirement plan; directors do not receive pension/retirement benefits.
Performance Compensation
| Item | Disclosure |
|---|---|
| Equity awards (RSUs/PSUs/DSUs) | No director equity awards disclosed; compensation described as cash retainers/meeting fees. |
| Option awards | Company granted no stock options or similar instruments during the fiscal year ended Dec 31, 2024. |
| Performance metrics (revenue/EBITDA/TSR/ESG) | Not applicable for non-employee director compensation; no performance-based director pay disclosed. |
Other Directorships & Interlocks
- Current public boards: RWAY (since 2017), SMHI (since 2018).
- Other boards: StepStone Private Credit Fund LLC (since 2023), Investcorp US Institutional Private Credit Fund (2022–2024).
- Compensation Committee interlocks: None; no relationships requiring Item 404 disclosure; no cross‑board executive officer interlocks.
Expertise & Qualifications
- Leveraged finance and capital markets leadership across Nomura, Citigroup, BT Securities; deep experience structuring/marketing senior loans, high yield, mezzanine financings.
- Education: B.A. (Columbia College); M.B.A. (Columbia Business School).
- ICMB Board contributions: Chairs Valuation Committee overseeing Level 3 fair value processes and engages with independent valuation firm; chairs Compensation Committee.
Equity Ownership
| Holder | Shares Beneficially Owned | % of Class | Dollar Range (as of 10/15/2025) | Shares Outstanding Reference |
|---|---|---|---|---|
| Julie Persily | 34,840 | <1% | $50,001–$100,000 (based on $2.92 close on 10/15/2025) | 14,419,762 shares outstanding as of 10/15/2025 |
- Section 16(a) compliance: The company believes all directors/executives met timely filing requirements for the fiscal year ended Dec 31, 2024.
- Hedging policy: Hedging/monetization transactions are strongly discouraged and require pre‑clearance with the Chief Compliance Officer; policy does not expressly prohibit hedging.
Governance Assessment
-
Strengths
- Independent director with extensive leveraged finance background and prior senior leadership across major banks.
- Chairs the Valuation Committee—critical for a portfolio primarily comprised of Level 3 assets—and engages independent valuation firm reviews.
- Determined independent by the Board under NASDAQ/1940 Act standards.
- Director compensation framework is transparent, cash‑based (retainers and meeting/chair fees); no equity awards disclosed and no options granted in FY ended Dec 31, 2024.
- Board/committee meeting attendance threshold met (≥75%); all directors attended the 2024 Annual Meeting.
-
Watch items / RED FLAGS
- No Lead Independent Director; the Board mitigates with independent‑only executive sessions and fully independent committees, but the structure may be scrutinized by some investors.
- Compensation Committee did not meet during the six‑month fiscal period ended Dec 31, 2024 (context: ICMB executives are paid by the Adviser, not by the company, and the committee oversees director pay).
- Hedging transactions by covered persons are discouraged but not prohibited—allowed subject to pre‑clearance.
- Beneficial ownership reported at 34,840 shares (<1% of outstanding).
-
Conflicts management
- The company maintains conflict‑of‑interest procedures, including “required majority” approval by independent directors for co‑investment transactions under an exemptive order, and uses codes of ethics and committee oversight to manage adviser/affiliate conflicts.