Robert Andrew Muns
About Robert Andrew Muns
Robert Andrew Muns (born 1973) serves as ICMB’s Chief Operating Officer (since March 2025), Chief Financial Officer (since July 2025), and Treasurer & Secretary (since October 2025). He joined Investcorp in 2019 via its acquisition of CM Investment Partners and serves on CM Investment Partners LLC’s investment committee; prior roles include Managing Director at CM Investment Partners, co-founding Stifel’s Credit Investments Group and heading Credit, and Managing Director on Cantor Fitzgerald’s Special Situations and Leveraged Loans Desk. He holds an MBA from Columbia Business School and a BA in Mathematics from Northwestern University; age disclosed as 52 at appointment as CFO in July 2025 . ICMB’s proxy does not disclose pay-for-performance metrics (TSR, revenue growth, EBITDA growth) tied to his compensation; executive officers are not compensated directly by ICMB, with Mr. Muns paid by the Adviser and ICMB reimbursing an allocable portion for services .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Investcorp / CM Investment Partners LLC | Managing Director; Investment Committee member | 2019–present (MD noted 2024–present) | Integrates BDC operations with Investcorp’s private credit platform; investment oversight . |
| Stifel | Co‑founder, Credit Investments Group; Head of Credit | 2012–2019 | Built and led credit platform; origination and portfolio leadership . |
| Cantor Fitzgerald | Managing Director, Special Situations & Leveraged Loans | –2012 (joined Stifel in 2012 from Cantor) | Special situations and leveraged loan execution . |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| CM Investment Partners LLC | Investment Committee member | Ongoing | Direct influence on investment selection and portfolio risk for ICMB’s Adviser . |
Fixed Compensation
ICMB is externally managed; executive officers are not compensated directly by ICMB. Mr. Muns is paid by the Adviser (as Administrator), with ICMB reimbursing an allocable portion for services rendered.
| Component | Disclosure | Notes |
|---|---|---|
| Base salary | Not disclosed by ICMB | Paid by Adviser; ICMB reimburses allocable portion . |
| Target bonus % / actual bonus | Not disclosed by ICMB | Adviser‑paid; no company disclosure . |
| Perquisites | Not disclosed | ICMB states no direct compensation paid to executives . |
| Options/stock grants (company) | None granted in FY ended Dec 31, 2024 | ICMB did not grant options/SARs in the period . |
Performance Compensation
ICMB does not pay performance‑based compensation to executive officers; no company‑level incentive metrics (revenue/EBITDA/TSR) are disclosed for Mr. Muns.
| Metric | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|
| Not applicable (ICMB does not compensate executives directly) | — | — | — | — | — |
ICMB’s Adviser receives base management and incentive fees from ICMB under the Advisory Agreement; this fee structure is highlighted as a potential conflict (incentives to invest in speculative securities), but this pertains to Adviser economics, not disclosed individual executive incentive metrics .
Equity Ownership & Alignment
| Item | Value | Notes |
|---|---|---|
| Shares beneficially owned | 0 | As of Oct 15, 2025; “None” dollar range for Mr. Muns . |
| % of shares outstanding | <1% (“*” less than 1%) | 14,419,762 shares outstanding on the record date . |
| Vested vs. unvested shares | Not disclosed | No company grants reported; ICMB did not grant options/SARs in FY 2024 . |
| Options (exercisable/unexercisable) | Not disclosed | No grants reported for FY 2024 . |
| Pledged shares | Not disclosed | No pledging disclosure for Mr. Muns in proxy . |
| Ownership guidelines | Not disclosed for executives | Proxy references stock ownership and trading policies generally; no executive guidelines disclosed . |
| Hedging policy | Strongly discouraged; requires pre‑clearance | Hedging/monetization allowed only with pre‑clearance from CCO; strongly discouraged . |
| Section 16(a) compliance | Compliant for FY ended Dec 31, 2024 | Company states all required filings were timely . |
Employment Terms
| Term | Disclosure | Detail |
|---|---|---|
| Employment start dates | COO: Mar 2025; CFO: Jul 16, 2025; Treasurer & Secretary: Oct 2025 | Disclosed in proxy and 8‑K . |
| Appointment arrangements | No arrangement/understanding | 8‑K states no arrangement or understanding pursuant to which he was appointed CFO . |
| Compensation paid by ICMB | None | Executives not compensated directly; Mr. Muns is paid by Adviser; ICMB reimburses allocable portion . |
| Severance / change‑of‑control | Not disclosed | No executive‑specific severance/CoC terms disclosed; ICMB is externally managed . |
| Non‑compete / non‑solicit | Not disclosed | No employment agreement terms disclosed . |
| Clawback provisions | Not disclosed | Code of ethics and governance policies referenced; no clawback policy disclosed . |
| Garden leave / consulting | Not disclosed | — |
Board Governance
- Mr. Muns is not a director; he serves as corporate Secretary and an executive officer .
- Board committees (Audit, Compensation, Nominating & Corporate Governance, Valuation) are composed solely of independent directors; he is not a member of these committees .
- Independent director compensation and governance documents are publicly available; communications to the Board may be addressed to the company’s office or compliance email, with delivery to directors .
Performance & Track Record
- Tenure and prior experience: COO since Mar 2025; CFO since Jul 2025; Treasurer & Secretary since Oct 2025; extensive credit markets background (Investcorp/CMIP, Stifel Credit Investments Group co‑founder and Head of Credit, Cantor Fitzgerald Special Situations/Leveraged Loans) .
- Achievements cited are qualitative; no company‑level performance metrics (TSR/revenue/EBITDA tied to his compensation) are disclosed in ICMB filings .
- CFO transition: On Jul 16, 2025, Board accepted CFO Walter Tsin’s resignation and appointed Mr. Muns as CFO; no disagreements cited in the resignation .
Related Party & Conflicts
- Advisory Agreement: ICMB pays base management and incentive fees to the Adviser; certain directors/executives have ownership interests in the Adviser. Fee structure may create incentive to invest in speculative securities; Adviser personnel assist in portfolio valuation, creating potential conflicts mitigated through governance .
- Co‑investment exemptive relief: SEC order permits co‑investments with Adviser‑managed funds subject to “required majority” approval and fairness determinations .
- 8‑K states no related‑party transactions requiring Item 404(a) disclosure for Mr. Muns .
Investment Implications
- Alignment: With zero beneficial ownership and no company‑paid incentives, direct pay‑for‑performance alignment at the ICMB entity level is limited; Mr. Muns’ economics run through the Adviser, and ICMB reimburses a portion for his services .
- Selling pressure: No disclosed equity holdings or vesting schedules at ICMB reduces near‑term insider selling pressure tied to company grants .
- Retention risk: Employment terms (severance, non‑compete, CoC) are not disclosed at ICMB; retention dynamics likely reside within Adviser agreements, which investors cannot assess from ICMB filings .
- Governance mitigants: Independent committee structure, co‑investment order safeguards, and insider trading policy (hedging discouraged, pre‑clearance required) provide process discipline, but do not substitute for executive ownership alignment .
- Trading signals: Lack of Form 4 data accessible here and zero beneficial ownership limits insider‑signal utility; focus should remain on portfolio performance, fee arrangements, and Adviser incentive alignment disclosed at the company level .