Thomas Perugini
About Thomas Perugini
Thomas Perugini is the Fund’s Treasurer, appointed in 2024, and continues to serve under the Fund’s annual officer election framework where officers hold office until resignation, removal, or disqualification . As of October 14, 2025, he is 55 years old . His recent background includes serving as Senior Principal Consultant/Fund Principal Financial Officer at ACA Group since 2023 and previously as Vice President for Fund Administration Product at State Street Corporation from 2019 to 2023 . The Fund’s proxy materials do not attribute specific TSR, revenue, or EBITDA performance metrics to officers in connection with compensation or role evaluation .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| ACA Group | Senior Principal Consultant / Fund Principal Financial Officer | 2023–present | Not disclosed |
| State Street Corporation | Vice President, Fund Administration Product | 2019–2023 | Not disclosed |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| ACA Group | Senior Principal Consultant / Fund Principal Financial Officer | Since 2023 | Concurrent with service as JOF Treasurer; additional details not disclosed |
Fixed Compensation
- Officers’ compensation is paid by Nomura Asset Management U.S.A., Inc. (NAM‑U.S.A.) under the Management Agreement; the Fund does not disclose individual officer salary, bonus, or cash compensation amounts (including for the Treasurer) .
- NAM‑U.S.A. is responsible for maintaining staff, office space, and paying all compensation of officers of the Fund; the Fund bears other operating expenses but not officer pay .
Performance Compensation
- No Fund-based equity awards (RSUs/PSUs) or options to officers are disclosed in the Fund’s proxy materials; no vesting schedules, performance metrics, or payout formulas are reported for officers .
- Accordingly, there is no disclosed link between officer pay and Fund performance metrics (e.g., TSR, NAV-based outcomes) within the Fund’s filings .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Individual beneficial ownership (Perugini) | Not disclosed in proxy materials |
| Officers and Directors as a group | Less than 1% of outstanding shares owned as of September 26, 2025 |
| Pledging of shares | Not disclosed |
| Stock ownership guidelines for officers | Not disclosed |
| Section 16 compliance | 2025: Fund believes all directors, officers, and 10% holders complied; 2024: one director Form 4 filed late due to filing code delay (not attributed to officers) |
Employment Terms
| Term | Details |
|---|---|
| Position | Treasurer |
| Appointment date | Since 2024 |
| Term of office | Officers are elected annually; hold office until resignation, removal, or disqualification |
| Employer/Compensation payer | NAM‑U.S.A. pays all compensation of Fund officers; provides staffing, office space, and facilities |
| Severance provisions | Not disclosed |
| Change-of-control provisions | Not disclosed |
| Non-compete / non-solicit | Not disclosed |
| Clawbacks / tax gross-ups | Not disclosed |
Investment Implications
- Alignment: With no Fund-disclosed equity awards or ownership requirements for officers and group ownership under 1% of outstanding shares, alignment via direct stock exposure appears limited for Fund officers (including the Treasurer) .
- Insider selling pressure: Absence of disclosed equity grants and vesting schedules suggests minimal structural selling pressure from officer vesting events; proxies indicate Section 16 compliance without officer-specific late filings .
- Retention/transition risk: Officers are elected annually and compensated by NAM‑U.S.A.; retention risk hinges on NAM‑U.S.A.’s staffing decisions and service arrangements rather than Fund-specific contracts, with no severance or change‑of‑control economics disclosed for officers .
- Governance/controls: The Treasurer role is administrative/financial-control oriented; the Fund’s governance emphasizes committee oversight, risk management, and external auditor independence, providing structural assurance around financial reporting integrity .