Lori Hoffman
About Lori Hoffman
Lori Hoffman serves as Secretary and Vice President of KKR Income Opportunities Fund (KIO), a closed‑end fund, a role she has held since June 2022. The Fund’s proxy lists her year of birth as 1988 and notes her current employer affiliation and prior legal background. She is a Director at KKR Credit Advisors (US) LLC (since July 2020), and previously was an Associate at Dechert LLP (2013–2020). She is the signatory for KIO shareholder meeting materials in her capacity as Secretary. The proxy statements do not disclose officer compensation metrics (e.g., TSR, revenue/EBITDA growth, or pay‑for‑performance formulas) for Fund officers.
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| KKR Credit Advisors (US) LLC | Director | Since Jul 2020 | Senior legal/corporate role at the Fund’s adviser; KIO officer listing shows KKR affiliation and address. |
| Dechert LLP | Associate | 2013–2020 | Law firm experience prior to joining KKR; background cited in KIO proxy. |
External Roles
No external directorships or board committee roles are disclosed for Hoffman in KIO’s proxy statement; officers are listed only with positions and employment histories.
Fixed Compensation
The Fund’s proxy discloses compensation only for Independent Trustees (retainer and meeting fees). It does not present base salary, target bonus, or equity award information for Fund officers (including the Secretary/Vice President).
Trustee fee framework (context for Board compensation, not applicable to officers):
| Component | Amount |
|---|---|
| Annual Retainer | $52,500 |
| Regular Meeting Fees (assumed quarterly) | $21,000 |
| Special Telephonic Meeting Fees (annual) | $3,750 |
| Committee Meeting Fees (ex‑Audit) | $6,000 |
| Audit Committee Meeting Fee | $6,750 |
Performance Compensation
No disclosures of performance‑based pay (e.g., PSUs/RSUs, option awards, performance metrics, weightings, vesting schedules, or payout outcomes) are provided for Fund officers in the proxy.
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Beneficial ownership – officers and Trustees as a group | Less than 1% of outstanding shares as of Jan 31, 2025. |
| Individual officer beneficial ownership (Hoffman) | Not separately tabulated; proxy provides group figure and Trustee dollar ranges only. |
| Shares pledged as collateral | Not disclosed. |
| Stock ownership guidelines (officers) | Not disclosed. |
| 5% holders (context) | As of Oct 29, 2024, no single shareholder or “group” owned >5% of KIO common shares; note: 5% holders listed in 2025 proxy were for Preferred Shares. |
Employment Terms
| Term | Disclosure |
|---|---|
| Current role | Secretary and Vice President, KKR Income Opportunities Fund. |
| Start date in current role | Since June 2022. |
| Employer affiliation | Director, KKR Credit Advisors (US) LLC (adviser to the Fund). |
| Contract term, severance, change‑of‑control | Not disclosed in proxy filings reviewed. |
| Clawback, non‑compete/non‑solicit, tax gross‑ups | Not disclosed in proxy filings reviewed. |
| Section 16(a) compliance | Fund states officers and Trustees complied with applicable Section 16(a) filing requirements for FY ended Oct 31, 2024. |
| Governance/Secretary duties | Signed shareholder meeting notices and proxy materials as Secretary of the Fund. |
Board Governance (context)
- Board/committee activity: The Board met six times in FY 2024, with all Trustees meeting at least 75% attendance; Audit and Nominating committees are composed entirely of Independent Trustees. (Hoffman is an officer, not a Trustee.)
- Nominating Committee charter includes responsibility for Trustee compensation oversight.
Investment Implications
- Limited officer compensation transparency: KIO’s proxy provides no officer‑level pay details (salary/bonus/equity/vesting), reducing visibility into pay‑for‑performance alignment for Fund officers (including Hoffman). For trading signals (e.g., award vesting, forced selling), there is no disclosed data to monitor.
- Low direct equity alignment signal from insiders: Officers and Trustees, as a group, own less than 1% of outstanding shares, suggesting minimal direct insider ownership‑based alignment and limited insider selling pressure risk.
- Role is governance/legal versus portfolio management: Disclosures emphasize Hoffman’s Secretary/VP and legal background with signatory responsibilities; there is no indication her compensation is tied to Fund performance metrics (e.g., TSR) in the proxy.
- Governance and compliance: Section 16(a) compliance reported; Board committees structured with independent oversight. Overall, filings do not indicate governance red flags tied to Hoffman specifically.
Key gaps for deeper analysis: No officer employment agreement, severance/CoC, clawback, ownership guidelines, or equity award details are disclosed in the proxy; monitoring would require adviser‑level disclosures (KKR Credit Advisors) or Section 16 filings if/when reported.