Lourdes Perez-Berkeley
About Lourdes Perez-Berkeley
Lourdes Perez-Berkeley (born 1962) is an Independent Trustee of KKR Income Opportunities Fund (KIO), appointed November 1, 2024 and nominated for re‑election in March 2025; she is designated the Audit Committee Chair and the Board has determined she is an “audit committee financial expert.” She holds a B.S. in Accountancy from DePaul University and an MBA from USC’s Marshall School of Business, and previously served as Senior Advisor at Independence Point Advisors, Director in BlackRock’s Financial Markets Advisory, Director at PwC, and earlier worked in Citigroup’s Fixed Income Capital Markets after starting her career as an auditor and CPA at Deloitte & Touche. She is classified as independent under the Investment Company Act and SEC standards, and is one of four Independent Trustees on a five‑member Board.
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Independence Point Advisors | Senior Advisor | Since 2022 | Advisory role (investment bank/advisory) |
| BlackRock – Financial Markets Advisory | Director | 2015–2018 | Advisory/markets |
| PwC LLP | Director / Client Relationship Executive | 2010–2015 | Client relationship |
| Citigroup (legacy Salomon Brothers) | Fixed Income Capital Markets; Managing Director | 1989–2003 | Capital markets |
| Deloitte & Touche | Auditor and CPA | 1984–1987 | Audit, CPA |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Various non‑profit organizations in New York | Board member | Not disclosed | Served on boards of numerous non‑profits |
Board Governance
- Board composition: five Trustees, four Independent; Chair of the Board is Rudy Pimentel (an Interested Trustee). No Lead Independent Trustee; independent oversight via Audit and Nominating Committees and separate executive sessions of Independent Trustees.
- Committee assignments: Audit Committee (member); Nominating Committee (member). She serves as Audit Committee Chair; all members meet SEC and 1940 Act independence standards.
- Audit committee credential: Board determined Perez‑Berkeley is an “audit committee financial expert” under Item 407 of Regulation S‑K.
- Meeting cadence and attendance: Board met 6 times in FY ended Oct 31, 2024; each Trustee then serving attended at least 75% of Board and relevant Committee meetings. Audit and Nominating Committees each met twice in FY 2024. Note: Perez‑Berkeley’s appointment was Nov 1, 2024 (post‑FY), so FY 2024 attendance statistics do not cover her service.
- Preferred share voting: Under Section 18 of the 1940 Act, Preferred shareholders have the exclusive right to elect at least two trustees; holders of Preferred Shares separately elect Perez‑Berkeley as a Class II Trustee (in addition to voting on Sidamon‑Eristoff).
- Independence safeguards: No Independent Trustee or their immediate family members owns securities in the Adviser or its affiliates; Audit Committee members are not “interested persons.”
Fixed Compensation
| Component | Amount (USD) | Notes |
|---|---|---|
| Annual retainer | $52,500 | Independent Trustees |
| Regular meeting fees (assumes quarterly) | $21,000 | Total annual fee |
| Special telephonic meeting fees | $3,750 | Total annual fee |
| Committee meeting fees (excluding Audit) | $6,000 | Total annual fee |
| Audit Committee meeting fee | $6,750 | Total annual fee |
| Deferred compensation plan | Available | Independent Trustees may elect to defer fees; amounts deemed invested in Fund |
| FY 2024 Actual Compensation | Aggregate From Fund | Total From Fund Complex |
|---|---|---|
| Lourdes Perez‑Berkeley | $0 | $0 |
| Appointment date reference | Nov 1, 2024 | Post‑FY appointment (explains $0) |
Performance Compensation
| Item | Disclosure | Notes |
|---|---|---|
| Equity awards (RSUs/PSUs) | Not disclosed in proxy | Compensation structure lists cash retainers/meeting fees and deferred comp only; no equity or performance‑based awards disclosed |
| Option awards | Not disclosed in proxy | No options reported for directors |
| Performance metrics tied to compensation | Not disclosed in proxy | No TSR/EBITDA/ESG metrics cited for director pay |
| Clawbacks / COI terms for directors | Not disclosed in proxy | Audit/Nominating charters govern oversight, not pay metrics |
Other Directorships & Interlocks
| Company | Type | Role | Notes |
|---|---|---|---|
| Public company directorships | Public | None | Table lists “None” for other directorships |
| Registered investment companies overseen | RIC | 2 | Number in Fund complex overseen by Perez‑Berkeley |
Expertise & Qualifications
- Financial expertise: Audit Committee Chair; “audit committee financial expert” designation; deep accounting/controls oversight.
- Capital markets and advisory: Senior roles in fixed income capital markets (Citigroup), advisory (BlackRock FMA), PwC relationship management, and Independence Point Advisors.
- Education: B.S. Accountancy (DePaul); MBA (USC Marshall). CPA background.
Equity Ownership
| Holder | Dollar Range in KIO | Aggregate Dollar Range in Fund Complex | Notes |
|---|---|---|---|
| Lourdes Perez‑Berkeley | None | None | As of Jan 31, 2025 |
| Insiders as group | <1% of outstanding shares | — | As of Jan 31, 2025 |
- Section 16(a) reporting compliance: Based on review of reports and representations, officers and Trustees complied with filing requirements in FY 2024.
Insider Trades
| Date | Form | Transaction | Shares | Price | Ownership Type | Notes |
|---|---|---|---|---|---|---|
| FY 2024 | — | — | — | — | — | Proxy notes compliance with Section 16(a); no delinquent filings; specific Form 4 transactions not disclosed in proxy |
Governance Assessment
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Strengths:
- Independent Trustee with audit chair leadership; designated financial expert—supports robust financial reporting oversight.
- Clear independence from Adviser/affiliates; audit and nominating charters reinforce governance standards and risk oversight.
- Structured director pay is modest and cash‑based; deferred compensation aligns economics with Fund performance via deemed investment.
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Watch items:
- Ownership alignment: “None” dollar range in KIO suggests limited direct “skin in the game”; consider monitoring future ownership changes.
- Board leadership: Chair is an Interested Trustee; absence of Lead Independent Trustee mitigated by committee structures and independent executive sessions—continue to evaluate effectiveness.
- Preferred shareholder dynamic: Preferred holders separately elect Perez‑Berkeley; governance influence may differ from common holders—understand implications for oversight priorities.
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RED FLAGS: None identified in proxy regarding related‑party transactions, pledging, tax gross‑ups, option repricing, or legal proceedings. Audit Committee independence and pre‑approval of auditor services documented; auditor fees and independence reviewed.