Lisa Woo
About Lisa Woo
Lisa Woo (Year of Birth: 1975) serves as Assistant Treasurer of the Fund since 2025; her business address is 321 North Clark Street, Suite 2430, Chicago, IL 60654 . Prior roles include Director of Fund Finance and Operations (2024–present) and Finance & Operations Manager (2018–2024) at XA Investments (XAI); previously Co‑Controller at Waveland Investments (2014–2024) and Financial Administrator/Accounting Manager at Madison Dearborn Partners (2008–2012) . Officers of the Fund receive no compensation from the Fund; compensation, if any, is received in capacities at the Adviser and affiliates, and as of December 31, 2024 she held no Fund shares . Officers serve at the pleasure of the Board until a successor is appointed or earlier resignation/removal; no performance metrics (TSR, revenue, EBITDA) are disclosed in relation to Ms. Woo .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| XA Investments LLC (XAI) | Director of Fund Finance and Operations | 2024–present | Not disclosed |
| XA Investments LLC (XAI) | Finance and Operations Manager | 2018–2024 | Not disclosed |
| Waveland Investments, LLC | Co‑Controller | 2014–2024 | Not disclosed |
| Madison Dearborn Partners, LLC | Financial Administrator / Accounting Manager | 2008–2012 | Not disclosed |
External Roles
| Organization | Role | Years |
|---|---|---|
| None disclosed | — | — |
Fixed Compensation
- Officers of the Fund receive no compensation from the Fund; they may be officers or employees of the Adviser (XAI) and may receive compensation in such capacities .
| Component | 2024 | 2025 |
|---|---|---|
| Base Salary (Fund-paid) | Not applicable (no Fund compensation) | Not applicable (no Fund compensation) |
| Target Bonus % (Fund-paid) | Not applicable | Not applicable |
| Actual Bonus Paid (Fund-paid) | Not applicable | Not applicable |
| Perquisites (Fund-paid) | Not applicable | Not applicable |
Note: Any compensation from XAI or affiliates is not disclosed in the Fund’s proxy.
Performance Compensation
| Metric | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|
| Not disclosed | — | — | — | — | — |
The Fund does not disclose performance metrics or incentive plans for officers who are compensated by the Adviser .
Equity Ownership & Alignment
| Item | As of Dec 31, 2024 |
|---|---|
| Common Shares Owned (Fund) | None |
| Ownership as % of Outstanding | Not disclosed |
| Vested vs Unvested Shares | Not disclosed |
| Options (Exercisable/Unexercisable) | Not disclosed |
| Shares Pledged as Collateral | Not disclosed |
| Ownership Guidelines (multiple of salary) | Not disclosed |
| Compliance with Guidelines | Not disclosed |
- Trustees and officers of the Fund as a group owned less than 1% of outstanding Common Shares as of December 31, 2024 .
Employment Terms
| Term | Detail |
|---|---|
| Fund Role | Assistant Treasurer |
| Start in Role | Since 2025 |
| Business Address | 321 North Clark Street, Suite 2430, Chicago, IL 60654 |
| Contract Term Length / Expiration | Not disclosed |
| Auto-Renewal | Not disclosed |
| Non-Compete / Non-Solicit | Not disclosed |
| Garden Leave | Not disclosed |
| Post-Termination Consulting | Not disclosed |
| Severance Provisions | Not disclosed |
| Change-of-Control Provisions | Not disclosed |
| Clawbacks / Tax Gross-ups | Not disclosed |
| Governance of Officer Appointment | Officers serve at pleasure of the Board until successors are appointed/qualified or earlier resignation/removal |
| Services Agreements Context | CFO, Treasurer, CCO and one Assistant Treasurer (Ms. Arment) roles are provided under a Services Agreement with PINE; designations must be approved by the Board |
Compensation Structure Analysis
- No Fund-paid compensation to officers; pay-for-performance linkage at the Fund level cannot be assessed for Ms. Woo based on available disclosures .
- No disclosure of equity awards (RSUs/PSUs), options, vesting schedules, or severance/change‑of‑control terms for Ms. Woo in Fund filings .
Risk Indicators & Red Flags
- Hedging/Pledging: No pledging or hedging disclosures for Ms. Woo; not disclosed in proxy .
- Insider Selling Pressure: With no Fund share ownership disclosed for Ms. Woo, near-term insider selling pressure appears minimal from her position; ownership data as of 12/31/2024 shows “None” .
- Legal/Investigations: No proceedings or investigations related to Ms. Woo disclosed in the proxy .
Say‑on‑Pay & Shareholder Feedback
- Trustee compensation and governance processes are disclosed; officer compensation is not Fund‑paid and thus not included in say‑on‑pay context for the Fund .
Expertise & Qualifications
- Finance and operations leadership across fund administration, controller responsibilities, and accounting management roles (titles and tenure disclosed; formal education not disclosed) .
Investment Implications
- Alignment: No Fund share ownership for Ms. Woo as of 12/31/2024 implies limited direct alignment via equity with Fund shareholders; however, her role is operational (Assistant Treasurer) rather than investment‑decision making .
- Compensation Transparency: Fund does not compensate officers; Ms. Woo’s compensation is determined by XAI or affiliates and not disclosed—limiting pay‑for‑performance evaluation for Fund investors .
- Retention Risk: Employment terms, severance, and change‑of‑control protections are not disclosed for Ms. Woo, making retention economics opaque; officers serve at the pleasure of the Board .
- Trading Signals: Lack of disclosed equity holdings and absence of option/RSU data for Ms. Woo suggest minimal direct insider selling pressure from her position; no related party transactions or red‑flag governance items are disclosed pertaining to her .