Jeffrey Day
About Jeffrey Day
Jeffrey Day, age 48, was appointed Co‑President of Morgan Stanley Direct Lending Fund (MSDL) effective on or about July 25, 2025; he is a Managing Director at Morgan Stanley Investment Management (MSIM), Head of Direct Lending Capital Markets & Business Development, a member of the executive team for the Direct Lending strategy, and has served on the Adviser’s Investment Committee since 2019. He previously held senior roles at Madison Capital Funding and worked in underwriting, portfolio management, capital markets, and relationship management at JPMorgan Chase, CapitalSource Finance, and GE Capital; he holds a BBA in Finance from Emory University’s Goizueta Business School and an MBA in Finance and Management & Strategy from Northwestern University’s Kellogg School of Management . MSDL’s proxies disclose that executive officers do not receive direct compensation from the Company; issuer‑level performance metrics (TSR, revenue/EBITDA growth) tied to executive pay are not disclosed .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Morgan Stanley Investment Management | Managing Director; Head of Direct Lending Capital Markets & Business Development; Adviser Investment Committee member | 2019–present | Leads capital markets, sponsor coverage and BD for Direct Lending; executive leadership for Direct Lending strategy |
| Madison Capital Funding | Managing Director | Not disclosed | Sponsor coverage, capital markets, and fundraising responsibilities |
| JPMorgan Chase | Various roles (underwriting, portfolio management, capital markets, relationship management) | Not disclosed | Underwriting/portfolio/capital markets execution experience |
| CapitalSource Finance | Various roles | Not disclosed | Underwriting/portfolio/capital markets execution experience |
| GE Capital | Various roles | Not disclosed | Underwriting/portfolio/capital markets execution experience |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| — | — | — | No external board roles disclosed in the 8‑K appointment biography |
Fixed Compensation
MSDL is externally managed; proxies state executives do not receive direct compensation from the Company. Any compensation for financial reporting/compliance functions is paid by the Administrator (MS Private Credit Administrative Services LLC) and reimbursed by the Company on an allocable basis.
| Component | Amount/Terms | Source |
|---|---|---|
| Base Salary (Company) | Not paid by MSDL | |
| Target Bonus % (Company) | Not paid by MSDL | |
| Actual Bonus Paid (Company) | Not paid by MSDL | |
| Director/Officer Cash from MSDL | Not applicable to executive officers |
Performance Compensation
No issuer‑level equity awards (RSUs/PSUs/options) or performance‑metric weightings are disclosed for executive officers of MSDL in proxies; executives are compensated via the Administrator/MSIM, subject to reimbursement for allocable portions.
| Metric | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|
| Not disclosed for executive officers at issuer level | — | — | — | — | — |
| Basis: “None of our executive officers receive direct compensation from us” | — | — | — | — | — |
| Source | — | — | — | — |
Equity Ownership & Alignment
MSDL filings show Jeffrey Day filed an initial Form 3 upon becoming Co‑President and subsequently filed a Form 4 open‑market purchase; holdings are indirect via The Day Family Trust, with a standard disclaimer of beneficial ownership except to the extent of pecuniary interest.
| Metric | As of 2025‑07‑24 | As of 2025‑08‑13 |
|---|---|---|
| Shares Beneficially Owned (Indirect) | 12,168 | 17,818 (post‑transaction) |
| Ownership Form | Indirect via The Day Family Trust; co‑trustee, beneficial ownership disclaimed except to pecuniary interest | Indirect via The Day Family Trust; same disclaimer |
| Shares Outstanding (reference) | 87,920,526 | 87,920,526 |
| Ownership % | 0.0138% (12,168 ÷ 87,920,526) | 0.0203% (17,818 ÷ 87,920,526) |
Insider transactions (2025):
| Item | 2025‑07‑24 | 2025‑08‑12 |
|---|---|---|
| Form | Form 3 | Form 4 |
| Transaction Type | Initial statement of beneficial ownership | Purchase (Code P) |
| Shares | 12,168 | 5,650 |
| Price | — | $17.70 |
| Post‑Holdings | 12,168 | 17,818 |
| Ownership Form | Indirect via trust; standard beneficial ownership disclaimer | Indirect via trust; standard beneficial ownership disclaimer |
Notes:
- Form 3 and Form 4 both indicate indirect ownership through The Day Family Trust and disclaim beneficial ownership except to the extent of pecuniary interest .
Employment Terms
- Appointment: On July 24, 2025, the Board appointed Jeffrey Day (age 48) as Co‑President of the Company, effective on or about July 25, 2025; Board also appointed Michael Occi (CEO) and Ashwin Krishnan (CIO) in the same 8‑K sequence .
- Biography and independence: 8‑K discloses Day’s background and that there are no transactions or proposed transactions with the Company in which Day has or will have a material interest under Item 404(a) .
- Officer election mechanics: Officers are elected by the Board and serve until earlier death, resignation, or termination, or until a successor is duly elected and qualified (general proxy language) .
- Severance/change‑of‑control/clawbacks/tax gross‑ups: Not disclosed for executive officers at the issuer level in the latest proxies; executive compensation is paid by the Administrator/MSIM and not by the Company .
Investment Implications
- Alignment via ownership: Day increased his indirect ownership shortly after appointment with an open‑market purchase (5,650 shares at $17.70 on 2025‑08‑12), raising holdings to 17,818 shares; while the stake is small (<0.03% of shares outstanding), incremental buying is a positive alignment signal .
- Externally managed structure: MSDL’s proxies state executive officers do not receive direct compensation from the Company; issuer‑level pay‑for‑performance metrics, severance/change‑of‑control economics, and clawback specifics for executives are not disclosed—reducing transparency of compensation alignment at the issuer level and shifting incentives to MSIM/Administrator frameworks .
- Governance/related‑party: The 8‑K reports no Item 404(a) related‑party transactions for Day at appointment, which removes a potential red flag at onboarding .
- Monitoring signals: Track subsequent Forms 4 for additional purchases or sales and any future 8‑Ks or proxies that might detail executive compensation policies or ownership guidelines post‑IPO listing changes .