Ashwin Ranganathan
About Ashwin Ranganathan
Independent Class III director of OFS Capital since 2022 (term expires 2027). He is the founder and CEO of Sikander Capital (multi-asset family office) and previously held senior investing roles at Tudor Capital (partner/managing director; co-PM of EM fund; ran a $500M APAC L/S equity book) and Oaktree (SVP, equity partner; head of global EM), with earlier portfolio management at Goldman Sachs Asset Management in Hong Kong and New York. Education: B.A. (English), St. Stephen’s College (1991); M.Phil/Politics, Philosophy & Economics (PPE), Exeter College, Oxford (1994). Age 55. He also serves on the board of CIM Real Assets & Credit Fund (CIM RACR), an affiliate sub-advised by OFS Advisor. He chairs the Compensation Committee at OFS.
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Tudor Capital | Partner & Managing Director; co-PM Emerging Markets fund; managed $500M APAC long/short equity; Director, Tudor Capital Singapore | 2005–2013 | Senior investing leadership across EM and APAC strategies |
| Oaktree Capital Management | Senior Vice President; Equity Partner; Head, Global Emerging Markets Group | 2001–2005 | Led EM investing; global mandate |
| Goldman Sachs Asset Management | Portfolio Manager (Hong Kong and New York) | Began 1994 | Public equities portfolio management |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Sikander Capital | Founder & CEO | 2013–present | Multi-asset family office focused on equity, venture capital, and real estate |
| CIM Real Assets & Credit Fund (CIM RACR) | Director | Current | Affiliate of OFS; sub-advised by OFS Advisor |
| Other public company boards (count) | — | — | OFS proxy indicates “Other Public Company Boards: 2” for Ranganathan (names not fully enumerated in the summary table) |
Board Governance
- Independence: Board determined he is independent under Nasdaq rules and not an “interested person” under Section 2(a)(19) of the 1940 Act; he serves on all three standing committees composed entirely of independent directors.
- Committee assignments and roles (FY2024):
- Compensation Committee: Chair; 2 meetings.
- Audit Committee: Member; 11 meetings.
- Nominating & Corporate Governance Committee: Member; 2 meetings.
- Attendance: Board met 6 times in FY2024; each director attended at least 75% of board and applicable committee meetings; all directors attended the 2024 annual meeting.
- Board structure: Combined Chair/CEO with a Lead Independent Director (Elaine E. Healy); independent directors regularly hold executive sessions.
Fixed Compensation (Independent Director – FY2024)
| Component | Amount | Notes |
|---|---|---|
| Annual cash retainer | $90,000 | Standard for independent directors |
| Committee chair fee | $10,000 | Compensation Committee chair premium |
| Stock awards | — | No equity grants in FY2024 |
| Total from OFS Capital | $100,000 | Cash-only compensation |
| Total from Fund Complex | $112,500 | Includes OFS Capital, OFS Credit, Hancock Park |
Performance Compensation
| Instrument / Metric | Structure | FY2024 Detail |
|---|---|---|
| RSUs / PSUs | Not disclosed for directors | No stock awards reported for FY2024 |
| Options | Not disclosed for directors | No option awards reported in FY2024 director table |
| Performance metrics (e.g., TSR, EBITDA) | Not applicable to director pay | Director compensation is cash-based in FY2024 |
Other Directorships & Interlocks
- Count of other public company boards: 2 (per proxy summary).
- Affiliate interlock: Director of CIM RACR, an affiliate sub-advised by OFS Advisor (ties into OFS “fund complex”).
Expertise & Qualifications
- Asset management and investments expertise; senior leadership in EM and global public equities; founder/operator perspective via Sikander. The proxy states these qualifications underpin his selection and committee leadership (Compensation Committee Chair).
Equity Ownership
| Holder | Shares Beneficially Owned | % Outstanding | Dollar Range | Notes |
|---|---|---|---|---|
| Ashwin Ranganathan | 0 | N/A | None | As of April 16, 2025; outstanding shares: 13,398,078 (record date referenced separately) |
Related-Party Transactions, Conflicts, and Controls
- OFS has agreements with OFS Advisor and affiliates; the audit committee reviews and approves related person transactions; independence determinations considered such relationships.
- He serves on the board of CIM RACR (affiliate), which can create perceived interlocks; however, he is deemed independent (not an “interested person”) and serves on all-independent committees.
- Hedging policy: Not expressly prohibited, but directors must obtain pre-clearance from the Chief Compliance Officer for derivative transactions in OFS stock.
Governance Assessment
- Strengths:
- Independent director serving on all three key committees; chairs Compensation Committee, indicating board confidence in his governance judgment.
- Solid attendance record (≥75% of meetings) and engagement; committees meet regularly (notably 11 Audit meetings in FY2024), suggesting active oversight.
- Deep investment and risk experience across EM and global equities; relevant to a BDC’s portfolio oversight.
- Alignment and risk considerations:
- Zero share ownership and cash-only director pay (no equity) may limit alignment with shareholders; no ownership guidelines disclosed in proxy.
- Affiliate interlock via CIM RACR board could present perceived conflicts; mitigated by independence status and audit committee oversight of related-party transactions.
- Hedging is not prohibited (pre-clearance required), which some investors view as a governance soft spot relative to stricter no-hedging regimes.
- Overall: Governance profile reflects independence, committee leadership, and material time commitment, offset by limited “skin in the game” and affiliate interlocks inherent to the fund complex model.