Thomas M. Turpin
About Thomas M. Turpin
Independent Trustee of PGIM Private Credit Fund since September 2022; born 1960; over 30 years as an asset-management operating executive, including COO (Heitman LLC) and CEO/COO (Old Mutual US Asset Management), and senior leadership roles at Putnam Investments and The Boston Company . He is currently a Class II nominee for re-election to a term ending at the 2028 annual meeting and serves on both the Audit and Nominating & Governance Committees; he is an Independent Trustee under the 1940 Act .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Heitman LLC (global real estate investment firm) | Chief Operating Officer | 2013–2018 | Senior operating executive for a global real estate investment platform . |
| Old Mutual US Asset Management | Chief Operating Officer; Chief Executive Officer | 2002–2010 | Led institutional/retail AM business; board roles across affiliated boutiques during OMAM tenure . |
| Putnam Investments | Managing Director & Head of Defined Contribution Plans | 2000–2001 | Led DC business; prior MD & Chief Administrative Officer for Institutional, Retail & DC businesses (1993–1999) . |
| The Boston Company (now part of BNY Mellon) | Trust Accountant; Financial Analyst; Controller (Institutional); Manager, Global Cash & Securities Processing | 1982–1993 | Broad finance and operations foundation in asset servicing and controls . |
External Roles
| Organization | Role | Tenure | Committees/Notes |
|---|---|---|---|
| PGIM Private Real Estate Fund, Inc. | Trustee | Since 2022 | Independent trustee within PGIM Alternatives Funds complex . |
| PGIM Credit Income Fund | Trustee | Since 2023 | Independent trustee within PGIM Alternatives Funds complex . |
| PGIM Rock ETF Trust | Trustee | Since 2023 | Independent trustee within PGIM Alternatives Funds complex . |
| Old Mutual Asset Management Trust Co. | Director | 2009–2010 | Former board role during OMAM tenure . |
| Old Mutual Advisors Fund II | Trustee | 2008–2010 | Former investment company trustee . |
| Various OMAM majority-owned boutiques | Board Member | 2004–2010 | Multiple affiliated investment-boutique boards . |
Board Governance
- Independence: Independent Trustee under Section 2(a)(19) of the 1940 Act; all committee members are independent and meet Rule 10A-3 independence for Audit .
- Committee assignments: Member, Audit Committee (Chair: Morris L. McNair III; McNair designated audit committee financial expert); Member, Nominating & Governance Committee (Chair: Mary Lee Schneider) .
- Meetings and attendance: Board met 8 times in 2024; Audit Committee held 8 meetings; Nominating & Governance held 4; all incumbent trustees attended at least 75% of Board and committee meetings for their service periods in 2024 .
- Board structure: Two standing committees (Audit; Nominating & Governance); no compensation committee (executive officers do not receive direct compensation from the Fund) .
- Retirement policy: Trustees retire on December 31 in the year they reach age 75 .
| Governance Aspect | Detail |
|---|---|
| Board class | Class II nominee (election at Aug 14, 2025 meeting; term to 2028) . |
| Independence | Independent Trustee; not an “interested person” . |
| Committees | Audit (member); Nominating & Governance (member) . |
| Committee chairs | Audit Chair: M. L. McNair III; N&G Chair: M. L. Schneider . |
| 2024 meetings | Board 8; Audit 8; N&G 4 . |
| Attendance | ≥75% of applicable Board/committee meetings in 2024 for all incumbents . |
Fixed Compensation
- Structure: Independent Trustees receive cash-based compensation consisting of an annual retainer, fees for in-person Board and committee meetings, and additional fees for serving as Board or committee chair (Turpin is not a chair) .
- No equity retainers or performance-conditioned director pay are disclosed in the proxy; compensation is presented as cash aggregates .
| Component | Amount/Detail | Period |
|---|---|---|
| Aggregate compensation from PGIM Private Credit Fund | $70,000 | Calendar year 2024 |
| Total compensation from Fund and Fund Complex | $260,000 (4/46) | Most recent calendar year (2024) |
| Fee types described | Annual cash retainer; in-person Board/committee meeting fees; chair fees (if applicable) | Ongoing |
| Committee chair fees | Applies only to chairs; Turpin is not a chair | Ongoing |
Performance Compensation
| Component | Value | Performance Metrics | Vesting/Terms |
|---|---|---|---|
| Performance-linked or equity-based director compensation | Not disclosed in proxy; only cash-based director fees are described | N/A | N/A |
Other Directorships & Interlocks
| Company/Entity | Role | Potential Interlock/Notes |
|---|---|---|
| PGIM Private Real Estate Fund, Inc. | Trustee | Same fund complex; independent role . |
| PGIM Credit Income Fund | Trustee | Same fund complex; independent role . |
| PGIM Rock ETF Trust | Trustee | Same fund complex; independent role . |
| Old Mutual Asset Management Trust Co. | Director (2009–2010) | Prior affiliation; not current . |
| Old Mutual Advisors Fund II | Trustee (2008–2010) | Prior affiliation; not current . |
Expertise & Qualifications
- Asset management operating leadership: COO (Heitman), CEO/COO (Old Mutual USAM) with institutional and retail distribution oversight .
- Product and retirement expertise: Led defined contribution plans and broad administration across institutional/retail/DC at Putnam .
- Financial operations and controls foundation from The Boston Company roles spanning trust accounting, analysis, and securities processing .
- Committee experience: Member of Audit and Nominating & Governance; not designated as the audit committee financial expert (designation held by M. L. McNair III) .
Equity Ownership
| Holder | Type of Ownership | Shares | % Outstanding | Dollar Range (Fund) |
|---|---|---|---|---|
| Thomas M. Turpin | — | — | — | None (as of June 30, 2025) . |
Additional alignment and trading policy notes:
- Dollar range in all registered investment companies overseen: None .
- Code of Ethics and trading policy: Covered persons (other than Independent Trustees) are prohibited from shorting, options, or hedging in Fund securities; purchases and sales by trustees require pre-clearance by the CCO. The Code does not expressly prohibit Board Members or officers from engaging in hedging transactions in the Fund’s securities, which may permit hedging by Independent Trustees subject to policy and pre-clearance .
Governance Assessment
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Strengths
- Independent status and service on both key governance committees; committees fully independent and compliant with Rule 10A-3 .
- Documented Board and committee engagement: Board (8), Audit (8), N&G (4) meetings in 2024 with ≥75% attendance by all incumbents .
- No advisor/underwriter related-party security holdings by Independent Trustees or immediate family as of Dec 31, 2024 (mitigates conflicts) .
-
Concerns / Potential Red Flags
- No personal ownership of Fund shares (dollar range: None) may weaken economic alignment with shareholders .
- The Code of Ethics does not expressly prohibit hedging for Board Members; covered persons other than Independent Trustees face a hedging ban, implying Independent Trustees could hedge subject to pre-clearance—this can dilute alignment incentives .
- Compensation appears entirely cash-based with no disclosed equity retainer or performance linkage for directors, which may limit pay-for-performance alignment .
-
Shareholder voting signal
- 2024 annual meeting: Class I trustees (Benjamin, McNair) and auditor ratification each received 100% of reported votes cast “For” (4,521,353), indicating broad shareholder support; Turpin (Class II) stands for election at the 2025 meeting .