Jeremy Held
About Jeremy Held
Jeremy Held (born 1974) is an Independent Trustee and since January 2025 serves as Chair of the Board for Principal Real Estate Income Fund (PGZ); he has been on the Board since December 2017 and is designated the fund’s “audit committee financial expert.” He leads Bow River Capital’s registered asset management business and serves as President and Chairman of the Investment Committee for the Bow River Capital Evergreen Fund; previously he was CIO at ALPS Advisors, where he helped grow AUM above $20B. He holds a degree in International Business from the University of Colorado and is a CFA charterholder; he serves on the board of Habitat for Humanity of Metro Denver. Term: expires 2027; oversees 1 fund in the fund complex.
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| ALPS Advisors, Inc. | Director of Research; Chief Investment Officer | 1996–2019 (CIO through 2019) | Launched asset management business in 2007; scaled AUM >$20B |
| Bow River Capital | Managing Director; leads registered asset management business | 2019–present | Investment oversight, research, product development |
External Roles
| Organization | Role | Notes | Period |
|---|---|---|---|
| Bow River Capital Evergreen Fund | President; Chairman of Investment Committee | Private equity investment fund; “Other Directorships” shows 1 fund | Current |
| Habitat for Humanity of Metro Denver | Board of Directors member | Non-profit | Current |
| CFA Society of Denver | Member | Professional affiliation | Current |
Board Governance
- Independence: Listed among “Independent Trustees and Nominees”; all three standing committees are composed solely of Independent Trustees.
- Roles: Board Chair since Jan 2025; Audit Committee Chair and designated “audit committee financial expert”; Member of Nominating & Corporate Governance Committee and Qualified Legal Compliance Committee.
- Attendance and meetings (FY ended Oct 31, 2024): Board met 6 times; each Trustee attended at least 75% of Board and committee meetings; Audit Committee met 3 times; Nominating & Governance met 4 times; QLCC met 1 time.
- Annual meeting engagement: Trustees are not required to attend the annual meeting; no Trustees attended the 2024 annual meeting.
| Committee | Role | Independence | FY2024 Meetings |
|---|---|---|---|
| Audit Committee | Chair; Financial Expert | Independent | 3 |
| Nominating & Corporate Governance | Member (Committee chaired by JoEllen Legg) | Independent | 4 |
| Qualified Legal Compliance Committee | Member (Committee chaired by Rick A. Pederson) | Independent | 1 |
Notes and chronology:
- Mar 11, 2024: Elected Audit Committee Chair and designated the fund’s “audit committee financial expert.”
- Jan 2025: Elevated to Board Chair (following the passing of then-Chair Jerry G. Rutledge in Jan 2025).
Fixed Compensation
- Structure (Independent Trustees): $24,000 annual retainer; $5,000 per Board meeting; Board Chair earns an additional $1,500 per Board meeting; Audit Committee Chair earns $1,250 per Audit Committee meeting; reimbursement of reasonable out-of-pocket expenses; no pension/retirement benefits.
- FY2024 Board/Committee cadence: 6 Board meetings; 3 Audit Committee meetings.
| Metric (USD) | FY 2022 | FY 2024 |
|---|---|---|
| Aggregate Compensation from Fund – Jeremy Held | $44,000 | $50,750 |
| Total Compensation from Fund & Fund Complex – Jeremy Held | $44,000 | $50,750 |
| Component | Amount/Policy | FY2024 Context |
|---|---|---|
| Annual Retainer (Independent Trustee) | $24,000 cash | Policy applies to all Independent Trustees |
| Board Meeting Fee | $5,000 per meeting | 6 meetings in FY2024 |
| Board Chair Meeting Fee | $1,500 per Board meeting | Chair role effective Jan 2025 (outside FY2024) |
| Audit Committee Chair Meeting Fee | $1,250 per Audit Committee meeting | 3 meetings in FY2024 |
| Pension/Retirement | $0 | None accrued as part of fund expenses |
Performance Compensation
| Component | Detail |
|---|---|
| Performance-based cash (bonuses) | None disclosed for Trustees; compensation consists of cash retainer and meeting fees. |
| Equity awards (RSUs/PSUs/Options), performance metrics, vesting | None disclosed for Trustees. |
Other Directorships & Interlocks
| Company/Entity | Type | Role | Interlock/Notes |
|---|---|---|---|
| Bow River Capital Evergreen Fund | Investment fund | President; Chairman of Investment Committee | Disclosed as “Other Directorships (1 fund)” |
| Bow River Capital (organizational tie) | Private investment firm | Senior leadership role (registered asset management business) | Rick A. Pederson (Independent Trustee) is Chief Strategy Officer at Bow River Capital—shared affiliation on PGZ Board. |
- No other public company directorships for Held are disclosed.
Expertise & Qualifications
- Audit and financial oversight: Designated “audit committee financial expert” and serves as Audit Committee Chair; extensive CIO/asset management background.
- Capital markets/alternatives: Led ALPS Advisors’ asset management build-out and product development; experience in real assets/alternatives.
- Credentials: CFA charterholder; B.A. in International Business (University of Colorado).
Equity Ownership
| Metric | Value | Date/Context |
|---|---|---|
| Shares owned (beneficial) | 2,000 | As of Dec 31, 2024 |
| Dollar range in PGZ | $10,001–$50,000 | As of Dec 31, 2024 |
| Ownership as % of outstanding | <1% | Trustee-level disclosure; all Trustees/Execs each <1% |
| Shares outstanding (context) | 6,694,109 | Record Date Feb 7, 2025 |
| Holdings in adviser/sub-adviser (Independent Trustees, incl. Held) | None by Trustees or immediate families; no related transactions >$120,000 over past five years | As of Dec 31, 2024 |
Governance Assessment
-
Strengths
- Independent Board Chair and Independent committee leadership; Held brings deep investment and product development experience and is the designated audit committee financial expert—positive for financial reporting oversight.
- Clear separation from adviser/sub-adviser: Independent Trustees and immediate families reported no securities ownership or related-party transactions with ALPS Advisors or Principal Real Estate Investors.
- Regular independent executive sessions and active committee cadence (Audit 3x, N&G 4x, QLCC 1x in FY2024).
-
Watch items / potential red flags
- Engagement optics: Trustees are not required to attend the annual meeting, and none did in 2024, which some investors view as a soft signal on direct shareholder engagement.
- Board interlock: Two Independent Trustees (Held and Pederson) hold senior roles at Bow River Capital. While not an affiliate of the adviser/sub-adviser under the 1940 Act (and independence is affirmed), shared affiliations can raise perceived independence questions among governance-focused investors.
- Shareholder activism overhang: Concentrated stakes from Saba Capital and Bulldog Investors suggest an active governance environment; this can pressure discount management and distribution policy, increasing the salience of Board responsiveness.
-
Compensation alignment
- Cash-only director pay (retainer and meeting fees) with no equity or performance-based awards avoids pay complexity and misalignment; Held also owns 2,000 shares (dollar range $10–50k), providing modest skin-in-the-game relative to fund size.
-
Independence and attendance
- Independence is robust per 1940 Act definitions; attendance met at least the 75% threshold across Board and committees in FY2024.
Overall, Held’s audit expertise, independent leadership, and direct investment experience support board effectiveness; investors should continue to monitor board engagement practices and the Bow River interlock in the context of ongoing activist interest.