Rick Pederson
About Rick A. Pederson
Rick A. Pederson (born 1952) is an Independent Trustee of Principal Real Estate Income Fund (PGZ), serving since April 2013 with his current term expiring in 2027; he sits on the Audit Committee, the Nominating & Corporate Governance Committee, and the Qualified Legal Compliance Committee, bringing extensive private equity and real estate investment experience and service on private and non-profit boards . He is Chief Strategy Officer at Bow River Capital (2003–present) and President of Foundation Properties Inc. (1994–present), reflecting a career centered on strategy and real assets investing .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Bow River Capital | Chief Strategy Officer | 2003–present | Strategy leadership for registered asset management business |
| Foundation Properties Inc. | President | 1994–present | Executive leadership |
| Kivu Consulting | Board Member | 2018–2022 | Board service |
| Citywide Banks | Advisory Board Member | 2017–present | Advisory board service |
| Strong-Bridge Consulting | Board Member | 2015–2019 | Board service |
| National Western Stock Show | Trustee | 2010–present | Non-profit governance |
| History Colorado | Director | 2015–2019 | Non-profit governance |
| Boettcher Foundation | Trustee | 2018–present | Non-profit governance |
External Roles
| Organization | Role | Scope |
|---|---|---|
| Segall Bryant & Hamill Trust | Trustee/Director | 14 funds |
| ALPS ETF Trust | Trustee/Director | 23 funds |
Board Governance
- Independence and tenure: Pederson is disclosed as a Non-Interested (Independent) Trustee; he has served since April 2013 and his term expires in 2027 .
- Committee assignments: Audit Committee member; Nominating & Corporate Governance Committee member; Qualified Legal Compliance Committee member .
- Audit Committee composition and activity: Audit Committee comprised of Independent Trustees, including Chair/Financial Expert Jeremy Held, and members Pederson and JoEllen L. Legg; it met three times in fiscal year ended Oct 31, 2024 .
- Board leadership: The Board’s Chair is Independent Trustee Jeremy Held, appointed January 2025; the Chair presides over meetings and acts as liaison with officers and service providers .
- Attendance: The Board met six times in FY2024; each Trustee then serving attended at least 75% of Board and applicable committee meetings .
- Annual meeting attendance: The Fund does not require Trustee attendance at the Annual Meeting; no Trustees attended the 2024 Annual Meeting of Shareholders .
- Compensation committee: The Fund does not have a compensation committee .
Fixed Compensation
| Component | Amount/Terms | Notes |
|---|---|---|
| Annual retainer (Independent Trustees) | $24,000 | Paid to each Non-Interested Trustee |
| Board meeting fee | $5,000 per meeting attended | Additional to retainer |
| Board Chair meeting fee | $1,500 per Board meeting | Paid to Chairman of the Board (Held) |
| Audit Committee Chair meeting fee | $1,250 per Audit Committee meeting | Paid to Audit Committee Chair (Held) |
| Expense reimbursement | Reasonable out-of-pocket expenses for meeting attendance | Standard practice |
Trustee compensation (FY ended Oct 31, 2024):
| Trustee | Aggregate Compensation from PGZ | Pension/Retirement Accrued as Part of Fund Expenses | Total Compensation from Fund Complex | Number of Funds in Trustee’s Fund Complex |
|---|---|---|---|---|
| Rick A. Pederson | $47,000 | $0 | $233,500 | 24 |
Notes:
- Pederson’s Fund Complex includes PGZ and all funds within the ALPS ETF Trust .
Performance Compensation
| Element | Disclosure |
|---|---|
| Stock/Option/PSU awards | Proxy discloses cash retainers/meeting fees; no stock, option, or performance-based awards for Trustees are disclosed . |
| Compensation committee oversight | The Fund does not have a compensation committee . |
Other Directorships & Interlocks
| Company/Trust | Role | Potential Interlock/Notes |
|---|---|---|
| Segall Bryant & Hamill Trust (14 funds) | Director/Trustee | Additional fund governance role |
| ALPS ETF Trust (23 funds) | Director/Trustee | Additional fund governance role |
| Bow River Capital (employment) | Chief Strategy Officer | Board Chair Jeremy Held is also at Bow River Capital, creating a professional affiliation among Independent Trustees (interlock) |
Expertise & Qualifications
- Long-time manager of private equity and real estate investment funds; service on private company and non-profit boards .
- Current strategic leadership roles in asset management and real estate (Bow River Capital; Foundation Properties Inc.) .
- Active on Audit, Nominating & Corporate Governance, and Qualified Legal Compliance committees at PGZ .
Equity Ownership
| Holder | Dollar Range of Equity Securities Held in PGZ | Aggregate Dollar Range Across Family of Investment Companies | As-of Date | Notes |
|---|---|---|---|---|
| Rick A. Pederson | None | None | Dec 31, 2024 | Beneficial ownership constitutes less than 1% of shares outstanding |
Related-party/affiliate transactions:
- As of Dec 31, 2024, Independent Trustees and their immediate families did not own securities in the Adviser (ALPS Advisors) or Sub-Adviser (Principal Real Estate Investors, LLC) or their affiliates; no direct/indirect interests or relationships >$120,000 with Adviser/Sub-Adviser or affiliates in the past five years .
Governance Assessment
- Positives:
- Independent status with long tenure and multi-fund oversight; active on key committees (Audit; Nominating & Governance; QLCC) .
- Audit Committee oversight appears robust: independent composition, designated financial expert (Held), pre-approval of auditor services, and documented meetings; Cohen & Company selected as auditor with fees pre-approved .
- No related-party transactions with Adviser/Sub-Adviser; no affiliate securities ownership by Independent Trustees (supports independence) .
- Attendance met at least the 75% threshold; Board met six times in FY2024 .
- Watch items / potential red flags:
- No PGZ share ownership (None) as of Dec 31, 2024, which may weaken alignment (“skin in the game”) .
- Two Independent Trustees (Pederson and Chair Held) are both affiliated with Bow River Capital, creating a professional interlock that merits monitoring from an independence-of-judgment perspective .
- No compensation committee; governance of Trustee compensation handled without a dedicated committee .
- No Trustees attended the 2024 Annual Meeting (policy does not require attendance), an optical negative for shareholder engagement .