George Grunebaum
About George Grunebaum
George Grunebaum (62) is an independent Class I director of Portman Ridge Finance Corporation (PTMN) serving since April 2019; he is nominated for re‑election to a term expiring at the 2028 annual meeting . He chairs the Nominating & Corporate Governance Committee and sits on the Audit and Compensation Committees; the Board has designated him an “audit committee financial expert” based on finance and accounting expertise . Grunebaum is CEO of Ashmore Investment Management (US) Corp (since 2008) and President of Ashmore Funds; he holds a BA from Hamilton College and Series 7, 24, and 63 licenses .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| JPMorgan Chase (and predecessor institutions) | Emerging Markets trading roles; global client trading lead; principal risk taking in EM credit and local rates; EM equities responsibility | 1988–2005 (retired May 2005); client trading lead from 1995; additional responsibilities in 1998 and 2001 | Elected co‑chairman of Emerging Markets Traders Association (EMTA) in 2001 |
| Dolomite Capital Management | Co‑Managing Partner; founding partner | Prior to joining Ashmore; dates not specified | Built EM investing capability; co‑founder credentials |
| EMTA (Emerging Markets Traders Association) | Co‑Chairman | 2001 | Industry leadership in EM trading |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Ashmore Investment Management (US) Corp | Chief Executive Officer | Since 2008 | Leads U.S. asset management operations |
| Ashmore Funds (U.S. registered mutual funds) | President; Trustee | President since 2010; Trustee since Dec 2010 | Fund governance role |
| BC Partners Lending Corporation (BCPL) | Director | Since 2018 | Part of PTMN adviser’s fund complex |
| Alternative Credit Income Fund | Trustee | Since 2020 | Governance across adviser‑affiliated funds |
| Logan Ridge Finance Corporation (LRFC) | Director | Since July 2021 | BDC overseen by same adviser ecosystem |
| Opportunistic Credit Interval Fund | Trustee | Since April 2022 | Fund governance |
| Gordonstoun American Foundation (non‑profit) | Director and President | Since 2000 | Non‑profit leadership |
Board Governance
- Independence: The Board determined all current directors other than Messrs. Goldthorpe and Schafer are independent under Nasdaq and 1940 Act definitions; Grunebaum is independent .
- Committees: Grunebaum chairs the Nominating & Corporate Governance Committee and serves on the Audit and Compensation Committees; Audit Committee members are Duka, Grunebaum, Warshauer (chair), and Westwood .
- Attendance: The Board met 6 times in FY2024 and each director attended at least 75% of Board and committee meetings while serving; Audit and Nominating & Corporate Governance Committees each met 4 times; Compensation Committee met 4 times .
- Board leadership: CEO Ted Goldthorpe serves as Chair; the Board has a Lead Independent Director (Mr. Duka) and holds executive sessions of independent directors; CCO meets in executive session with independent directors at least annually .
- Risk oversight: Committees drive risk oversight; Audit Committee oversees valuation, reporting, controls, and compliance, including adherence to the Code of Ethics and Hotline processes .
Fixed Compensation
| Metric | FY 2024 |
|---|---|
| PTMN – Fees Earned or Paid in Cash (USD) | $102,500 |
| Total Compensation from Fund Complex (USD) | $330,500 |
| PTMN Board Fee Schedule (Cash) | Amount (USD) |
|---|---|
| Annual Board Retainer (Independent Director) | $77,000 |
| Lead Independent Director Retainer | $10,000 |
| Audit Committee Chair | $10,000 |
| Nominating & Corporate Governance Committee Chair | $5,000 |
| Compensation Committee Chair | $5,000 |
| Stock‑based Compensation to Directors | None (prohibited) |
Notes: Grunebaum is Chair of the Nominating & Corporate Governance Committee; PTMN directors receive reimbursements for out‑of‑pocket expenses; no equity compensation to directors .
Performance Compensation
- None disclosed for directors; as a BDC, PTMN is prohibited under the 1940 Act from issuing equity incentive compensation (options, RSUs, restricted stock) to its officers or directors .
Other Directorships & Interlocks
| Entity | Relationship to PTMN | Grunebaum Role | Interlock/Conflict Consideration |
|---|---|---|---|
| BCPL, Alternative Credit Income Fund, LRFC, Opportunistic Credit Interval Fund | Same adviser ecosystem (BC Partners/Sierra Crest) | Director/Trustee | Shared governance across adviser‑affiliated funds may present allocation/selection conflicts managed via policies and SEC exemptive order |
Expertise & Qualifications
- Audit committee financial expert designation based on finance/accounting experience; long EM credit/trading background; Series 7/24/63 licenses; BA from Hamilton College .
Equity Ownership
| Beneficial Ownership (Record Date: Apr 25, 2025) | Shares | % of Class | Dollar Range |
|---|---|---|---|
| PTMN Common Stock | — | —% | None |
| Equity Interests in Adviser‑Affiliated Funds (as of Dec 31, 2024) | Title | Value Range |
|---|---|---|
| BC Partners Lending Corporation | Common Stock | Over $100,000 |
Governance Assessment
- Strengths: Independent status; chairing Nominating & Corporate Governance; Audit Committee service with “financial expert” designation; meets attendance threshold; active committee engagement (4 meetings per committee) .
- Alignment concerns: No PTMN share ownership (dollar range “None”), limiting direct “skin‑in‑the‑game” at the company; directors receive cash retainers only due to 1940 Act restrictions on equity awards .
- Conflicts risk: Board and fund‑complex interlocks plus personal holdings in BCPL elevate potential related‑party and allocation conflicts; the proxy details robust independent‑director review requirements and an SEC co‑investment exemptive order mandating “required majority” approvals to mitigate overreach and ensure fairness .
- Process controls: Independent Board majority, executive sessions, CCO oversight, documented charters/policies, and hotline support investor confidence; lead independent director in place .
RED FLAGS: Lack of PTMN share ownership (alignment), multi‑entity interlocks with adviser‑affiliated funds, and personal investments in BCPL require vigilant monitoring of transaction reviews and co‑investment processes to avoid perceived or actual conflicts .