Ted Goldthorpe
About Ted Goldthorpe
Ted Goldthorpe (age 48) is Chairman of the Board at Runway Growth Finance Corp. and is classified as an “interested person” due to his role as an executive officer of BC Partners Credit, an affiliate that is the majority owner of RWAY’s Adviser; he is a Class II director since 2025 with a term expiring in 2027 . He previously served as President of Apollo Investment Corporation and Chief Investment Officer of Apollo Investment Management (2012–2016), and spent 13 years at Goldman Sachs running the bank loan distressed investing desk and leading Principal Capital Investing for the Special Situations Group; he holds a B.A. in Commerce from Queen’s University .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Apollo Investment Corporation | President | 2012–2016 | Led U.S. Opportunistic Platform; oversaw Private Origination |
| Apollo Investment Management | Chief Investment Officer | 2012–2016 | Member, firm-wide Senior Management Committee |
| Goldman Sachs | Various leadership roles | ~13 years (prior to 2017) | Ran bank loan distressed investing desk; head of Principal Capital Investing (Special Situations Group) |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Mount Logan Capital Inc. | CEO and Chairman | Since 2018 | Part of BC Partners credit platform |
| BC Partners Credit (BCP Credit) | Managing Partner | Since 2017 | Executive officer; majority owner of Adviser affiliate |
| Sierra Crest Investment Management LLC | Executive Officer | Current | BC Partners-affiliated manager |
| Portman Ridge Finance Corporation | President and CEO; Director | Since 2019 | Fund complex directorship |
| BC Partners Lending Corporation | President and CEO; Director | Since 2018 | Fund complex directorship |
| Logan Ridge Finance Corporation | President and CEO; Director | Since 2021 | Fund complex directorship |
| Alternative Credit Income Fund | President and CEO; Director | Since 2020 | Fund complex directorship |
| Opportunistic Credit Interval Fund | President and CEO; Director | Since 2022 | Fund complex directorship |
Board Governance
- Independence status: Goldthorpe is not independent; he is deemed an “interested person” under the 1940 Act due to his BC Partners Credit role .
- Board leadership: He serves as Chairman; the Board does not have a designated Lead Independent Director, though independent directors hold regular executive sessions and all standing committees are composed solely of independent directors .
- Committees: Audit (Warshauer—Chair; Duka; Persily), Nominating & Corporate Governance (Chou—Chair; Duka; Kovacs), Compensation (Duka—Chair; Kovacs; Persily). Goldthorpe is not on any committee .
- Attendance: The Board met 5 times in 2024; each incumbent director met at least 75% attendance for Board and committee meetings (during periods served) .
Fixed Compensation
| Component | Amount | Notes |
|---|---|---|
| Annual retainer (cash) | $0 | No compensation paid to “interested person” directors for Board service |
| Meeting fees | $0 | Applies only to independent directors; “interested” directors receive none |
| Committee chair/member fees | N/A | Committees comprise independent directors only; Goldthorpe not a member |
| Equity compensation | None | No stock/option plan for directors; independents may opt to receive fees in shares at NAV; not applicable to “interested” directors |
Performance Compensation
| Instrument/Metric | Terms | Notes |
|---|---|---|
| RSUs/PSUs | None disclosed | Company does not maintain stock or option plans for directors |
| Options | None disclosed | No option awards for directors |
| Performance metrics (TSR/EBITDA/ESG) | None disclosed | Director compensation is cash-based for independents; not paid to “interested” directors |
| Clawbacks | Not disclosed | No clawback policy disclosure specific to director comp |
| Hedging/Pledging policy | Hedging prohibited; pledging only with pre-approval and demonstrated capacity to repay loan (no margin debt) |
Other Directorships & Interlocks
| Company | Overlap/Interlock | Potential Conflict Consideration |
|---|---|---|
| BC Partners fund complex (PTMN, BCPL, LRFC, ACI Fund, OCIF) | Goldthorpe chairs/leads across entities; Duka and Warshauer also direct at several BC Partners vehicles | Shared affiliations with Adviser’s majority owner can create perceived conflicts; mitigated via independent-only committees and compliance framework |
| Oaktree/OCM Growth Holdings | OCM holds 26.19% and has a director nomination right while above threshold; nominee is independent (Frey) | Voting under irrevocable proxy is proportionate to other stockholders, reducing block influence; nomination right persists above stated capital commitment threshold |
Expertise & Qualifications
- Deep credit investing and BDC leadership experience; launched BC Partners’ credit business and oversees experienced credit team .
- Public-company executive and board experience across multiple BDCs and credit vehicles within the fund complex .
- Prior senior roles at Apollo and Goldman Sachs, including distressed credit and principal investing leadership .
Equity Ownership
| Holder | Shares Beneficially Owned | % of Class | Dollar Range |
|---|---|---|---|
| Ted Goldthorpe | — | — | None |
Governance Assessment
- Positive safeguards: Independent-only Audit, Compensation, and Nominating committees; regular executive sessions of independents; robust compliance oversight via Chief Compliance Officer and committee charters .
- Material conflicts: Non-independent Chairman (Goldthorpe) with no Lead Independent Director; Goldthorpe may have an indirect pecuniary interest in the Adviser, which received $15.7 million in base management fees and $14.6 million in incentive fees in 2024, tying incentives to fee generation and valuation processes rather than direct RWAY equity upside .
- Alignment concern: Goldthorpe reported no beneficial ownership of RWAY common stock as of April 24, 2025 (dollar range “None”), signaling limited “skin in the game” at the parent level for the Board Chair .
- Related-party/structural complexity: Co-investment order across BC Partners-affiliated vehicles requires independent director determinations to ensure fairness; OCM Growth’s large stake with proportional voting and director nomination adds another significant external influence, albeit with constraints .
- Policy strengths: Insider trading policy prohibits hedging and short-term/speculative trading; pledging requires pre-approval and non-margin terms with demonstrated repayment capacity .