Sajal Srivastava

About Sajal Srivastava

Sajal K. Srivastava is Chief Investment Officer, President, Treasurer, Secretary, and a Class I Director of TriplePoint Venture Growth BDC Corp. (TPVG); he has served on the Board since 2013, with his current term expiring in 2027, and is also Co‑CEO of TriplePoint Capital (TPC) . He previously led investment and credit analysis at Comdisco Ventures and began his career as a Financial Analyst in Prudential Securities’ Technology Investment Banking Group; he holds a BA in Economics and an MS in Engineering Economic Systems & Operations Research—both from Stanford University . Recent company performance shows net income turning positive in FY 2024 after losses in FY 2023 and FY 2022, while revenue declined across the period; EBITDA is not reported in SPGI for these years [GetFinancials].

Multi‑year performance (company level)

*Values retrieved from S&P Global

Past Roles

External Roles

Fixed Compensation

• TPVG does not pay direct compensation to executive officers (including Mr. Srivastava); he has an indirect pecuniary interest in advisory fees paid to TPVG’s external adviser, TriplePoint Advisers LLC, through his relationship with the Adviser/TPC .
• Advisory and administration economics (company‑level):
  • Advisory Agreement re‑approved Oct 30, 2024; base management fee earned was $15.0 million in FY 2024; no incentive fee earned in FY 2024 .
  • Prior periods show variability: base management fee $15.8 million and incentive fee $6.7 million in FY 2022 ; base $12.4 million and incentive $8.7 million in FY 2020 .

• Administration Agreement: TPVG reimburses the Administrator for allocable overhead, including the CFO/CCO and their staffs; reimbursements were $2.4 million in FY 2024 .

Performance Compensation

• TPVG did not grant options or similar instruments in FY 2024; the proxy has nothing to report under Item 402(x) regarding option timing .
• Executive incentive compensation metrics (e.g., revenue growth, EBITDA, TSR, PSUs/RSUs, bonus targets/actuals, vesting schedules) are not disclosed because executives are compensated via the external Adviser rather than by TPVG .
• Advisory Agreement design note: a portion of the incentive fee may be based on income not yet received in cash, which can create structural alignment concerns; valuation inputs are provided by Adviser personnel subject to Board procedures .

Equity Ownership & Alignment

Employment Terms

• Employment and Compensation: Executive officers (including Mr. Srivastava) are employees of TPC/Adviser; TPVG does not have executive employment contracts, nor direct salary/bonus/equity grants to executives .
• Indemnification: TPVG entered indemnification agreements providing maximum indemnification permitted under Maryland law and the 1940 Act, including advancement of expenses .
• Agreements governing platform and conflicts:
  • Advisory Agreement (external management; base and incentive fees; re‑approved annually) .
  • Administration Agreement (allocable overhead reimbursement; CFO/CCO staffing) .
  • Staffing Agreement (TPC personnel/Investment Committee availability to Adviser; 60‑day termination notice) .
  • License Agreement (use of “TriplePoint” name/logo contingent on Adviser relationship) .
  • Co‑investment framework under SEC Exemptive Order (2018) with required majority of independent directors assessing fairness/no overreaching .

Board Governance (Service history, committees, dual‑role implications)

• Board service: Class I Director since 2013; term expires 2027; designated an “interested person” due to executive roles and Adviser affiliation .
• Committee roles: TPVG limits membership on Audit, NCG, Valuation, and Compensation Committees to Independent Directors; therefore Mr. Srivastava does not serve on these committees .
• Committee chairs and leadership: Audit (Chair: Kimberley H. Vogel; financial experts: Vogel, Ahye) ; NCG (Chair: Stephen A. Cassani) ; Valuation (Chair: Gilbert E. Ahye) ; Compensation (Chair: Steven P. Bird) . Lead Independent Director: Steven P. Bird (appointed in 2024; 3‑year term) .
• Attendance: The Board met five times in 2024; all directors attended at least 75% of Board/committee meetings during their service .
• Dual‑role implications: The Chairman (James P. Labe) is also CEO and an “interested person”; TPVG mitigates conflicts via independent‑only committees, executive sessions, a Chief Compliance Officer meeting separately with Independent Directors, and a Lead Independent Director structure .

Investment Implications

• Pay‑for‑performance alignment: Because executives (including Mr. Srivastava) are compensated via the external Adviser, alignment for TPVG stockholders hinges on Advisory/Administration economics, not traditional company‑paid salary/bonus/equity. Incentive fees tied partly to non‑cash income and valuation inputs by Adviser personnel warrant close scrutiny of underwriting quality and realized cash yields .
• Ownership and selling pressure: Direct insider alignment exists but is modest (<1% ownership). Hedging/pledging prohibitions and required pre‑clearance/blackouts reduce near‑term selling pressure risk; ongoing monitoring of Forms 4 is prudent around vesting windows at Adviser‑level plans (if any) .
• Retention/execution risk: As Co‑CEO of TPC and long‑tenured investment leader at TPVG, Mr. Srivastava provides continuity in sourcing, underwriting, and portfolio oversight; retention risk is primarily linked to Adviser/TPC rather than company employment contracts .
• Trading signals: Positive inflection to profitability in FY 2024 versus losses in prior years supports the platform’s recovery; however, declining reported revenue and the external management model mean investors should triangulate fee accruals, realized cash income, and valuation policies when assessing sustainability of net income and dividends [GetFinancials] .