Starlight has improved governance and cash management at Global Real Assets Trust. The trust now has a larger, mostly independent board. A Series B payment of $0.1500 is scheduled for December 31.
The board changes happened earlier this week. It grew to seven members as four new independent trustees and two Starlight executives joined. Three trustees resigned simultaneously. This reorganization follows an October 3 merger that folded three private pools into the trust, streamlining control and reporting.
Balancing Control And Independence
The new board has at least five independent trustees out of seven. This count includes four newly appointed independent trustees and the remaining lead trustee. Management now holds two seats, which are occupied by the CEO and CFO of Starlight Capital. This arrangement concentrates decision rights while maintaining a clear independent majority.
The specific trustees matter. Jasmin Jabri, Gajan Kulasingam, Mandy Abramsohn, and Sandra Levy add depth in compliance, capital markets, and human capital. Meanwhile, Dennis Mitchell and Graeme Llewellyn represent the management. This structure should reduce coordination friction between the trust and its external manager. However, it also raises the stakes for the independent members, who must diligently monitor for conflicts.
Dennis Mitchell commented on the refresh. He said, “The skills and experience of these new Trustees will enhance the ability of the Board to steer the Trust through its next phase of growth.” This reads as a mandate for faster execution under stronger oversight.
Stabilising Cash, Managing Liquidity
Cash signalling stayed steady. The trust declared $0.1500 per unit on Series B and US$0.1500 on Series B US$, record date December 30 and payable December 31. That choice aligns with the pre merger cadence that paid $0.1546 on Series F through September 30, which anchored expectations during the transition.
Scale remains modest, with total net assets reported at $26.0 million on September 30, so the board’s ability to flex distributions depends on fresh capital and operating cash yields from underlying assets. Redemptions are currently suspended, and will remain so until a special redemption right is offered after the closing of a public offering of preferred units, which makes the board’s distribution stance the main near term outlet for investor liquidity.
If the preferred offering slips, liquidity pressure rises and the board may need to revisit distribution timing or levels. The trust’s sequence is clean, since unitholders approved the merger steps on July 10, the rename took effect September 29, the mergers closed October 3, and governance reset October 22. Mechanically, Starlight controls portfolio actions, the board approves policy, and investors get cash or wait for the post offering redemption window.
