Phillip Street BDC LLC CEO Resigns; Leadership Transition Announced

What Happened
Phillip Street BDC LLC filed an 8-K (Item 5.02) on August 6, 2026 announcing that Co‑Chief Executive Officer David Miller notified the company on August 3, 2026 that he will resign as Co‑CEO and co‑principal executive officer effective December 31, 2026. Mr. Miller will continue in his current role during a transition period, remain a member of the Private Credit Investment Committee, become chairman of the GSAM Private Credit Direct Lending Team in the Americas effective August 6, 2026, and will become an advisory director to Goldman Sachs effective December 31, 2026. Vivek Bantwal, the other co‑CEO, will become the company’s sole CEO and sole principal executive officer as of December 31, 2026.

Key Details

• David Miller announced his intention to resign as Co‑CEO on August 3, 2026; resignation effective December 31, 2026. Filing states resignation is not due to any disagreement with the company.
• Justin Betzen was appointed co‑President and co‑Chief Operating Officer effective August 3, 2026; Tucker Greene will serve as co‑President and co‑COO upon Mr. Betzen’s appointment.
• Mr. Betzen also was appointed to the same co‑President/co‑COO roles at several affiliated Goldman Sachs entities and is currently a managing director and senior underwriter in GSAM Private Credit in the Americas.
• Filing discloses no family relationships or reportable related‑party transactions involving Mr. Betzen under Item 404(a) of Regulation S‑K.

Why It Matters
This is a material executive leadership change: one co‑CEO is stepping down while the remaining co‑CEO will take sole leadership at year end. The company is replacing senior operating leadership with an internal Goldman Sachs executive, which suggests continuity with its current adviser (GSAM). Investors should note the transition timeline (through December 31, 2026), that Mr. Miller will retain investment committee duties during and after the transition, and that the filing reports no disagreement with management or related‑party conflicts for the new appointee. The 8‑K does not disclose any compensation or other financial terms tied to these changes.