Sequential electron/hole transfer between energetically well-positioned entities of photosynthetic reaction center models is one of the commonly employed mechanisms to generate long-lived charge-separated states. A wealth of information, applicable towards light energy harvesting and building optoelectronic devices, has been acquired from such studies. In the present study, we report on the effect of spacer (direct or via phenoxy linkage) connecting the hole shifting agent, phenothiazine (PTZ), on photoinduced charge stabilization in subphthalocyanine-fullerene donor-acceptor conjugates. In these conjugates, the subphthalocyanine (SubPc) and fullerene (C60 ) served as primary electron donor and acceptor, respectively, while the phenothiazine entities act as hole shifting agents. The newly synthesized compounds were characterized by optical absorption and emission, computational, and electrochemical methods. The redox potentials measured using differential pulse voltammetry were used to estimate free-energy changes for charge separation, hole migration, and charge recombination processes. Using femto- and nanosecond transient absorption techniques, evidence for charge separation, and kinetics of charge separation and recombination were obtained in polar benzonitrile and nonpolar toluene solvents. In the conjugate where the phenothiazine entities are directly linked to SubPc, evidence for sequential electron transfer followed by hole shift leading to long-lived charge separated state was weak, primarily due to the delocalization of HOMO on both SubPc and PTZ entities. However, in case of the conjugate where the PTZ and SubPc are linked via phenoxy spacers, sequential electron transfer/hole shift was observed leading to the formation of long-lived charge-separated states. The present study brings out the importance of the spacer group connecting the hole shifting agent in model donor-acceptor conjugates to generate long-lived charge-separated states.