Identify your principal owner(s).
Hastings Equity Partners, LLC (the “Hastings”) is a Delaware limited liability
company founded in 2004. Hastings is headquartered in Massachusetts. The
principal owner of Hastings is Edward (Ted) Patton. Hastings is led by Ted Patton
and Joseph Conlon (the “Managing Directors”).
Hastings is a private asset management firm investing in U.S. lower middle
market companies with a focus on business services, manufacturing, and
industrial industries. Hastings provides discretionary investment advisory
services to private investment funds (each, a “Fund,” or collectively, the “Funds”)
and co-investment vehicles (each, a “Co-Investment Vehicle,” or collectively, the
“Co-Investment Vehicles” and together with the Funds, the “Clients”).
Typically, affiliates of Hastings serve as the respective general partners of the
Funds and Co-Investment Vehicle. Each of the affiliated general partners
(“Advisory Affiliates”) is a related person of Hastings and under common control
with Hastings. Each Advisory Affiliate retains management authority over the
business and affairs of the Fund and Co-Investment Vehicle for which it serves
as general partner but delegates its investment discretion to Hastings.
It should be noted that Hastings does not receive any management fees or
performance allocation directly from the Co-Investment Vehicle. However, each
Co-Investment Vehicle (as defined below) is considered a Client for purposes of
this Brochure.
specializing in a particular type of advisory service, such as financial
planning, quantitative analysis, or market timing, explain the nature of that
service in greater detail. If you provide investment advice only with respect
to limited types of investments, explain the type of investment advice you
offer, and disclose that your advice is limited to those types of investments.
Hastings provides discretionary investment advisory services to its Clients. Such
services consist of investigating, identifying, and evaluating investment
opportunities, structuring, negotiating, and making investments on behalf of the
Clients, managing and monitoring the performance of such investments, and
disposing of such investments. The Clients invest in private company securities
(“Portfolio Companies”).
individual needs of clients. Explain whether clients may impose restrictions
on investing in certain securities or types of securities.
Hastings does not tailor its advisory services to the individual needs of investors
(“Investors”) in the Funds or Co-Investment Vehicle, nor does it accept
Investor-
imposed investment restrictions. Hastings’ investment decisions and advice with
respect to each Client are subject to each Client’s investment objectives and
guidelines. Hastings has broad and flexible investment authority with respect to
Clients. All relevant information about the Clients, including the terms and
investment objectives and strategies applicable to the Client, are set forth in the
confidential private offering memorandum, limited partnership agreement (if
applicable), and subscription agreement (the “Governing Documents”), which
each Investor is required to receive and/or execute prior to being accepted as an
Investor in a Fund or Co-Investment Vehicle.
An Advisory Affiliate has entered into “side letters” or similar agreements with
certain investors pursuant to which the Advisory Affiliate grants the investor
specific rights, benefits, or privileges that are not made available to investors
generally. An Advisory Affiliate may enter into additional “side letters” or similar
agreements in the future.
services, (1) describe the differences, if any, between how you manage wrap
fee Funds and how you manage other Funds, and (2) explain that you receive
a portion of the wrap fee for your services.
Hastings does not participate in wrap fee programs.
on a discretionary basis and the amount of client assets you manage on a non-
discretionary basis. Disclose the date “as of” which you calculated the
amounts.
As of the date of this Brochure, Hastings provides advisory and asset management
services to Hastings Equity Fund III, L.P. (“Fund III”), Hastings Equity Fund IV
(comprised of Hastings Equity Fund IV-A, L.P. and Hastings Equity Fund IV-B,
L.P.) (collectively, “Fund IV”) and Hastings Equity Fund V (comprised of
Hastings Equity Fund V, L.P and Hastings Equity Fund V-B, L.P.) (collectively,
“Fund V”).
Hastings advises a co-investment vehicle, Hastings Affiliates 2013, LLC, which
was formed to make equity and equity related investments on a side-by-side basis
with Fund III.
Hastings also advises a separately managed account that is treated as a Fund of
one.
Fund III is classified as a 3(c)(1) fund and Fund IV and Fund V are classified as
3(c)(7) funds, all of which are exempt from registration from the Investment
Company Act of 1940, as amended (the “Investment Company Act”), and the
securities of the Funds are not registered under the Securities Act of 1933, as
amended (the “Securities Act”).
As of December 31, 2023, Hastings had approximately $567,350,000 of
discretionary regulatory assets under management.