Founded in 2016, Backcast Partners Management, LLC, (“Backcast Partners,” “us,” “we,”
“our,” the “Firm”) is a registered investment adviser and serves as investment manager to
Backcast Credit Opportunities Fund I, L.P. (“BCOF I”) and Backcast Credit Opportunities
Fund II, L.P. (“BCOF II” or the “Successor Fund”) and their related investment vehicles
(collectively, the “Funds”). In addition, Backcast Partners manages several co-investment
vehicles, BCAST 2022-A Issuer LLC (“BCAST”) and a separately managed account (the
“SMA”, and collectively with the Funds, the co-investment vehicles and BCAST, the
“Vehicles”).
The Firm currently serves as the investment adviser to the following private funds and co-
investment vehicles which are our clients:
• Backcast Opportunities Fund I, L.P.
• Backcast Opportunities Fund II, L.P.
• Backcast Co-Invest MMRI, L.P.
• Backcast Co-Invest MMRI II, L.P.
• Backcast Co-Invest MMRI III, L.P.
• Backcast Co-Invest MMRI IV, L.P.
• Backcast Co-Invest Lab Crafters, L.P. (ceased operations on December 31, 2023 and
was dissolved effective January 17, 2024)
• Backcast Co-Invest Sensio, L.P.
• Backcast Co-Invest Advanced Solutions, L.P.
• Backcast Co-Invest Jackson Hewitt, L.P.
• BCAST 2022-A Issuer LLC
• BCAST Investment Partners LLC
The Funds seek to pursue investments primarily in senior and junior secured debt, unitranche
and mezzanine debt in traditional middle market companies primarily based in North America
(“Debt Securities”). The Funds also invest in the preferred and common equity securities of
such companies. The SMA and the co-investment vehicles seek to invest in some or all of the
above securities, depending on the purpose of each such Vehicle.
BCAST is a rated note vehicle that invests primarily in senior secured debt of middle market
companies. BCAST seeks to invest in some or all of the same securities as the Funds listed
above.
The principal owners of Backcast Partners are Edward Cerny, David Petrucco and Mark Gudis
(collectively, the “Principals”).
The investment management services provided to the Vehicles consist primarily of evaluating,
structuring and negotiating investments in and dispositions of securities, monitoring the
performance of such investments and other administrative services. These services are
provided pursuant to the terms of each Vehicle’s governing documents, which include a
confidential offering memorandum, an investment management agreement and/or a limited
partnership agreement, among other things.
Investment advice is provided directly to the Vehicles and not individually to the limited
partners or investors in the Vehicles and is tailored to each Vehicle’s investment objectives
and the investment restrictions described in the Vehicle’s governing documents.
Backcast Partners also provides certain management consulting and advisory services to the
portfolio companies of the Vehicles, including with respect to the evaluation,
structuring and
negotiation of potential investments, the direction and oversight of such portfolio companies
following an acquisition, and analysis of potential disposition opportunities.
In connection with the provision of its investment management services, Backcast Partners has
entered into a Fund Administration Service Agreement (“FASA”) with Centre Partners
Management LLC, an established private equity firm (“Centre” or the “Back-Office
Provider”) to provide finance, bookkeeping, compliance, information technology and other
administrative services to Backcast Partners (including the appointment of certain of the Back-
Office Provider’s employees to key financial and administrative positions for the Firm) and
certain of the Vehicles. Centre also has a 25% non-voting ownership interest in Backcast
Partners.
We will seek to invest the Vehicles in companies with strong growth prospects, predictable
free cash flows and defensible competitive positions. We intend to concentrate our efforts
where we believe that our differentiated value creation platform (focused on a group of
seasoned operating executives (“Operating Partners”) (some who have been utilized in the past
and may be utilized in the future by the Back-Office Provider’s investment vehicles) and highly
flexible capital solutions capabilities can add value to the companies in which we invest. We
intend to invest the Funds in Debt Securities (and, in more limited circumstances, in preferred
and common equity securities) in a variety of situations including both private equity sponsor-
owned and private family and management-owned companies, buyouts of divisions or
subsidiaries of larger private or public companies, going private transactions, refinancings, and
growth capital financings. BCAST, the SMA and the co-investment vehicles are and / or will
be invested in some subset of the above depending on the specific purpose of each such
Vehicle.
While the Operating Partners are not be employees or directors of Backcast Partners, Backcast
Partners expects that the Operating Partners will provide expertise and collaboration on various
of the Vehicles’ investments. Certain Operating Partners are given the opportunity to
participate throughout our investment process, including actively sourcing opportunities,
directly investing in portfolio companies and actively participating on boards of directors.
Certain Operating Partners are also granted a portion of the General Partner’s performance-
based fees (or carried interest). The Operating Partners are sources of expert operational and
practical business advice and providers of immediate operating solutions when necessary. We
believe that they will help us assess and win transactions and then add value to portfolio
companies over the life of certain of our investments.
We do not participate in wrap fee programs.
Our assets are managed on both a discretionary and non-discretionary basis. As of December
31, 2023, our regulatory assets under management are equal to $802,481,065.