9AT: BREAKWATER MANAGEMENT, LP

BREAKWATER MANAGEMENT, LP

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other names

BREAKWATER MANAGEMENT, LP
BREAKWATER INVESTMENT MANAGEMENT LLC
BREAKWATER INVESTMENT MANAGEMENT, LLC

Adviser Profile

Registration status

Registration Changed to BREAKWATER MANAGEMENT, LP

As of Date	03/02/2024
ADV Location	LOS ANGELES, CA, United States
Adviser Type - Large advisory firm
Number of Employees	8
of those in investment advisory functions	6 20%

AUM^*	169,200,000 -39%
of that, discretionary	169,200,000 -39%
Private Fund GAV^*	0
Avg Account Size	16,920,000 -33%
SMA’s	No
Private Funds	0 5
Contact Info	(42 xxxxxxx
Websites

Client Types

- Pooled investment vehicles

Advisory Activities

- Portfolio management for pooled investment vehicles

Compensation Arrangments

- A percentage of assets under your management
- Performance-based fees

Reported AUM

279M 239M 200M 160M 120M 80M 40M

2019 2020 2021 2022 2023

Discretionary

Non-discretionary

Private Funds

GAV Count

Employees

Brochure Summary

Overview

Breakwater is a California limited partnership originally organized in January 2007. Breakwater’s managing partner is Eric Beckman, who is a co-owner of Breakwater with the Estate of Breakwater’s founder, Saif Mansour. Breakwater provides discretionary investment management services to four private investment vehicles that are structured as limited partnerships (each a “Fund”, and collectively the “Funds”). These Funds are fully invested and will not originate any new platform investments. The Firm has historically focused on making direct loans and private equity investments in growing lower middle market growth companies across a variety of end markets. Going forward, Breakwater will focus exclusively on private equity opportunities in the media & entertainment, marketing, and tech-enabled services sectors, which capitalizes on the investment and operating experience of the Firm’s senior professionals. Breakwater has formed and will continue to form special purpose vehicles for certain investments. The special purpose vehicles and equity investments are each referred to herein as “SPVs” and unless clearly specified otherwise, the Funds and SPVs are collectively

referred to herein as the “Clients.” Investment advice is provided directly to each Client itself and not to the individual investors in the Funds or SPVs. Breakwater tailors its advisory services to the individual needs of each particular Client but not to the individual needs of the underlying investors. Breakwater manages the Clients in accordance with the investment objectives and limitations set forth in each Client’s offering memoranda, governing documents, subscription agreements and any investment management agreement between Breakwater and each Client (together, “Operative Documents”). Breakwater has entered into agreements, commonly known as “side letters,” with certain investors under which Breakwater waives or modifies the application of certain investment terms applicable to such investors, without obtaining the consent of any other investor in the Funds or SPVs (other than an investor whose rights would be materially and adversely affected by the waiver or modification). Breakwater does not participate in wrap fee programs. As of December 31, 2022, Breakwater managed approximately $169,200,000 of regulatory assets on a discretionary basis.