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.