Overview
Pleasant Lake Partners LLC, a Delaware limited liability company (“PLP” or the “Firm”),
commenced operations in 2012. As of the date of this Brochure, the principal owner of PLP
is Jonathan P. Lennon. Mr. Lennon is also the Founder, CEO and Portfolio Manager (the
“Portfolio Manager”) of PLP.
PLP currently offers discretionary investment advisory services to pooled investment
vehicles which are operated as private funds (each a “Fund” or “Client” and collectively
the “Funds” or “Clients”). As of the date of this Brochure, the Funds include:
• Pleasant Lake Onshore Feeder Fund LP
• PLP Drawdown, LP
• Cassini Partners, L.P. - Pleasant Lake Partners, LLC Series
PLP is a global long/short equity firm making both public and private investments primarily
focused on the consumer, telecom, media, and technology sectors. PLP may also provide
investment advisory services to certain client relationships that are structured as separately
managed accounts, or may create new Clients or Funds in the future, in addition to the
Funds listed in this Brochure; these other relationships may have different structures,
investment strategies, and fee structures than what
is described in this Brochure.
The investment objectives and strategy for the Funds are described in the relevant private
placement memoranda, limited partnership agreements, subscription agreements, and other
such agreements (each a “Governing Document” and collectively “Governing
Documents”). PLP provides investment management services based on the specific
investment objectives and strategies of the respective Fund and not individually to Fund
investors (each an “Investor” and collectively “Investors”). Since the Firm does not
provide tailored advice to its underlying Investors, such Investors should consider whether
the investment strategies are in line with their risk tolerance. In accordance with common
industry practice, a Fund may enter into side letter agreements or other similar agreements
(“Side Letters”) providing Investors with additional and/or different rights, benefits, and
privileges that are not generally made available to all Investors.
PLP does not participate in wrap fee programs.
As of December 31, 2023, PLP managed approximately $1,268,751,079 of regulatory assets
under management on a discretionary basis. PLP does not manage any assets on a non-
discretionary basis.