Prospect Hill Growth Partners (formerly known as J.W. Childs) is a private equity firm that was founded in
1995. Prospect Hill Growth Partners operates its business through Prospect Hill Growth Partners L.P.
(formerly JWC Management L.P.
1) and its affiliate, JWC Associates. Prospect Hill Growth Partners, L.P.
2
was established in 2014 and is the principal Prospect Hill Growth Partners entity that provides investment
advisory services to the various private equity funds sponsored or organized by Prospect Hill Growth Partners
(each, a “Fund”). The principal owners of Prospect Hill Growth Partners, L.P. are Adam L. Suttin, Jeffrey J.
Teschke and William E. Watts. JWC Associates is wholly owned by John W. Childs. A related person of
Prospect Hill Growth Partners generally acts as the general partner of (or in another equivalent management
position for) each Fund. References to Prospect Hill Growth Partners in this Brochure include, as the context
requires, affiliates through which Prospect Hill Growth Partners provides investment advisory services or that
act in any capacity referenced in the previous sentence. References to “person” in this Brochure include, as
the context permits, natural persons and entities. For the purposes of this brochure, a “client” of Prospect Hill
Growth Partners will refer to a Fund (and not the investors in a Fund).
Prospect Hill Growth Partners focuses primarily on making control investments in growth companies or
companies in the consumer products, specialty retail and healthcare services sectors that have the potential to
grow with the help of Prospect Hill Growth Partners’ operating and managerial capabilities. Although the
primary focus of each Fund is on such control investments, Prospect Hill Growth Partners may from time to
time recommend other types of investments to the extent consistent with the respective Fund’s investment
strategy and objectives and its Governing Documents (as defined below).
Prospect Hill Growth Partners’ investment advisory services to the Funds consist of (i) investigating,
identifying and evaluating investment opportunities; (ii) structuring, negotiating and making investments on
behalf of the Funds; (iii) managing and monitoring the performance of such investments; and (iv) exiting such
investments on behalf of the Funds. Prospect Hill Growth Partners tailors its advisory services to the specific
investment objectives and restrictions of each Fund, as set forth in each Fund’s limited partnership agreement,
confidential private placement memorandum and other governing documents (collectively, the “Governing
Documents”). Investors and prospective investors in each Fund should refer to the Governing Documents of
that Fund for information on the investment objectives and investment restrictions with respect to such Fund.
There can be no assurance that any of the Funds’ investment objectives will be achieved.
In accordance with common industry practice, one or more of the Funds and/or their general partners have
entered into “side letters” or similar agreements with certain investors pursuant to which the Fund or its
general partner grants the investor specific and more favorable rights, benefits, or privileges that are not made
available to investors generally. Such terms may include, in respect of a limited partner’s
investment in a
1 JWC Management, L.P. rebranded as Prospect Hill Growth Partners, L.P. in March 2019.
2 Prospect Hill Growth Partners, L.P. is the entity that is registered as an investment adviser with the SEC.
Fund, as applicable, the waiver, reduction or rebate of certain fees and/or carried interest, participation in the
carried interest of the Fund or another vehicle sponsored by Prospect Hill Growth Partners, co-investment
arrangements, excuse or withdrawal rights, the provision of additional information or reports, or more
favorable transfer rights. No such agreement will necessarily entitle any other limited partner to the same
terms of investment, and the Fund’s general partner will not be required to disclose to limited partners any
such side agreements or the contents thereof.
Certain employees, consultants, advisors, officers and directors of Prospect Hill Growth Partners and their
related persons are given the opportunity to invest on a side-by-side basis with the Funds through co-
investment vehicles that are structured to facilitate those investments (each, a “Co-Investment Vehicle”).
Prospect Hill Growth Partners generally forms a separate Co-Investment Vehicle to co-invest alongside each
Fund. The structure and operations of the Co-Investment Vehicles are discussed in Item 11.
Additionally, from time to time and as permitted by the Funds’ Governing Documents, Prospect Hill
expects to provide (or agree to provide) co-investment opportunities (including the opportunity to
participate in co-invest vehicles) to certain investors or other persons, including other sponsors, market
participants, finders, consultants and other service providers, Prospect Hill’s personnel and/or certain
other persons associated with Prospect Hill and/or its affiliates. Such co-investments typically involve
investment and disposal of interests in the applicable portfolio company at the same time and on the same
terms as the Fund making the investment. However, from time to time, for strategic and other reasons, a
co-investor or co-invest vehicle (including a co-investing Fund) purchases a portion of an investment
from one or more Funds after such Funds have consummated their investment in the portfolio company
(also known as a post-closing sell-down or transfer), which could be funded through Fund investor
capital contributions and/or use of a Fund credit facility. Any such purchase from a Fund by a co-investor
or co-invest vehicle generally occurs shortly after the Fund’s completion of the investment to avoid any
changes in valuation of the investment. Where appropriate, and in Prospect Hill’s sole discretion,
Prospect Hill reserves the right to charge interest on the purchase to the co-investor or co-invest vehicle
(or otherwise equitably to adjust the purchase price under certain conditions), and to seek reimbursement
to the relevant Fund for related costs. However, to the extent such amounts are not so charged or
reimbursed, they generally will be borne by the relevant Fund.
Prospect Hill Growth Partners does not participate in any wrap fee programs.
Prospect Hill Growth Partners manages the assets of the Funds on a discretionary basis in accordance with the
terms and conditions of each Fund’s Governing Documents. Prospect Hill Growth Partners does not manage
client assets on a non-discretionary basis. As of December 31, 2023, Prospect Hill Growth Partners’
regulatory assets under management were $561,353,710.