9AT: BREAKWATER MANAGEMENT, LP

BREAKWATER MANAGEMENT, LP

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Adviser Profile

As of Date	03/05/2024
Registration	SEC, ERA - Active, 3/5/2024
Other registrations (3)	SEC, Terminated, 2/29/2024 SEC, Approved, 4/8/2019 California, ERA - Withdrawn, 3/6/2019
Former registrations	BREAKWATER MANAGEMENT, LP

Exempt Reporting Adviser 2B(2)- PF<150mn qualify for the exemption from registration because you act solely as an adviser to private funds and have assets under management, as defined in rule 203(m)-1, in the United States of less than $150 million
Private Fund GAV^*	133,900,000 100.00%
SMA’s	No
Private Funds	4
Contact Info	(42 xxxxxxx
Websites

Private Funds

GAV Count

Employees

Private Funds Structure

Fund Type	Count	GAV
Fund TypeOther Private Fund	Count4	GAV$133,900,000

Pie Radar

GAV Count

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.