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Adviser Profile

As of Date 04/15/2024
Adviser Type - Large advisory firm
Number of Employees 11 10.00%
of those in investment advisory functions 11 10.00%
Registration SEC, Approved, 02/11/2019
Other registrations (1)
AUM* 802,481,065 31.29%
of that, discretionary 724,481,065 35.86%
Private Fund GAV* 364,088,656 64.82%
Avg Account Size 61,729,313 51.49%
SMA’s Yes
Private Funds 12 2
Contact Info 212 xxxxxxx
Websites

Client Types

- Pooled investment vehicles
- Insurance companies

Advisory Activities

- Portfolio management for pooled investment vehicles
- Portfolio management for businesses

Compensation Arrangments

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

Recent News

Reported AUM

Discretionary
Non-discretionary
533M 457M 381M 305M 229M 152M 76M
2019 2020 2021 2022 2023

Private Funds



Employees

Private Funds Structure

Fund Type Count GAV
Fund TypeSecuritized Asset Fund Count2 GAV$64,500,000
Fund TypeOther Private Fund Count10 GAV$299,588,656

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Brochure Summary

Overview

Founded in 2016, Backcast Partners Management, LLC, (“Backcast Partners,” “us,” “we,” “our,” the “Firm”) is a registered investment adviser and serves as investment manager to Backcast Credit Opportunities Fund I, L.P. (“BCOF I”) and Backcast Credit Opportunities Fund II, L.P. (“BCOF II” or the “Successor Fund”) and their related investment vehicles (collectively, the “Funds”). In addition, Backcast Partners manages several co-investment vehicles, BCAST 2022-A Issuer LLC (“BCAST”) and a separately managed account (the “SMA”, and collectively with the Funds, the co-investment vehicles and BCAST, the “Vehicles”). The Firm currently serves as the investment adviser to the following private funds and co- investment vehicles which are our clients:
• Backcast Opportunities Fund I, L.P.
• Backcast Opportunities Fund II, L.P.
• Backcast Co-Invest MMRI, L.P.
• Backcast Co-Invest MMRI II, L.P.
• Backcast Co-Invest MMRI III, L.P.
• Backcast Co-Invest MMRI IV, L.P.
• Backcast Co-Invest Lab Crafters, L.P. (ceased operations on December 31, 2023 and was dissolved effective January 17, 2024)
• Backcast Co-Invest Sensio, L.P.
• Backcast Co-Invest Advanced Solutions, L.P.
• Backcast Co-Invest Jackson Hewitt, L.P.
• BCAST 2022-A Issuer LLC
• BCAST Investment Partners LLC The Funds seek to pursue investments primarily in senior and junior secured debt, unitranche and mezzanine debt in traditional middle market companies primarily based in North America (“Debt Securities”). The Funds also invest in the preferred and common equity securities of such companies. The SMA and the co-investment vehicles seek to invest in some or all of the above securities, depending on the purpose of each such Vehicle. BCAST is a rated note vehicle that invests primarily in senior secured debt of middle market companies. BCAST seeks to invest in some or all of the same securities as the Funds listed above. The principal owners of Backcast Partners are Edward Cerny, David Petrucco and Mark Gudis (collectively, the “Principals”). The investment management services provided to the Vehicles consist primarily of evaluating, structuring and negotiating investments in and dispositions of securities, monitoring the performance of such investments and other administrative services. These services are provided pursuant to the terms of each Vehicle’s governing documents, which include a confidential offering memorandum, an investment management agreement and/or a limited partnership agreement, among other things. Investment advice is provided directly to the Vehicles and not individually to the limited partners or investors in the Vehicles and is tailored to each Vehicle’s investment objectives and the investment restrictions described in the Vehicle’s governing documents. Backcast Partners also provides certain management consulting and advisory services to the portfolio companies of the Vehicles, including with respect to the evaluation,
structuring and negotiation of potential investments, the direction and oversight of such portfolio companies following an acquisition, and analysis of potential disposition opportunities. In connection with the provision of its investment management services, Backcast Partners has entered into a Fund Administration Service Agreement (“FASA”) with Centre Partners Management LLC, an established private equity firm (“Centre” or the “Back-Office Provider”) to provide finance, bookkeeping, compliance, information technology and other administrative services to Backcast Partners (including the appointment of certain of the Back- Office Provider’s employees to key financial and administrative positions for the Firm) and certain of the Vehicles. Centre also has a 25% non-voting ownership interest in Backcast Partners. We will seek to invest the Vehicles in companies with strong growth prospects, predictable free cash flows and defensible competitive positions. We intend to concentrate our efforts where we believe that our differentiated value creation platform (focused on a group of seasoned operating executives (“Operating Partners”) (some who have been utilized in the past and may be utilized in the future by the Back-Office Provider’s investment vehicles) and highly flexible capital solutions capabilities can add value to the companies in which we invest. We intend to invest the Funds in Debt Securities (and, in more limited circumstances, in preferred and common equity securities) in a variety of situations including both private equity sponsor- owned and private family and management-owned companies, buyouts of divisions or subsidiaries of larger private or public companies, going private transactions, refinancings, and growth capital financings. BCAST, the SMA and the co-investment vehicles are and / or will be invested in some subset of the above depending on the specific purpose of each such Vehicle. While the Operating Partners are not be employees or directors of Backcast Partners, Backcast Partners expects that the Operating Partners will provide expertise and collaboration on various of the Vehicles’ investments. Certain Operating Partners are given the opportunity to participate throughout our investment process, including actively sourcing opportunities, directly investing in portfolio companies and actively participating on boards of directors. Certain Operating Partners are also granted a portion of the General Partner’s performance- based fees (or carried interest). The Operating Partners are sources of expert operational and practical business advice and providers of immediate operating solutions when necessary. We believe that they will help us assess and win transactions and then add value to portfolio companies over the life of certain of our investments. We do not participate in wrap fee programs. Our assets are managed on both a discretionary and non-discretionary basis. As of December 31, 2023, our regulatory assets under management are equal to $802,481,065.