Forward is an investment adviser registered with the SEC under the Advisers Act, organized
as a Delaware limited liability company with a principal place of business in Greenwich,
Connecticut.
We serve as the investment adviser, with discretionary trading authority, to private, pooled
investment vehicles, the securities of which are offered through a private placement
memorandum to (i) accredited investors, as defined under the Securities Act of 1933, as
amended (the “Securities Act”), and (ii) unless waived in Forward’s discretion, qualified
purchasers, as defined under the Investment Company Act of 1940, as amended
(the “Investment Company Act”). We do not tailor our advisory services to the individual
needs of any particular investor. In addition, an entity unaffiliated with Forward’s founder,
Matthew Leeds, ForCon Holdings LLC (“ForCon”), holds an indirect passive minority interest
in Forward and its affiliated general partners or managers of certain of the Funds (as defined
below). ForCon has no authority over the day-to-day operations or investment decisions of
Forward or the Funds (as defined below), although it does have certain customary minority
protection consent rights.
The following advisory entities are affiliated with Forward Consumer Partners, LLC:
• Forward I GP, L.P., a Delaware limited partnership (the “General Partner” and
collectively with any future affiliated general partner entities, the “General
Partners” and, together with Forward, the “Managers”).
Forward manages the following private, pooled investment vehicles:
• Forward Fund I, L.P., a Delaware limited partnership (“Forward Fund I”);
• Forward Fund I-A, L.P., a Delaware limited partnership (“Forward Fund I-A”)
• Forward Fund I-B, L.P., a Delaware limited partnership (“Forward Fund I-B”).
Forward Fund I, Forward Fund I-A, and Forward Fund I-B are herein each referred to as a
“Fund” or “Client”, and collectively referred to as the “Funds” or the “Clients”.
The limited partners of the Funds are hereafter collectively referred to as the “Limited
Partners” or the “Investors” where appropriate.
Our investment decisions and advice with respect to the Funds are subject to each Fund’s
investment objectives and guidelines, as set forth in its respective private placement
memorandum (each, a “Memorandum”) and/or agreement of limited partnership or other
operating agreement (each, a “Partnership Agreement” and, together with the
Memorandum, the “Offering Documents”).
We do not currently participate in any Wrap Fee Programs.
Each General Partner is subject to the
Advisers Act pursuant to Forward’s registration in
accordance with SEC guidance. This Brochure also describes the business practices of the
General Partners, which operate as a single advisory business together with Forward.
Interests in the Funds are not registered under the Securities Act, and the Funds are not
registered under the Investment Company Act.
The Funds invest through negotiated transactions in operating entities, generally referred to
herein as “portfolio companies” (or “portfolio company” in singular). Forward’s investment
advisory services to the Funds consist of identifying and evaluating investment
opportunities, negotiating the terms of investments, managing and monitoring investments
and achieving dispositions for such investments. Although investments are made
predominantly in non-public companies, investments in public companies are permitted.
Where such investments consist of portfolio companies, the senior Principals (as defined
below) or other personnel of Forward or its affiliates may serve on such portfolio companies’
respective boards of directors or otherwise act to influence control over management of
portfolio companies in which the Funds have invested.
Additionally, as permitted by the Offering Documents, Forward provides (or agrees to
provide) investment or co-investment opportunities (including the opportunity to participate
in co-invest vehicles) to certain current or prospective investors or other persons, including
other sponsors, market participants, finders, consultants and other service providers,
portfolio company management or personnel, Forward personnel and/or certain other
persons associated with Forward 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, for strategic and
other reasons, a co-investor or co-invest vehicle (including a co-investing Fund) is permitted
to purchase 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 generally will have been funded through Fund investor capital
contributions and/or use of a Fund credit facility.
As of December 31, 2023, Forward manages approximately $425,000,000 of assets on a
discretionary basis and $0 of assets on a non-discretionary basis. Regulatory assets under
management as noted herein include committed capital for the Funds.