Backcast Partners Holds First-Close of $301 million on BCAST-2022 A

NEW YORK, Nov. 3, 2022 /PRNewswire/ -- Backcast Partners Management LLC ("Backcast"), a provider of debt and equity capital for both middle market private equity and non-private equity owned companies, is pleased to announce the $301 million first- closing of BCAST 2022-A Issuer LLC ("BCAST"). 

BCAST, a structured note vehicle rated by DBRS Morningstar, is designed to facilitate access for insurance companies and other ratings-focused investors to Backcast's credit investing strategies. BCAST will invest in conjunction with Backcast's primary credit vehicles, its inaugural Backcast Credit Opportunities Fund I, LP ("BCOF I") and Backcast Credit Opportunities Fund II, L.P. ("BCOF II"), which is currently being raised.    

Mark Gudis, Managing Partner at Backcast, said: "BCAST is considered by its lead investors to be an innovative and progressive private debt vehicle that we structured in response to their needs while retaining our flexibility to offer bespoke capital solutions to the companies we invest in. Insurance companies investing in private capital funds have sought out more capital-efficient ways to invest in our strategies, and so we worked closely with them, our counsel at Dechert and DBRS Morningstar to tailor a rated note structure that was very specific to our market and investment style. We are pleased with the industry leading insurance partners that have joined us in this effort and believe that BCAST's structuring nuances will be a formative part of our capital raising activities for many years."

While BCAST's investors are primarily ratings-focused institutional investors, BCOF I and BCOF II, which will generally invest alongside BCAST in the same portfolio companies, draw their investors from many areas including high net worth and family offices, public and private pensions, sovereign investment vehicles, foundations and endowments. Backcast Managing Partner Ed Cerny offered, "BCAST is the latest in a long line of investment offerings that our team has made available over many years to address the ever-changing requirements of our various types of investment partners. While the institutional demand for our types of middle market, risk-adjusted returns has remained robust across cycles, BCAST's novel, structured solution really enables us to marry the needs of our insurance partners with the benefits of our investment platform.  We are very excited to bring this structure to our market and equally as excited about the kind of demand that we are seeing for our value-additive partnership approach to lending in today's less-certain financing environment."

Backcast Partners, formed in 2016 by three former Blackstone colleagues, manages value-additive, private credit investment funds providing capital to both private-equity backed and privately held management-owned companies. The Backcast team has been supporting traditional middle market companies ($7.5 million to $50 million of EBITDA) for decades. Backcast has invested approximately $500 million since inception, and while focused on highly structured senior secured debt opportunities, has a flexible capital mandate that often extends into structured preferred equity and other equity-linked securities. Backcast Partners operates out of offices in New York City, Millburn, NJ and Los Angeles, CA. 

For more information for investors, please contact:
Amon Johnson, Managing Director of Investor Relations
[email protected]
(973) 547-2447
www.backcastpartners.com

For more information for companies seeking investment, please contact:
Mark Gudis, Managing Partner
[email protected]
(973) 512-7487
www.backcastpartners.com

SOURCE Backcast Partners