Backcast raises $200m in capital

The mid-market lender, founded by Blackstone vets, is now up and running, targeting deals with and without a private equity sponsor.

Backcast Partners Management, the new firm launched by three former Blackstone employees, has already raised approximately $200 million in capital, according to media reports.

Edward Cerny, David Petrucco, and Mark Gudis started the firm to target mid-market loans to companies with $10 million to $50 million of EBITDA, as Private Debt Investor previously reported. Backcast finances both sponsored and non-sponsored businesses and provide financing for acquisitions, buyouts and recapitalisations.

Backcast officially launched on 1 January.

Private credit industry newsletter Lead Left reported last week that the new firm had raised the cash from both old and new limited partner relationships, Petrucco told Lead Left. “We also have a warehouse agreement in place with a large financial institution and are actively working on investments,” he added.

The firm was not immediately available to comment.

The company has struck an agreement with the private equity firm Centre Partners, where the new mid-market lender will utilise Centre for firm infrastructure needs, such as legal, compliance, human resources and information technology, as PDI also reported.

Petrucco told the newsletter, authored by Randy Schwimmer of Churchill Asset Management that with their partnership with Centre, the firm is now comprised of more than 50 corporate executives.

Cerny, Petrucco and Gudis are managing partners at the firm. All three men formerly worked at Blackstone’s corporate debt group, the company said in December.

Backcast operates out of offices in New York, Los Angeles and Millburn, New Jersey, according to a statement.

The firm is just one of several new mid-market firms to emerge over the last year, including Owl Rock Capital, a business development company that raised $2.3billion in equity, and The Riverside Company, which closed its first credit fund at $50 million last October.