Breakwater Investment Management, continuing to add to its senior team, has hired Harry Chung as the firm’s new Chief Financial Officer. In December 2014, Eric Beckman, a former Senior Partner at Ares Management, joined Breakwater as Chairman and Co-Managing Partner. Mr. Beckman manages the firm alongside Saif Mansour, Breakwater’s Founder and other Co-Managing Partner.
“I am extremely pleased to welcome Harry to the firm,” said Mr. Mansour. “His experience managing financial services organizations will be invaluable as we further develop the infrastructure and systems necessary to manage our growing business.”
Prior to joining Breakwater, Mr. Chung was Chief Financial Officer at Los Angeles-based investment bank Imperial Capital where he was a member of the Executive Committee and was responsible for business planning, tax, budgeting and financial reporting. Earlier, Mr. Chung was at Jefferies & Company, most recently as Managing Director and Chief Operating Officer (Finance), and as a Senior Vice President in Corporate Development. He is a graduate of the University of Illinois.
“I am excited to join Breakwater and to have the opportunity to work with such an experienced team of investment professionals and operating executives. The firm’s equity and debt financing verticals provide a broad set of capital solutions for the lower middle market, and I very much look forward to supporting Breakwater’s next phase of growth,” said Mr. Chung.
Breakwater specializes in direct investments in small to lower middle market growth businesses with annual sales ranging from $5 million to $100 million. The firm serves as general partner of Breakwater Structured Growth Opportunities Fund, a $100 million open-ended private investment partnership formed in August 2008. The fund’s investment objective is to generate both current income and capital appreciation through secured debt investments accompanied with equity participation rights, primarily in growth-oriented companies across a variety of industries. Breakwater is based in Los Angeles (www.breakwaterfunds.com).
© 2015 PEPD • Private Equity’s Leading News Magazine • 2-24-15