The short version
Background is a sponsor group of 2 issuers that PartnerFacts links to one sponsor (shared people, same business address, similar issuer names; automatic match from the filings), filing 2 Form D filings between Apr 2023 and Dec 2025.
What this means One team, 2 deal companies, about 2 years of track record in SEC filings. We link the companies because the same people or address appear on their forms — tap "Request a correction" if that is wrong.
Combined reported sold: $0 (latest filing per issuer). Industries as reported: Pooled Investment Fund (2). Issuers are based in WI (2).
What this means $0 raised across the group. Amounts come from each company's latest Form D; they are what the sponsor reported, not audited figures.
Principal people: Rafael Corrales (2 issuers, promoter), General Partner Background Capital GP IV, L.l.c. (1 issuer, promoter, entity) and General Partner Background Capital GP V, L.l.c. (1 issuer, promoter, entity).
What this means The person on the most companies is usually the one running the show; their page lists every deal.
Activity: 1 new offering in the last 12 months; latest filing Dec 12, 2025.
What this means still raising money this year.
Public records searched: federal courts (CourtListener / RECAP), SEC enforcement releases, state securities regulators (AZ, CA, DE, TX, WA), property records (NYC, FL, IL and TX counties) — none found.
What this means Nothing turned up where we looked (4 sources). That does not prove there is nothing — it means none was found in those sources on that date.