Sunstone Partners

Mike Biggee and Arneek Multani are the co-founders and managing partners who lead all investment activity. The pair previously worked together at GI Partners, where they executed mid-market technology services buyouts before spinning out the strategy in 2015. No external investment committee members or senior advisory board with veto authority have been publicly disclosed, suggesting a consolidated general-partner decision-making structure.

Sunstone's sourcing model relies on a narrow sector focus — technology-enabled services and healthcare services — combined with founder-direct origination in the lower mid-market. By targeting companies with $5 million to $25 million in EBITDA, the firm operates beneath the auction-process threshold that dominates deals above $100 million in enterprise value. The co-founders' fifteen-plus-year network across West Coast and national technology-services ecosystems provides repeat founder and intermediary introductions.

Sunstone makes direct control and significant minority equity investments in operating companies. The firm does not operate a fund-of-funds program or take limited-partner stakes in external private equity vehicles. Its capital goes entirely into company-level transactions, with equity checks ranging from $30 million to $200 million per platform investment.

The firm targets growth equity and buyout-stage companies, not venture-stage startups or mature public-to-private transactions. Typical targets are founder-owned, profitable businesses with established recurring-revenue models — often the first institutional capital into the company. The firm will also execute recapitalizations where existing shareholders, typically founders, seek partial liquidity while retaining operating control alongside Sunstone's equity sponsorship.

Sunstone has disclosed no explicit sector exclusions, but its investment activity concentrates heavily on technology and healthcare services with recurring-revenue characteristics. There is no public record of investments in heavy industrials, natural resources, real estate, consumer discretionary brands, or early-stage biotech. The firm's self-described 'tech-enabled services' label implies a structural avoidance of businesses that lack a software or compliance-driven recurring revenue component.

Sunstone Partners was founded in 2015 by Mike Biggee and Arneek Multani, who previously served as managing directors at GI Partners, a San Francisco-based private equity firm. Sunstone is an independent entity with no shared limited-partner reporting lines, co-investment vehicles, or carried-interest structures linking it to GI Partners. The spinout was amicable, and the firms operate entirely separate investment programs.

Sunstone has not publicly marketed a formal co-investment program for limited partners or external general partners. The firm structures its transactions as sole or lead equity sponsor with target ownership positions that suggest the full allocation runs through the flagship fund vehicles. Limited partners seeking co-investment rights would typically negotiate those during fund commitment discussions, but Sunstone does not operate a publicly advertised co-investment sleeve.