The Firmament Group

Firmament sources through a network of regional investment banks, independent sponsors, and operating executives focused on lower-middle-market companies. The firm's anchor LPs, Stone Point Capital and Greenoaks Capital, also provide origination referrals from their respective financial-services and technology ecosystems. Firmament emphasizes relationships with founder-owners who are not running a formal sale process.

Firmament uses a hybrid capital structure that typically combines unitranche debt with a minority equity co-investment or preferred equity component. Check sizes range from $15 million to $75 million. The firm does not take control positions; founders retain majority ownership post-investment, a core element of Firmament's proposition.

Firmament is a structured-capital investment firm backed by two institutional sponsors, not a family office. It operates more like a permanent-capital vehicle than a traditional closed-end PE fund. Stone Point Capital and Greenoaks Capital provide the equity base, eliminating the standard 10-year fund life and enabling indefinite hold periods when appropriate for portfolio companies.

Firmament has not publicized a formal external co-investor program. The firm structures deals primarily with its own balance sheet capital from anchor sponsors. On occasion, it has participated alongside independent sponsors and family offices in club-style transactions, but this is opportunistic rather than programmatic.

Firmament does not publicly list explicit sector exclusions. However, given its lower-middle-market focus and the sponsor backgrounds of Stone Point (insurance and financial services consolidation) and Greenoaks (technology), the firm has historically avoided capital-intensive heavy manufacturing, upstream energy, and biotech/pharma therapeutics where clinical risk profiles are incompatible with its structured credit orientation.