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The Firmament Group
The Firmament Group formed in 2013 as a partnership between insurance-focused private equity manager Stone Point Capital and technology investor Greenoaks...
The Firmament Group
The Firmament Group formed in 2013 as a partnership between insurance-focused private equity manager Stone Point Capital and technology investor Greenoaks Capital. The firm was built to address a financing gap for entrepreneur-led, lower-middle-market companies seeking growth capital without ceding control — a mandate that sits between traditional private credit and buyout equity. Founders receive non-control structured capital, often with an option for operational support, preserving their autonomy while professionalizing for scale. Firmament targets sectors where fragmentation and digital transformation create roll-up and expansion opportunities. Confirmed investments span enterprise software, tech-enabled industrial services, healthcare IT, and logistics. The firm funds organic growth, acquisitions, and recapitalizations through unitranche debt, preferred equity, and common equity co-investments. Specific portfolio companies include enterprise workflow automation platform ServicePower and specialty field-services manager QualSights, as disclosed in the firm's portfolio materials. Firmament operates from a single headquarters in New York and deploys capital across North America and the United Kingdom. The firm maintains no publicly disclosed AUM or aggregate deployment figure. Team size is not public. Firmament does not operate a visible philanthropic foundation or publicly marketed co-investor club. In recent years, the firm has completed follow-on investments in existing portfolio companies to fund acquisition strategies, consistent with its buy-and-build posture. Firmament's structural distinction lies in its sponsor alignment. Stone Point Capital and Greenoaks Capital serve as both anchor limited partners and strategic architects, giving the firm a permanent capital base unusual for a strategy that targets companies with under $50 million in revenue. This dual-sponsor architecture allows longer hold periods and eliminates the pressure to exit investments on a fixed fund cycle, an advantage when backing founder-led businesses that prioritize decade-scale growth over near-term liquidity.
General information
Firm type
Generalist
Year founded
2013
AUM
Undisclosed
Location
Region
North America
Country
United States
City
New York
Corporate office
New York, NY, United States
Principals
Greenoaks Capital
Founding partner / anchor LP
Stone Point Capital
Founding partner / anchor LP
Sector focus
Frequently asked questions
How does The Firmament Group source deals?
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.
What is Firmament's investment structure — debt, equity, or hybrid?
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.
Is The Firmament Group a single-family office or a traditional private equity fund?
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.
Does Firmament co-invest alongside other external managers?
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.
Which sectors does Firmament explicitly avoid?
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.
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