Overview
Firmament CAP Advisors LLC (“FCAP”) was formed in 2022 and its principal office and place of
business is located in New York, New York. FCAP is an SEC registered investment adviser.
Firmament Opportunities Advisors, LLC (“FO”, and together with FCAP, the “Adviser”) was formed
in 2021 and is registered with the SEC as a relying adviser. The Adviser, either directly or through
controlled entities, provides investment advisory and administrative services to private
investments fund(s) (the “Clients”, “Funds”, “FCAP Funds” or “FO Funds”), which are privately
placed.
The Adviser invests primarily in senior debt securities in middle market private companies. The
Adviser will generally target companies with revenue between $10 million and $200 million and
EBITDA between $3 million and $25 million. In addition, the Adviser plans to invest in net asset
value lending by providing senior facilities to middle market private equity funds.
FCAP and FO are affiliated with several other companies that serve as general
partners/investment managers and/or administrators (collectively, “Firmament”) that are
responsible for running certain day-to-day operations of the Funds. Firmament is not registered
with the SEC and predominantly manages private funds as Small Business Investment Companies
(“SBIC Funds”) that are licensed and regulated by the Small Business Administration (“SBA”) or
are otherwise exempt from registration with the SEC.
Advantage Capital Holdings LLC (“ACH”) indirectly
owns a non-controlling, minority equity
interest in the Advisers. ACH is the parent company of Advantage Capital Management LLC (“A-
CAP Management”), an SEC registered investment adviser; the following insurance companies:
Atlantic Coast Life Insurance Company, Sentinel Security Life Insurance Company, Haymarket
Insurance Company, Jazz Reinsurance Company, and Southern Atlantic Reinsurance Company;
and Kopentech Capital Markets LLC, a registered broker-dealer (collectively, “A-CAP”). The
Adviser operates independently of the A-CAP group of companies and is managed by the
Firmament Partners, Christopher D. Smith and Parris A. Boyd, and other senior management
personnel.
Throughout this brochure, we disclose potential conflicts of interest. We encourage clients and
potential clients to review our policies and procedures and inquire directly with us about such
conflicts. Each Adviser provides advisory services to its Clients in accordance with the investment
objectives, investment guidelines and restrictions set forth in each Fund’s organizational and
offering documents and as further described below under Item 8. The general investment
guidelines and restrictions applicable are negotiated and fixed at the time that the particular Fund
is formed, although there may be subsequent revisions with the consent of the Fund’s investors.
As of December 31, 2023, the Adviser managed approximately $526,231,937 in regulatory assets
under management, all on a discretionary basis.