Stoneforge exists because the alignment we wanted to invest under didn't exist where we used to work. We co-invest in every deal, on the same terms as our LPs, and we close all-cash so nobody is waiting on a bank.
Stoneforge is the answer to a specific frustration: a generation of sponsors that took fees first, found conviction second, and asked LPs to trust the process. We weren't going to be that.
Before Stoneforge, we spent years inside firms that did everything we now refuse to do. Sponsor capital was token, if it existed at all. Variable-rate debt was stacked on every deal to juice the IRR. The deals we'd want to invest in personally were rarely the deals being shown.
So we started over. Stoneforge co-invests 5–15% of equity in every transaction — real money, on the same terms as our LPs, on the same waterfall, with the same exit timing. We close all-cash so the closing date is the closing date, and so the first time interest rates move, we're not eating into anyone's distribution. We underwrite conservatively because we live with the outcome too. If a deal doesn't pencil for us, it doesn't go to you. That's the entire model.
Skin in the game isn't a marketing line here. It's the only reason this firm exists.
These four ideas show up in every Stoneforge deal — from the first conversation with a broker to the final quarterly distribution. They're the difference between a firm and a marketing engine.
We co-invest 5–15% of equity in every deal, on the same waterfall as LPs. No catch-up. No IRR-based promote. If the deal works for us, it works for you — and vice versa.
No bank approvals, no rate-cap timelines, no maturity wall. Sellers know our 30-day close is real. LPs know a 200 bps rate move doesn't wipe out their distribution.
We look at roughly 400 deals a year. The handful that clear the doctrine are the only ones we close on — and the same six rules apply to deal one and deal one-hundred.
Every quarter, every deal — paid from in-place NOI, after operating expenses, with no debt service to clear first. You see what was collected, what was paid, and what's reserved.
Stoneforge is intentionally small. Every property is one we've walked, underwritten line by line, and could drive to from our office. Investors deal directly with the founder — no analyst-by-proxy relationship management.
Before founding Stoneforge, Adam spent years in commercial real estate acquisitions and asset management across private syndications and institutional platforms. The pattern was consistent — token sponsor co-invest, variable-rate debt stacked to juice IRR, and incentive structures pointed away from the LP. Stoneforge exists because that pattern was unacceptable.
Adam personally underwrites every Stoneforge transaction, signs the purchase contracts, and writes the GP check that closes alongside LPs. Investor conversations don't go through a relationship team.
Stoneforge is a Reg D 506(c) issuer. Investment opportunities are available only to verified accredited investors. The fastest path to a real conversation is below.
We'll send the current portfolio brief, a sample deal memo, and an invite to the next quarterly investor call.