JMI Equity is shuffling its management team by promoting a couple of principals into top positions.

The private equity firm announced Tuesday the promotions of Larry Contrella to general partner and Maggie Schmitt to chief financial officer. Both individuals are based in JMI’s Baltimore office and have been with the firm for at least 10 years. JMI, which invests in fast-growing software companies, is co-headquartered in Baltimore and San Diego.

Contrella will continue to lead investment opportunities and provide support to JMI’s portfolio companies in his new role, while Schmitt will expand her leadership of JMI’s finance and accounting functions.

Contrella has been a driving force behind many of JMI’s top investments including Benevity, Bloomerang, Higher Logic, RainFocus and Raptor Technologies. His past investment experience includes automotiveMastermind, which was acquired by IHS Markit), and CoreHR, which was bought by The Access Group.

“With over a decade of investing experience at JMI, Larry has proven that he is a strong investor and an effective partner to founder-owners, CEOs and portfolio company management teams,” Harry Gruner, founder and co-managing general partner, said in a statement. “We are proud of his many achievements…and we look forward to his continued contributions.”

In connection with Schmitt’s promotion, Randy Guttman has become general partner, head of operations. Guttman has been with JMI since 2007.

Paul Barber, co-managing general partner, said both Contrella and Schmitt have played “integral roles” in JMI’s success. The promotions reward them for going “above and beyond” for the firm’s portfolio companies and investors.

“Their promotions are a direct reflection of their hard work, exceptional leadership and enduring commitment to our investment and value-creation strategies,” Barber said.

Gruner and Charles Noell, both former Alex. Brown bankers, co-founded the firm in 1992. Since then, it has grown to become one of the leading investors of software companies in the U.S. JMI has invested in more than 150 businesses in its target markets, successfully completed over 100 exits and raised more than $4 billion of committed capital.