Stone Point Capital, which is out marketing for its sixth buyout fund, expects to hold a final close this month, three sources said.
The financial services-focused PE firm is seeking $4.5 billion with Trident VI LP, the people said. Stone Point began marketing for Fund VI in the fall, peHUB has reported.
“It was basically open and shut in no time,” one LP said. “Most people view [Stone Point] as the best financial services sector-focused fund in the marketplace.”
Stone Point completed its last fund just three years ago. Trident V LP raised $3.5 billion in January 2011, while its fourth pool collected $2.25 billion in 2007. Fund V is generating a net IRR of 4 percent as of June 30, according to CalPERS. Performance data for Fund IV is not available.
Officials for Stone Point did not return calls for comment.
Stone Point is the former private equity unit of Marsh & McLennan Cos. The firm, which split off from MMC in 2005, manages the Trident funds.
Greenwich, Conn.-based Stone Point focuses on financial services, including banks, asset managers and insurers. The firm typically invests between $50 million and $350 million of equity per deal. Stone Point’s Fund V has invested in Duff & Phelps Corp., Access Point Financial and Standard Bancshares.
In November, the Carlyle Group agreed to buy a controlling stake in Edgewood Partners Insurance Centers, a retail insurance broker. Edgewood was founded in 2007 by John Hahn and Dan Francis, in partnership with funds managed by Stone Point Capital.
Stone Point, earlier in 2013, closed its sale of Alterra Capital when the reinsurer was sold to Markel Corp in May. In 2012, Stone Point and KKR formed MerchCap Solutions, which provides capital market services to mid-market companies. The PE firms each committed to invest $150 million, or $300 million in total, to MerchCap. CPPIB Credit Investments in January 2013 said it would provide another $50 million.
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