Stone Point Capital said late Wednesday that it had closed its fifth PE fund at $3.5 billion. Trident V LP exceeded Stone Point’s target of $2.25 billion, a statement said. Greenwich, Conn.-based Stone Point is a PE firm focused on financial services. Lazard Frères & Co. acted as placement agent while Debevoise & Plimpton was their law firm.
Stone Point Capital LLC, a financial services focused private equity firm based in Greenwich, today announced the final closing of its fifth private equity fund, Trident V, L.P., with total capital commitments of $3.5 billion. The fund exceeded its target of $2.25 billion with strong support from existing investors and a significant number of first-time commitments from leading institutional investors. In total, more than 100 limited partners participated in the fund.
“We are pleased to announce the final closing of Trident V. We have already made several investments on behalf of the fund and have identified a number of additional opportunities that we believe will be attractive investments for our limited partners,” said Charles A. Davis, CEO of Stone Point Capital. “Trident V will continue the targeted, proactive investment strategy that the Trident Funds have utilized and refined over many years. We believe the industry expertise and extensive contacts of the Stone Point team in the financial services sector will provide a strong competitive advantage as we work to identify investments and enhance the value of our portfolio companies.”
Stephen Friedman, Chairman of Stone Point Capital, added that “we believe Stone Point is well positioned to work with corporate owners on complex situations and to partner with management teams that want to grow and enhance existing businesses. We take a flexible and entrepreneurial approach to investments with the overriding goal of building long-term franchise value and delivering superior returns for our investors and management team partners.”
Lazard Frères & Co., Inc. acted as placement agent for Trident V, and Debevoise & Plimpton LLP acted as legal counsel.
About Stone Point Capital LLC
Stone Point Capital is a financial services focused private equity firm based in Greenwich, CT. Including Trident V, the firm has raised and managed five private equity funds with aggregate committed capital of $9 billion. In addition to the capital invested by the Trident Funds, Stone Point has secured more than $5 billion of equity co-investments since 2001. Stone Point generally targets investments of $50 million to $350 million in the global financial services industry, including companies that provide outsourced services to financial institutions, banks and depository institutions, insurance and reinsurance companies, insurance distribution and other insurance-related businesses, specialty lending and other credit opportunities, mortgage services companies, employee benefits and healthcare companies, and asset management firms. For additional information, please visit www.stonepoint.com.