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Stone Point readies Fund VII, focused on financial services

  • Trident VII targets $4.5 bln
  • Capped at $5 bln
  • Stone Point sold minority stake in firm in 2012

Stone Point Capital is targeting $4.5 billion for its seventh flagship fund, according to a limited partner with knowledge of the fundraising.

Trident VII is capped at $5 billion, the LP said.

Stone Point said at its annual meeting earlier this year that it was getting ready to launch the seventh fund in its family of Trident funds. It’s unclear whether the fund is officially in the market, but the Greenwich, Conn., firm has opened the data room for the vehicle, the LP said.

Emanuel Citron, a principal at Stone Point, did not return a request for comment.

Stone Point closed Fund VI on $4.5 billion in 2014. Fund V closed on $3.5 billion in 2011 and Fund IV raised $2.25 billion in 2007.

Fund VI was generating a 0.4 percent net internal rate of return and a 1x multiple as of Dec. 31, 2015, California Public Employees’ Retirement System performance information shows.

Stone Point focuses on financial services like banks and insurers. The firm was formed in 2005 when it was spun out of Marsh & McLennan Cos, where it was the private equity unit.

Stone Point is led by Chief Executive Charles Davis and Chairman Stephen Friedman. The executives worked together at Goldman Sachs for more than 20 years prior to forming the Trident funds. As of Dec. 31, 2015, Stone Point managed about $10.8 billion.

In 2012, the firm sold a minority stake to entities backed by Kuwait’s massive state pension, Public Institute for Social Security, the firm’s Form ADV said. The ownership stakes represents less than 25 percent of the carried interest and net management company interest in the funds, the form ADV shows.

Action Item: Stone Point’s Form ADV:

White House economic adviser Stephen Friedman talks to the press under a painting of former President Theodore Roosevelt at the White House in Washington on December 12, 2002. Photo courtesy Reuters/William Philpott