Stone Point Closes on $7 Billion

Stone Point Capital has held a final closing of its eighth private equity fund, Trident VIII LP, with $7 billion in total capital commitments.

Trident VIII received strong support from Stone Point’s existing investors and received first-time commitments from several leading institutional investors. The general partner and its affiliated entities committed more than $350 million to the new fund.

“We are pleased to announce the closing of Trident VIII and are grateful for the significant support from our limited partners,” said Chuck Davis, CEO of Stone Point. “Our latest fund will continue the proactive sourcing strategy that the Trident Funds have developed and executed for more than 20 years.”

Stone Point Capital is an active investor in the financial services sector including asset and wealth management; banking; insurance; specialty finance; real estate finance and services; human resource benefits and employer services; managed care and healthcare services; life and property & casualty insurance; and broker-dealers.

Most recently, in December 2019, Stone Point – through an earlier fund – acquired a majority equity interest in PrismHR, a technology platform that provides human resources services – including payroll and employee benefits – to more than 80,000 small and medium-sized businesses and nearly two million worksite employees across the US.

“We believe our exclusive focus on the financial services sector, entrepreneurial investment approach, long-tenured team and strong network of relationships will continue to position Stone Point to attract talented management teams and work in partnership with them to create value for our investors,” said Jim Carey, a senior principal of Stone Point.

With the closing of Trident VIII, Greenwich, Connecticut-headquartered Stone Point has now raised and managed eight private equity funds with aggregate committed capital of more than $25 billion.

Debevoise & Plimpton provided legal services to Stone Point on the raising of Trident VIII.

© 2020 Private Equity Professional | January 17, 2020

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