Stone Point Capital has closed its tenth flagship private equity fund, Trident X LP, with $11.5 billion in total capital commitments. The new fund, the largest fundraise in the firm’s history, exceeded its original target and hard cap of $9 billion.
Trident X received strong demand from both existing and new institutional investors, while Stone Point’s general partner and related entities committed approximately $750 million in capital. Stone Point’s earlier fund, Trident IX LP, closed in 2022 with $9 billion of capital.
Stone Point Capital invests primarily in financial services and related sectors, targeting companies in North America and Western Europe through a range of strategies including buyouts, early stage, and growth. The firm’s portfolio spans over 160 companies across 10 active verticals and more than 70 sub-sectors. Stone Point also operates a credit platform, Stone Point Credit, with nearly $10 billion in assets under management.
“We are grateful to our limited partners for their continued trust and support, and we are proud of the enduring strength of our Trident Funds over 30 years and many market cycles,” said Chuck Davis, the chairman and co-chief executive officer of Stone Point. “With Trident X, we will continue doing what we believe we do best – proactively identifying exceptional owner-operators in and around the global financial services industry and helping them build lasting value in their businesses.”
Stone Point began investing capital from Trident X in May 2025 and has already completed its first transaction with an investment in Cincinnati-headquartered Ultimus Fund Solutions, one of the largest independent fund administration providers in the US. Stone Point partnered on this transaction with GTCR.
UFS provides registered funds, private funds, and public plans with fund organization and administration, fund accounting, transfer agent services, middle office and investor services, as well as tax, legal, and compliance services. Ultimus serves over 450 clients managing $600 billion in assets across 2,100 funds.
“We believe the consistency of our team, strategy and results continues to give us a distinct advantage in sourcing investments through our extensive network,” added Jim Carey, co-chief executive officer of Stone Point. “We are excited by the opportunities we see for our tenth flagship fund and remain focused on creating value for our investors.”
Debevoise & Plimpton provided legal services for the formation of Trident X.
Stone Point was founded in 1998 and is headquartered in Greenwich, Connecticut.
© 2025 Private Equity Professional | July 16, 2025
Levine Leichtman Capital Partners (LLCP) has closed LLCP Fund VII LP above its target with over $3.6 billion in capital commitments.
“We are extremely pleased with the immense support for Fund VII, which reflects considerable trust and strong conviction in LLCP’s proven strategy and team,” said Matthew Frankel, a managing partner at LLCP. “The global investment community recognizes LLCP’s ability to generate substantial deployment and realization volume for our limited partners in the current market environment.”
“We are grateful for the continued support and confidence we received from our returning and new limited partners,” said Michael Weinberg, a managing partner at LLCP. “LLCP’s continued success reflects our team’s ability to source attractive investment opportunities, partner with talented management teams and build great companies.”
One Rock Capital Partners has closed its largest fundraise to date, securing $3.97 billion in total capital commitments for its flagship fund, One Rock Capital Partners IV LP, and the newly launched One Rock Emerald Fund LP.
“We are deeply grateful for the strong support from our long-standing investors and are honored to welcome a diverse group of new institutional partners from around the world,” said Mr. Spielvogel. “In a period of significant global uncertainty, we believe our track record of creating value by investing in complex situations in the industrial sectors of the economy continues to resonate within the institutional investor community.”
“Our investors’ support enables us to continue executing the value-oriented and operationally focused strategy that has defined One Rock for over fifteen years,” said Mr. Lee. “Our approach is designed to be consistent across Fund IV and the Emerald Fund: to leverage the expertise and operational capabilities of our investment team and Operating Partners in identifying compelling opportunities, which are often obscured by complexity, and driving operational improvement in partnership with our portfolio companies.”
Avista Healthcare Partners has closed Avista Healthcare Partners CV II LP (ACV II), a single-asset continuation fund for GCM, a maker of precision medical components.
“We are excited about the future prospects of GCM and the opportunity to partner with Avista in a transaction that provides existing investors a liquidity option while providing GCM additional duration and capital to take advantage of the compelling opportunity in the robotic surgical and other high-growth medical technology end markets,” said Brian Musto, a managing director at Goldman Sachs Alternatives.
“We are pleased to provide our existing investors with the option for liquidity or continuing to participate in the value creation strategy we are successfully executing at GCM,” said Rob Girardi, a partner at Avista. “We look forward to supporting GCM’s next phase of growth and expanding the company’s leading market position for the benefit of customers and all stakeholders.”
Churchill Asset Management, an affiliate of Nuveen, has held a final, oversubscribed, and hard cap close of Churchill Co-Investment Fund II LP (Fund II) with $1.5 billion in limited partner commitments.
“We’re proud to announce the close of our latest co-investment fund,” said Jason Strife, the head of junior capital and private equity solutions at Churchill. “As a reliable co-investor to top-tier GPs for the last 14 years, we continue to leverage our differentiated model to gain valuable insights and early access to pre-syndication deal flow, allowing us to source a high volume of attractive opportunities. We are incredibly grateful for our investors’ continued support and trust with their capital.”
“Individual investors are increasingly focused on growing their exposure to alternative investment strategies, and the success of Fund II in the wealth channel underscores the strong demand we’re seeing from high-net-worth investors for differentiated private capital opportunities,” said Moshe Bajnon, the global head of private wealth and co-head of the investor solutions group at Churchill. “Churchill’s proven track record and expertise – combined with Nuveen’s marketplace relationships and history of product innovation – position us as a leader in expanding access to private markets.”
Banner Capital Management has recapitalized eight portfolio companies into a $400 million continuation vehicle, Banner Capital Fund I, L.P., and has formally launched Banner Capital Fund II LP with a target of $200 million in capital.
“We are excited to welcome Hamilton Lane as an investor in Fund I, alongside our long-time partners. We remain strong believers in the companies and leadership teams that are part of Fund I and are grateful to have more time to fully realize the value created—while also providing early investors with interim liquidity,” said Tanner Ainge, the founder and CEO of Banner.
In tandem with the close of Fund I, Banner has announced that it held a preliminary close of Fund II in May 2025 to back the formation of 
Virent Capital has been launched by Connor McMahan, a former partner at L2 Capital, to invest in companies operating in the U.S. lower middle market.
Mr. McMahan has more than a decade of experience from his tenure as a partner at L2 Capital where he led investments across founder-owned businesses. Bob Levine, the founder of L2 Capital, has committed capital to Virent’s launch and will support the firm as it grows its platform.
Eagle Merchant Partners has closed its second private equity fund, Eagle Merchant Partners Fund II LP, with $415 million in capital commitments. The new fund closed above its original hard cap and was raised in just seven months. Eagle is an active investor in founder-owned businesses across the Southeastern United States.
“The Southeast remains one of the most attractive economic regions in the country, with strong demographics, a healthy business climate and a fragmented lower middle market,” said Stockton Croft, a partner and co-founder at Eagle. “We are grateful for the support of our limited partners and believe this reflects the investment community’s confidence in our investment strategy and operating approach.”
“Owners continue to respond to our experience, sector expertise and ability to help transform companies into market leaders,” said Bill Lundstrom, a partner and co-founder at Eagle. “Fund II gives us the capital and resources to invest in more high-quality companies across the region.”
Invictus Growth Partners has held a final and oversubscribed close of its second flagship vehicle, Invictus Growth Fund II LP, with $574 million in total capital commitments. Fund II exceeded its original hard cap of $450 million.
“We are honored and grateful for the support from our returning and new investors, which include pension plans, endowments, foundations, insurance companies, healthcare institutions, and family offices,” said Mr. DeLoche. “The early support and leadership from our existing investors helped to drive investor demand and facilitate a successful fundraise despite a challenging environment.”
“We will continue our strategy of bringing a partnership approach and deep operating expertise and resources to our portfolio companies to help them scale,” said Mr. Nettles. “This includes our world class team’s stewardship, machine learning-powered GTM operational enhancements through our DIANE platform, and the support of a dedicated portfolio company success team, the Invictus Guild.”
Denali Growth Partners (DGP) has held a final close of Denali Growth Partners Fund II LP with $400 million in limited partner commitments, surpassing its $350 million target. DGP’s first fund closed in April 2021 with $203 million in capital.
