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.
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