Greenwich Shop Raises $1.6B For Latest Funds

Firm: Stone Point Capital LLC

Fund: Trident V LP, Trident V Parallel Fund LP

Target: $3 billion

Placement Agent: Lazard & Co.

Stone Point Capital LLC has secured $1.6 billion in commitments for its latest fund and a parallel fund, according to regulatory filings with the Securities and Exchange Commission.

The Greenwich, Conn.-based shop is trying to raise a total of $3 billion for the funds, called Trident V LP and Trident V Parallel Fund LP. Sixty-six investors, including the Los Angeles Fire & Police Pensions, have so far committed $1.03 billion to the main fund, Trident V, while 18 investors have so far committed $591.2 million to the parallel fund.

Lazard & Co. LLC is helping the firm raise the capital, according to the filings.

Stone Point manages about $10 billion and specializes in making global investments in the financial services industry. Typically, the firm will invest between $50 million to $400 million in a given deal.

The firm’s most recent platform acquisition was in May, when it partnered with Hellman & Friedman LLC to buy claims administration provider Sedgwick Holdings Inc. for $1.1 billion. Earlier that month it backed the formation of NXT Capital LLC, a commercial finance company serving mid-market investors and borrowers.

Stone Point, which spun out from Marsh & McLennan in 2005, is led by CEO Charles Davis, the former head of investment banking services for Goldman Sachs; Chairman Stephen Friedman, former chairman of Goldman Sachs; CIO Meryl Hartzband, a former managing director at J.P. Morgan & Co.; and Senior Principal James Carey, a former associate at Merrill Lynch & Co. The firm has 26 investment professionals in total, as well as nine operating partners and senior advisors.

Stone Point is still investing from Trident IV LP, a $2.25 billion pool of capital. The firm raised $1.1 billion for its third fund in 2004, $1.4 billion for its second fund in 1999, and $667 million for its debut fund in 1994.

Davis, the CEO, did not return a call seeking comment.