Stone Point names co-CEO as it embarks on next fundraising

Stone Point Capital tweaked its leadership ranks as it kicks off its next flagship fundraising process, moving long-time dealmaker James Carey to co-lead the firm, an LP source told Buyouts.

The changes have been reflected on Stone Point’s website, though the firm hasn’t made the moves public. It announced the leadership changes in a letter to LPs in April.

Stone Point named Carey as co-CEO along with Chuck Davis, the LP said. Carey, formerly in the role of president, worked at Stone Point since 1997, according to his biography.

Portfolio companies he’s worked on include Alliant, Sedgwick, NFP, Atrium, Kroll and Eagle Point Credit Management, according to Stone Point’s website.

“He’s a no-BS guy, he knows all the companies inside and out,” the LP said about Carey.

The firm also appointed Nicolas Zerbib, chief investment officer, and David Wermuth, chief operating officer, as co-presidents, the LP said.

Recently, the firm named Agha Khan and Fayez Muhtadie as co-heads of the private equity business at the firm. Khan and Muhtadie held those titles last year, according to an archived version of their biographies.

Buyouts exclusively revealed that Stone Point is targeting at least $9 billion for its 10th fund, the same amount it raised for its ninth fund, which it closed in 2022. The firm had not yet set a hard cap as of March, Buyouts reported.

Stone Point, formed in 2005 with the management buyout of Marsh & McLennan’s MMC Capital, targets investments in North American financial services businesses. The firm focuses on subsectors including banks, insurance, asset and wealth management, real estate finance and specialty finance and technology.