Firm: Stone Point Capital LLC
Fund: Trident V LP
Close: $3.5 billion
Target: $2.25 billion
Placement Agent: Lazard Frères & Co.
Legal Counsel: Debevoise & Plimpton
Stone Point Capital LLC has closed its fifth buyout fund at $3.5 billion, Trident V LP, the firm said in a statement, topping its target of $2.25 billion.
The firm had raised $2.25 billion for the new fund’s predecessor vehicle, Trident IV, in September 2007, above its $1.75 billion target.
Greenwich, Conn.-based Stone Point Capital focuses on financial services. In January, the firm invested with the publicly traded financial services technology vendor Fiserv Inc. of Brookfield, Wis., to form a joint venture, Progressive Enterprises. The venture’s first deal was to acquire Progressive Medical Inc., a Westerville, Ohio-based pharmacy benefit manager and provider of related services. Progressive Enterprises said in a press release that it also would act as a holding company for several insurance services businesses owned variously by Fiserv and Stone Point Capital.
Stone Point Capital also participated alongside Ontario Teachers’ Pension Plan in a $124.24 million add-on investment in November in NXT Capital LLC, a Chicago specialty lender that Stone Point Capital had launched in May, according to Thomson One, a sister service of Buyouts.
Charles A. Davis, the CEO of Stone Point Capital, said in the press release announcing the close of Trident V that the firm received strong support from existing investors and a significant number of first-time commitments from new investors for the latest fund. In all, more than 100 limited partners participated in the fund, the firm said.
Co-investors in Stone Point Capital investments include the venture capital firm New Enterprise Associates Inc. of Menlo Park, Calif.; GE Commercial Finance of Norwalk, Conn., a unit of GE Capital; Goldman, Sachs & Co., the New York bank; Hellman & Friedman, the San Francisco buyout shop; and the distress investor High Ridge Capital LLC of Stamford , Conn., according to Thomson One. USA!!
Lazard Frères & Co. acted as placement agent for Stone Point Capital’s latest fund, and Debevoise & Plimpton was its law firm.