Stone Point Capital Closes Record $11.5B Financial Services Fund
Stone Point Capital has announced the final close of its largest fund to date, Trident X, securing $11.5 billion in investor commitments and surpassing its hard cap — a milestone that underscores strong institutional confidence in the firm’s long-standing strategy focused on the financial services sector.
The $65 billion AUM private equity specialist drew robust support from major U.S. pension systems and global institutions. Backers included the Minnesota State Board of Investments ($100 million), CalSTRS ($300 million), Fresno County Employees’ Retirement Association ($15 million), Virginia Retirement System ($300 million), State of Wisconsin Investment Board ($150 million), and Washington State Investment Board ($300 million). Stone Point and affiliated entities contributed approximately $750 million themselves, highlighting significant GP alignment.
Trident X will continue Stone Point’s proven approach of targeting control or significant minority stakes in companies across the global financial services landscape, always with board representation and robust shareholder rights. The fund, which officially began deploying capital in May, has already made its first investment: acquiring Ultimus Fund Solutions, a full-service fund administration platform, from GTCR.
“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,” said Chuck Davis, chairman and co-CEO of Stone Point Capital. Jim Carey, co-CEO, added that the firm’s consistency of team, strategy, and results provides a “distinct advantage” when sourcing and executing investments through its extensive network.
This raise marks a step-change from Trident IX, which closed at $9 billion in 2022, and further solidifies Stone Point’s reputation as a leading player in financial services-focused private equity. Over three decades, the firm has deployed capital across more than 160 companies in 10 verticals and 70-plus sub-sectors — supported by its expanding Stone Point Credit platform, now managing nearly $10 billion in AUM.
Debevoise & Plimpton served as Stone Point’s legal counsel for the Trident X fund formation.