Stone Point Capital Closes 10th PE Fund, Exceeding $9 Billion Target by $2.5B
Private equity firm Stone Point Capital LLC has closed its 10th private equity fund, Trident X, with $11.5 billion in total commitments. The company said Trident X exceeded its original target and hard cap of $9 billion and is approximately $2.5 billion larger than Trident IX, a $9 billion fund, which closed in 2022.
Stone Point Capital, which has more than $65 billion of assets under management, invests in alternative asset classes, including private equity through its flagship Trident Funds and credit through commingled funds and separately managed accounts.
Trident X began its investment period in May 2025 and has closed on one investment to date – Ultimus Fund Solutions, an independent provider of fund administration services to investment advisers, fund managers, and institutional investors. Stone Point Capital invested in Ultimus along with another private equity firm, GTCR; each controls the company with equal governance.
At the time of that agreement, Jim Carey, co-chief executive officer of Stone Point Capital said: “Ultimus is well-positioned to capitalize on the increasing demand for fund administration services, particularly in complex, high growth areas such as retail alternatives, where we believe the company’s expertise and capabilities are unmatched. We look forward to supporting Ultimus’s continued success.”
Stone Point has also been no stranger to investments in registered investment advisers and broker-dealers of late. In October 2024, it acquired a majority stake in Kestra Holdings, buying out Warburg Pincus’ share. Stone Point had a prior relationship with Kestra, having controlled the company from 2016 to 2019.
For the latest capital raise, Trident X received strong support from its existing investor base, as well as first-time commitments from a number of leading institutional investors globally. General partner and affiliated entities contributed approximately $750 million.
“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, chairman and co-CEO of Stone Point Capital. “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 has over 30 years of experience investing in the global financial services industry, beginning with private equity investments in insurance underwriting and expanding over time into a wide range of financial and business services sectors. Members of the senior leadership team have led operations since 1998.
According to the firm, it partners with experienced management teams and is flexible with respect to the types of transactions pursued through its Trident Funds. Stone Point has experience in standalone structured buyouts, as well as in carve-outs from larger organizations – bringing deep sector knowledge and an expansive network to every portfolio company engagement.
Stone Point has invested in more than 160 companies across 10 active verticals and over 70 sub-sectors. The firm also has a credit-investing platform, Stone Point Credit, which has nearly $10 billion of AUM.
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