Connecticut-based Stone Point Capital, a private equity shop focused on the financial services sector is on the hunt for new companies for its Trident VI vehicle.
Fund VI is the successor to Trident Fund V. Current portfolio companies were not disclosed, although Stone Point targets investments between $50 million and $350 million for financial services companies. Recent acquisitions have focused specifically on insurers and insurance service providers.
In June, Stone Point co-invested with KKR in on First Data, a global payments processor. That deal was part of a broader effort by KKR to turnaround First Data, which has been in the red since KKR acquired the company in 2007. The co-investment came from Stone Point's Fund V.
Fund VI closed on $4.5 billion earlier this year, a majority of interest in the new fund came from existing investors alongside new institutional backing.
The Florida State Board of Administration invested $75 million in the fund, PEI reported in April.
In June, Stone Point Capital acquired LTCG, a business process outsourcer for long-term care insurance. Also in June, Univita Health agreed to sell its administration services division to Stone Point.
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