Stone Point Capital has closed its Trident IV fund on $2.25 billion (€1.62 billion), reportedly surpassing its $1.75 billion target. The fund will continue its predecessors’ strategy of targeting investments of between $25 million and $350 million in the global insurance and financial services industries.
The Connecticut firm span out of Marsh & McLennan Company’s MMC Capital in June 2005. It manages the Trident Funds, which have committed capital of more than $10 billion. The new fund includes both existing and new investors.
Trident IV has already made several investments: in June the fund, along with insurance brokerage executives John Hahn and Dan Francis, committed $100 million to form Edgewood Partners Insurance Center, a retail property/casualty and employee benefits insurance brokerage in California.
The fund also acquired Automobile Protection Corporation, a Ford Motor Company division that provides vehicle service contracts to Ford dealers, as well as managed care provider GENEX.
Stone Point is led by chief executive Charles Davis and chairman Steve Friedman. Prior to joining MMC Capital, the two were, respectively, head of investment banking and chairman of Goldman Sachs.