Stone Point Capital is set to hold a final close on its fifth Trident fund on $3.5 billion, well above its original hard-cap of $3 billion, according to a person with knowledge of the fundraising.
The firm will hold a final close on Friday, the source said. The final close date could not be confirmed with Stone Point, which did not return a call for comment.
Trident V’s over-subscription is significant in the stagnant fundraising environment, especially since the firm had collected more than $1.5 billion by August.
“The money came pouring in,” the person said, attributing Fund V’s popularity to the performance of the prior funds and the team’s pedigree.
Stone Point closed its fourth Trident fund on $2.25 billion, beating its target of $1.75 billion. Trident IV was generating an about 13 percent internal rate of return and a 1.2x cash-on-cash multiple as of 30 June, the person said.
Investors in the fund include the Canada Pension Plan, the Kuwait Investment Authority, Teachers Insurance and Annuity Association and College Retirement Equities Fund, Caisse de Dépôt, General Electric and HarbourVest Partners.
Lazard served as placement agent for the fund.
The Trident funds target investments in insurance and other financial services. The firm is led by chief executive Charles Davis and chairman Steve Friedman, who were, prior to Stone Point, head of investment banking and chairman of Goldman Sachs, respectively.
Stone Point spun 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.