Connecticut-based Stone Point Capital closed its ninth private equity offering at over $9 billion with significant buy-in from pensions and other leading institutional investors.
Investors include: State Board of Administration of Florida; Massachusetts PRIM Board; Virginia Retirement System; State of Wisconsin Investment Board; and CalPERS.
The buyout fund is focused on financial services and related industries began its investment period last September and has closed on three investments to date — Businessolver, Beeline and Tivity.
Businessolver is a provider of employee benefits administration software, while Beeline is a workforce management software platform. Lastly, Tivity is a provider of supplemental benefits to the Medicare Advantage and Medicate Supplement markets.
“We believe that our industry focus, established team and network of long-term relationships will enable Stone Point to continue to deploy capital with best-in-class management teams and create value for our investors,” said Jim Carey, a managing director of Stone Point.
The $40 billion firm invests in private equity through its flagship Trident Funds, but also offers liquid and private credit funds and managed accounts. Stone Point’s predecessor fund, Trident VIII, closed in 2020 with $7 billion in capital commitments.