Stone Point Capital LLC
Script error: No such module "Draft topics".
Script error: No such module "AfC topic".
| Private | |
| ISIN | 🆔 |
| Industry | Private equity |
| Predecessor | MMC Capital |
| Founded 📆 | 2005 |
| Founders 👔 |
|
| Headquarters 🏙️ | Greenwich, Connecticut, U.S. |
Area served 🗺️ | |
Key people |
|
| 💎 AUM | US$44.5 billion (March 2023) |
| Members | |
Number of employees | 103 (March 2023) |
| 🌐 Website | www |
| 📇 Address | |
| 📞 telephone | |
| Footnotes / references [1] | |
Stone Point Capital (Stone Point) is an American private equity firm headquartered in Greenwich, Connecticut. It has additional offices in New York and West Palm Beach, Florida.[2]
The firm has a focus on investing in businesses within the financial services industry.[2]
Background[edit]
In 2005, the management team of MMC Capital, the private equity subsidiary of Marsh McLennan completed a management buyout which led to it spinning off an independent firm named Stone Point Capital which would be based in Greenwich, Connecticut.[3][4][5] At the time Marsh McLennan was under regulatory scrutiny from the U.S. Securities and Exchange Commission for related party transactions between it and MMC Capital.[3][4][5] The Attorney General of New York, Eliot Spitzer had sued Marsh McLennan for bid rigging and a conflict of interest in brokerage handling of customer accounts.[3][4][5] Stone Point would continue to manage the Trident Funds which were first established by MMC Capital in 1994.[3][4]
In November 2005, Stone Point provided Todd Combs with $35 milion to launch a hedge fund, Castle Point Capital. Despite its success it was closed in 2010 after Combs decided to become Chief investment officer at Berkshire Hathaway.[6]
In April 2023, American International Group and Stone point formed Private Client Select Insurance Services, a managing general agent to serve high-net-worth individuals.[7]
Funds[edit]
| Fund[8] | Vintage Year | Committed Capital ($m) |
|---|---|---|
| Trident Fund I | 1994 | 667 |
| Trident Fund II | 1999 | 1,400 |
| Trident Fund III | 2004 | 1,100 |
| Trident Fund IV | 2007 | 2,250 |
| Trident Fund V | 2010 | 3,500 |
| Trident Fund VI | 2014 | 4,500 |
| Trident Fund VII | 2017 | 5,500 |
| Trident Fund VIII | 2020 | 7,000 |
| Trident Fund IX[9] | 2022 | 9,000 |
Notable deals[edit]
On December 30, 2012, Duff & Phelps which was a listed company at the time agreed to a privatization offer from a investor consortium that included The Carlyle Group, Stone Point, Pictet & Cie and Edmond de Rothschild Group for $665.5 Million.[10] In December 2015, Stone Point and the other investors sold their stakes to the Carlyle Group.[11] On November 1, 2017, Duff & Phelps was acquired by Permira for $1.75 billion.[12] In January 2020, Stone Point and Further Global Capital Management acquired Duff & Phelps from Permira for $4.2 billion.[13]
In April 2017, Stone Point and KKR acquired a majority stake in Focus Financial Partners for $2 billion.[14]
In February 2018, Stone Point acquired a majority interest in LegalShield from MidOcean Partners.[15]
In April 2018, Stone Point acquired a majority stake in Mitchell International from KKR and Elliott Investment Management.[16]
In February 2021, Stone Point and Insight Partners acquired CoreLogic in a $6 billion transaction.[17][18]
In April 2021, Stone Point and GIC acquired Ascensus for $3 billion.[19]
In April 2022, Tivity Health agreed to a privatization offer and was acquired by Stone Point for $2 billion.[20]
In February 2023, Stone Point acquired a 20% stake of the insurance brokerage unit of Truist Financial for $14.75 billion.[21]
Lawsuit[edit]
On June 6, 2019, Spinner Consulting LLC sued Stone Point for participating in a conspiracy with competitors to charge excessive fees for bankruptcy services.[22] On April 13, 2021, the court sided with Stone Point.[23]
References[edit]
- ↑ "Form ADV" (PDF). SEC.
- ↑ 2.0 2.1 "Stone Point Is Said to Seek $4.5 Billion Financial-Services Fund". Bloomberg.com. 2013-09-18. Retrieved 2023-06-25.
- ↑ 3.0 3.1 3.2 3.3 Snow, David (2012-12-30). "MMC regroups as Stone Point". Private Equity International. Retrieved 2023-06-25.
- ↑ 4.0 4.1 4.2 4.3 "MMC Capital Sold; Renamed Stone Point". PropertyCasualty360. Retrieved 2023-06-25.
- ↑ 5.0 5.1 5.2 "MMC Capital renamed Stone Point following MBO; Friedman rejoins". Insurance Insider. 2005-06-06. Retrieved 2023-06-25.
- ↑ Ovide, Shira (2010-10-26). "Read the Farewell Letter from Todd Combs' Hedge Fund". Wall Street Journal. ISSN 0099-9660. Retrieved 2023-06-25.
- ↑ Jain, Saumya (2023-04-27). "AIG finalises agreement with Stone Point to launch high net worth MGA - Reinsurance News". ReinsuranceNe.ws. Retrieved 2023-06-25.
- ↑ "Stone Point Capital | Palico". www.palico.com. Retrieved 2023-06-25.
- ↑ "Stone Point Capital closes Trident IX with $9B of committed capital – Private Equity Insider". www.pe-insider.com. Retrieved 2023-06-25.
- ↑ Dealbook (2012-12-31). "Duff & Phelps to Be Sold for $665.5 Million". DealBook. Retrieved 2023-06-25.
- ↑ "Duff & Phelps Announces New Minority Investment | Carlyle". www.carlyle.com. Retrieved 2023-06-25.
- ↑ "Duff & Phelps to be Acquired by the Permira Funds for $1.75 Billion". www.permira.com. Retrieved 2023-06-25.
- ↑ Garcia, Luis. "Stone Point-Led Group Completes $4.2 Billion Duff & Phelps Deal Despite Coronavirus". WSJ. Retrieved 2023-06-25.
- ↑ Wursthorn, Michael (2017-04-18). "Focus Financial Stake Sale Underscores Allure of Independent Advisers". Wall Street Journal. ISSN 0099-9660. Retrieved 2023-06-25.
- ↑ "Stone Point to Buy Majority Stake in LegalShield From MidOcean Partners". WSJ. Retrieved 2023-06-25.
- ↑ "Stone Point Capital Acquires Majority Stake in Mitchell International | Insurance Innovation Reporter". iireporter.com. Retrieved 2023-06-25.
- ↑ "CoreLogic to be acquired by PE firms for $6bn". Financier Worldwide. Retrieved 2023-06-25.
- ↑ "Stone Point Capital and Insight Partners seal $6 billion deal for CoreLogic". www.mpamag.com. Retrieved 2023-06-25.
- ↑ "Stone Point and GIC Near $3 Billion Deal for Ascensus". Bloomberg.com. 2021-04-26. Retrieved 2023-06-25.
- ↑ "Fitness company Tivity Health to be bought by Stone Point Capital for $2 bln". Reuters. 2022-04-05. Retrieved 2023-06-25.
- ↑ Nishant, Niket; Nishant, Niket (2023-02-16). "Truist to sell 20% stake in $14.75 bln insurance unit to Stone Point". Reuters. Retrieved 2023-06-25.
- ↑ "Stone Point Capital Accused of Bankruptcy Fee Conspiracy". news.bloomberglaw.com. Retrieved 2023-06-25.
- ↑ "Stone Point Wins Antitrust Appeal Over Bankruptcy Fees (Correct)". news.bloomberglaw.com. Retrieved 2023-06-25.
External links[edit]
| Basic investment types |  | ||||||
|---|---|---|---|---|---|---|---|
| History | |||||||
| Terms and concepts |
| ||||||
| Investors | |||||||
| Related financial terms | |||||||
This article "Stone Point Capital" is from Wikipedia. The list of its authors can be seen in its historical and/or the page Edithistory:Stone Point Capital. Articles copied from Draft Namespace on Wikipedia could be seen on the Draft Namespace of Wikipedia and not main one.
