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Stone Point Capital LLC, the private equity powerhouse known for its deep play in financial services, announced Monday it has closed its largest fund ever — the $11.5 billion Trident X Fund — smashing past its $9 billion target and hard cap.

Advised by Debevoise & Plimpton LLP, the new flagship fund represents a significant leap from Trident IX, which closed at $9 billion in 2022. The close underscores investor confidence in Stone Point’s disciplined and strategic approach to building businesses in the financial services and adjacent sectors.

“We believe the consistency of our team, strategy, and results continues to give us a distinct advantage,” said Co-CEO Jim Carey, pointing to the firm’s tightly knit network as a powerful deal-sourcing engine.

Big Fund, Big Ambitions

Trident X began deploying capital in May and has already locked in its first deal: an investment in Ultimate Fund Solutions, a full-service fund administrator.

The fund drew strong backing from returning investors and secured first-time commitments from a mix of global institutional backers. The general partner and affiliated entities also chipped in $750 million, showing Stone Point's own skin in the game.

30 Years, 160+ Investments

Founded over three decades ago, Stone Point started by targeting insurance and underwriting businesses and has since expanded across 10 verticals and 70+ sub-sectors — from fintech to asset management to wealth advisory platforms.

“With Trident X, we will continue doing what we believe we do best,” said Chairman and Co-CEO Chuck Davis. “That means identifying exceptional owner-operators in and around the global financial services ecosystem and helping them build enduring value.”

Flexible Strategy, Focused Vision

Stone Point emphasized its transactional flexibility, highlighting experience in structured buyouts, carve-outs, and strategic partnerships with founder-led businesses. The firm takes pride in its partnership model, working closely with management teams to scale companies across cycles.

“Our Trident Funds have withstood 30 years and multiple market shocks,” Davis added. “We’re proud of that resilience and excited for what lies ahead.”

Legal Counsel

While Debevoise & Plimpton LLP advised on the fundraise, full details of the legal team were not immediately available.