Stone Point Capital

Office address: 20 Horseneck Lane, Greenwich, CT 06830
Website: www.stonepoint.com
Year established: 1985
Company type: PE/buyout
Employees: 190+
Expertise: human capital management, insurance services, lending and markets, wealth management and fund administration, healthcare and managed care services, insurance underwriting, asset management, real estate finance and services, insurance distribution, business services
Parent company: N/A
Key people: Charles Davis (co-CEO), James Carey (co-CEO), Jacqueline Giammarco (CCO), Sally DeVino (CFO), Nick Zerbib (CIO), David Wermuth (COO), Mike Hickey and Harrison Hunter (managing directors)
Financing status: N/A

Stone Point Capital, based in Greenwich, Connecticut, is an investment and private equity firm managing over $50 billion in assets. They provide private and liquid credit strategies through direct lending, commingled funds, and separately managed accounts, operating from offices including Florida and New York. With more than 190 employees, the company states they are committed to investing in businesses led by passionate individuals.

History of Stone Point Capital

Stone Point Capital was originally founded in 1985 by Marsh McLennan as MMC Capital. In 2005, Chuck Davis led a management buyout, transitioning the firm into Stone Point Capital by transferring ownership of MMC Capital’s managed funds. By 2020, the firm expanded into credit investments, raising $1 billion for direct lending and separately managed accounts.

In 2022, the portfolio grew by $1.8 billion, showing resilience despite a challenging market environment. In 2023, Stone Point partnered with Clayton, Dubilier & Rice to acquire Focus Financial Partners in a $7 billion deal. Additionally, the firm has partnered with Alliant Insurance Services, offering key resources to support its growth.

Products and Services of Stone Point Capital

Stone Point offers credit and investment services tailored to various industries and sectors, including their flagship Trident Funds and capital markets support. These key offerings include:

• direct lending: providing capital to middle-market companies through secured loans
• opportunistic credit: flexible investments in companies needing private capital solutions
• liquid credit: investing in broadly syndicated, rated credit instruments
• customized separately managed accounts: creating individualized investment strategies for specific client needs
• private credit funds: managing capital across private credit vehicles, including their Trident Funds, which focus on private equity investments
• capital markets services: delivers dedicated financing solutions for the firm and its portfolio companies
• sector-specific investments: targeting financial services, business services, software and technology, and healthcare industries

Stone Point Capital’s approach integrates deep industry knowledge with investment solutions, focusing on sectors like financial services, technology, and healthcare. This comprehensive strategy ensures ongoing support and value creation across their targeted industries.

Culture at Stone Point Capital

The organization emphasizes the importance of its people, offering personalized mentoring and training to support employee development. They focus on retaining and promoting junior professionals to ensure long-term growth and leadership within the firm. Opportunities for career growth at Stone Point Capital include:

• associate: analyzing potential investments and supporting the management of portfolio companies, requiring 2-3 years of relevant experience
• analyst: assisting deal teams with research, financial modeling, and due diligence, typically for recent college graduates with strong academic records
• summer program: an eight-week internship for associates and analysts, offering hands-on experience with deal teams across various functions

Stone Point Capital's ESG principles enhance investment performance and sustainability. Their 2023 "Sustainable Pathways" report emphasizes the importance of sustainability in navigating today’s complex investment environment. Their ESG key initiatives include:

• diverse and engaged employees: fostering inclusion and ensuring employee health, engagement, and productivity
• sustainable growth and community impact: driving value, addressing climate challenges, and supporting community development
• according to their 2024 ESG report:
  • net zero emissions by 2050
  • 1,050MW renewable capacity as of December 2023
  • 87 board directors trained in climate and ESG
  • 38 portfolio companies aligned with Paris climate targets

The company is dedicated to fostering a DEI-focused workplace, believing that varied perspectives lead to better investment decisions. They encourage open communication, idea-sharing, and constructive debate among their professionals, valuing strength through differences. Their commitment is reflected in several initiatives:

• DEI Committee: promoting diversity since 2018
• recruitment: focusing on attracting diverse talent
• education: providing DEI training to employees
• progress tracking: assessing and improving DEI initiatives
• community support: promoting diversity within communities and industries

Stone Point Capital focuses on making a positive impact in communities, not just through investments but also by giving back. Their volunteer and support programs help employees contribute to the places where they live and work.

About Stone Point Capital Co-CEOs Charles Davis and James Carey and Key People

Charles Davis serves as the co-CEO and chair of the organization and sits on the board of The Progressive Corporation. Before this, he led investment banking at Goldman Sachs and held leadership roles there. He is a University of Vermont graduate and athletic hall of fame inductee, with an MBA from Columbia University.

Jim Carey is co-CEO of Stone Point Capital and serves on the investment committees of the Trident Funds. He has over 25 years of experience in financial services, having previously worked at Merrill Lynch and Kelley Drye & Warren LLP. Carey holds a BS and JD from Boston College and an MBA from Duke University’s Fuqua School of Business.

Stone Point Capital’s team of key people is composed of seasoned professionals with deep expertise in financial services, dedicated to driving the firm’s success:

• Jacqueline Giammarco is the managing director and chief compliance officer, overseeing compliance strategy and ensuring all regulatory requirements are met
• Sally DeVino, as managing director and CFO, manages the firm’s financial operations, including budgeting and reporting
• Nick Zerbib serves as co-president and chief investment officer, leading investment strategy and portfolio management
• David Wermuth, co-president and COO, handles daily operations and ensures the firm runs efficiently
• Mike Hickey is the managing director and tax director, responsible for tax planning and compliance strategies
• Harrison Hunter serves as managing director, focusing on leading major investment initiatives within the firm

The Future at Stone Point Capital

Stone Point Capital announced a strategic investment in ClearPoint Health, providing affordable, sustainable medical stop-loss insurance solutions for small to mid-sized employers. This partnership is expected to drive ClearPoint’s growth, helping more employers transition to self-funded insurance models while benefiting from transparent and clinically integrated programs. Stone Point's expertise in employee benefits will broaden ClearPoint’s offerings, fueling future expansion in the healthcare market.

Stone Point Capital, alongside Clayton, Dubilier & Rice, recently led the $15.5 billion acquisition of Truist Insurance Holdings from Truist Financial Corporation. This move strengthens Stone Point’s position in the insurance sector, enabling future growth through expanded operations. With its role on Truist’s board, the company will guide strategic investments in technology and services, positioning the company for long-term success and growth.