2025 Year In Review - Stone Point

2025 was a productive year across the Stone Point platform. Our private equity business fully deployed Fund IX and successfully raised and began investing from Fund X, which closed in mid-2025 with $11.5 billion in total commitments. In addition, Stone Point Credit expanded to more than $13.5 billion in assets under management, reflecting strong momentum in capital raising and deployment¹. Stone Point Capital Markets continued to support firmwide investment activity through its structuring, arranging, underwriting and distribution capabilities². Further, we continue to build Stone Point Insurance Solutions by partnering with investors to deliver tailored capital and asset management solutions to the (re)insurance industry.

In 2025, we welcomed 42 new team members to Stone Point and were pleased to promote three investment professionals to Managing Director.

We believe our specialization in financial services continues to differentiate our origination and underwriting capabilities, positioning our private equity and credit portfolios for durable investment outcomes across market cycles.

205⁺ Total
Employees

120 Investment
Professionals

24⁺ Years Average Tenure of
Investment Committees³

Private Equity Activity

We remain focused on building strategic partnerships with best-in-class management teams and are encouraged by our strong performance across the financial services sector and our 70 subsectors. In 2025, we made six new investments, representing $3.6 billion of committed capital. In addition, we raised $1.5 billion of co-invest alongside these deals from limited partners. During the year, the unrealized value of our portfolio increased by approximately $3.3 billion, or 9.3%⁵.

We also achieved strong distributions in 2025, returning $5.8 billion⁶ to investors. In light of challenges in the macroeconomic environment, we are particularly pleased with our steady distribution pace, having returned an average of $4.7 billion annually over the last five years.

We approach 2026 with measured optimism about the market and conviction that our sector focus and specialization leave us well positioned to continue delivering for our investors, partners and portfolio companies.

Commitments⁴

~$3.6B

Committed

New
Investments

~$1.5B

LP Co-invest Raised

100+

Add-Ons

Distributions⁶

~$5.8B

Returned

Full Exits⁷

Partial Exit

Pending Exits

Capital Markets

~$49B

Debt Raised

Transactions

Recaps

2025 New Private Equity Investments⁴

Ardonagh

The 2nd largest private insurance broker outside the U.S.⁸, with scaled operations in the U.K., Ireland, Portugal, Brazil and Australia

Keller Williams

A real estate franchise with a network of more than 1,000 market center offices, 165,000 affiliated agents and is one of the largest real estate franchise brands in the U.S. based on number of transactions and sales volume

Kestra

A leading wealth management platform providing financial advice to clients as well as essential business infrastructure to financial advisors

OneDigital

A leading insurance brokerage, financial services and workforce consulting firm

The Difference Card

A leading provider of employer healthcare cost containment solutions

Ultimus Fund Solutions

A leading independent provider of fund administration and related services to registered funds, private funds and public plans

Private Equity Highlights

Fund X

Stone Point closed Fund X with $11.5 billion of committed capital.

Fund X exceeded its original target and hard cap of $9 billion, and received strong support from its existing investor base, as well as first-time commitments from several leading institutional investors. The Fund commenced its investment period in May 2025 and held its final closing in July 2025.

Continuation Vehicle

Stone Point closed its first multi-asset continuation vehicle in October 2025.

The CV transaction was valued at $3.0 billion⁹ and involves eight assets across Fund V, Fund VII and Fund VIII. We were pleased to offer our existing limited partners an accelerated liquidity option to lock in the strong performance of the assets included in the CV as well as a status quo option to remain invested and participate in the potential upside of the CV portfolio. We received meaningful rollover support from our existing investors and additional backing from new CV investors.

Stone Point Credit Activity

In 2025, Stone Point Credit continued to scale, ending the year with more than $13.5 billion in assets under management¹ and over 60 dedicated team members¹⁰. Our steady growth reflects our differentiated market position as a sector-focused credit platform, supported by our deep domain experience and extensive network across financial services and related sectors.

During the year, we raised approximately $3 billion across commingled vehicles and customized accounts, expanding our product suite to meet evolving investor needs. With a flexible, growing capital base, we deployed over $4.5 billion¹¹ of capital across the corporate credit and structured credit landscape. We believe our investment portfolios – across our direct lending, opportunistic credit and liquid credit strategies – delivered attractive results and remain well positioned as we enter 2026.

As market conditions continue to evolve, we remain focused on leveraging our sector specialization to support durable value creation for our investors, portfolio companies and financial sponsors.

$13.5B+

Assets
Under
Management¹

$4.5B+

Capital
Deployed
in 2025¹¹

60+

Credit
Team
Members¹⁰

~$3B

Capital
Raised
in 2025

Middle Market CLO Program

Stone Point Credit Launches its Middle Market CLO Program

Stone Point Credit launched its middle market CLO program in 2025 with the successful close of two transactions. The CLOs primarily target first lien, direct lending investments in sponsor-backed, middle market companies within Stone Point’s sectors of focus. The launch of our middle market CLO program marks our continued commitment to developing customized solutions in partnership with our investors.

Representative Credit Transactions¹²

AOM

Provider of highly specialized home and ambulatory infusion therapy services

Enstar

Acquirer and manager of run-off portfolios of non-life insurance and reinsurance liabilities

Flow Traders

Global trading firm that provides liquidity across more than 6,600 exchange-traded products spanning multiple asset classes

Fullsteam

Integrates modern, scalable payments technology with vertical software to deliver industry-specific business management solutions

Corporate Citizenship Update

Corporate citizenship continues to be a focus of Stone Point.

In 2025, through the Stone Point Capital Foundation, we supported 20+ organizations that promote racial equity, social justice and health & welfare through education and other initiatives, as well as various other charitable causes. In addition, Stone Point employees have continued to partner with several organizations to provide mentoring and other volunteer services.

For more information on our strategies,

please contact IR@stonepoint.com or SPCreditIR@stonepoint.com

Endnotes

Represents preliminary pro forma AUM as of December 31, 2025, including recently closed commitments through February 15, 2026. AUM is calculated using total assets plus unfunded capital commitments.
Stone Point Capital Markets (“SPCM”) incorporates a broker-dealer, SPC Capital Markets LLC, which is a registered broker-dealer with the SEC, and a member of FINRA and SIPC, and has a dedicated team with capabilities to originate, structure, arrange, underwrite and distribute a wide array of capital solutions, including structured products. SPCM also incorporates SPC Financing Company LLC, a financing company involved in arranging or originating loans for portfolio companies and/or sponsors. Certain of our employees are dual employees of Stone Point Capital LLC and SPC Capital Markets LLC.
Reflects both the Private Equity and Credit Investment Committees. Private Equity and Credit IC tenures include years worked at Stone Point's predecessor, MMC Capital. Credit IC tenure also includes years worked at Stone Point Capital prior to the launch of Stone Point Credit.
Includes all deals closed in 2025. Excludes continuation vehicle assets.
Change in portfolio value reflects 2025 carrying value less 2024 carrying value plus distributions during 2025 less investments in 2025.
Past distributions are not indicative of our ability to deliver similar distributions in the future. Excludes expected proceeds from exits that were pending as of December 31, 2025.
Includes eight assets exited to Stone Point’s multi-asset continuation vehicle. Approximately 75% of Fund V and VII CV proceeds were paid at closing. The remaining 25% is expected to be paid 12 months following closing. Fund VIII received 100% of CV proceeds at closing.
Based on 2024 total revenue (rankings by A.M. Best).
Excludes unfunded commitments.
Includes one professional whose focus is shared across Stone Point Credit and Stone Point Capital.
Represents total 2025 investment commitments. Excludes co-invest commitments.
The select investments presented represent the largest direct lending and opportunistic investments led or co-led by Stone Point Credit during 2025. Such investments are being provided solely for the purpose of illustrating examples that are consistent with the investment strategy and targeted sectors of Stone Point Credit. The information shown on this page should not be used as a basis for investment decisions nor should it be considered an indication of the performance of Stone Point Credit's portfolio. A full list of investments is available upon request.

Disclaimer

The information contained herein is as of December 31, 2025, unless otherwise noted. The information and its contents are the property of Stone Point Capital LLC, Stone Point Credit Adviser LLC and Stone Point Credit Income Adviser LLC (together, “Stone Point”). Any unauthorized dissemination, copying or use of this Year in Review is strictly prohibited and may be in violation of law.

The information contained herein is not an offer to sell or a solicitation of an offer to purchase an interest in any entity or investment vehicle. Any such offer or solicitation will only be made through formal offering materials.

Past performance is not indicative or a guarantee of future performance.

Stone Point does not provide legal, accounting or tax advice. Any statement regarding such matters is explanatory and may not be relied upon as definitive advice. All investors are advised to consult with their legal, accounting and tax advisers regarding any potential investment.

2025Year in Review