Louisiana Teachers backs financial services-focused Trident VI


US state pension fund Louisiana Teachers has confirmed a commitment of $50m to financial services investor Stone Point Capital’s $4.5bn-targeting Trident VI fund.

The firm is said to be nearing a final close for the fund.

Last year it was reported that Trident VI had secured a $60m commitment from the Tennessee Consolidated Retirement System.

Stone Point has to date raised five funds with aggregate capital of $9bn and close to $6bn of additional equity co-investments and commitments.

The firm is currently investing its fifth fund, Trident V, which has $3.5bn of capital. Prior funds include Trident IV, a $2.25bn fund raised in 2007; Trident III, a $1.1bn fund raised in 2004; Trident II, a $1.4bn fund raised in 1999; and The Trident Partnership, a $667m fund raised in 1994.

Stone Point’s Trident V fund was generating an IRR of four per cent as of the end of June 2013, according to CalPERS data.

Copyright © 2014 AltAssets