Stone Point Capital is piloting a new evergreen private equity fund of around $1bn, as it seeks to expand its reach into the retail wealth market, according to Bloomberg. 

The initiative reflects growing interest among mid-sized firms in tapping individual investors.

The Greenwich-based private equity firm is backing the vehicle with capital from its Trident flagship funds, according to people familiar with the matter. The fund is expected to include between $200m and $400m from potential external seed investors.

Evergreen funds typically offer lower minimum investments than traditional private equity vehicles and allow quarterly liquidity. These features make them more accessible to wealthy individuals than closed-end funds.

The new fund will co-invest alongside Trident X, which closed in July with $11.5bn of capital. Stone Point has proposed a cap of 5% on co-investments offered by Trident X. The evergreen fund will also invest across preferred equity, insurance solutions, and credit.

Stone Point manages more than $65bn across private equity and credit strategies. The firm hopes that building a track record with evergreen structures will enable it to access broader distribution channels for future funds. Stone Point declined to comment.

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