Stone Point’s New Evergreen Fund: Private Equity for Retail Investors with Trident X Edge

The plan by Stone Point Capital to pilot a $1 billion evergreen fund represents a deliberate shift into the retail wealth space, aligning with broader industry moves toward more flexible private market vehicles. By seeding the fund with capital from its Trident series, Stone Point leverages existing institutional credibility to attract individuals beyond its traditional LP base. However, because evergreen funds typically allow periodic liquidity and lower minimums, they introduce structural tensions—between liquidity expectations and private markets’ long-duration investments—that Stone Point must manage carefully.

Stone Point’s context is important: earlier in 2025 it closed Trident X at $11.5 billion, its largest fund ever, outstripping both its target ($9 billion) and predecessor Trident IX ($9 billion) closed in 2022. The firm placed ~$750 million of its GP/affiliated capital into Trident X, underscoring alignment with institutional LPs. [2][3]

From a product design standpoint, the evergreen fund will co-invest alongside Trident X, with a proposed cap of 5% on co-investments from Trident X allocated to this new vehicle. It will also invest in preferred equity, insurance solutions, and credit—suggesting a hybrid, multi-asset structure that spreads exposures across different risk/liquidity profiles. These features are intended to give more regular return flows compared to traditional closed-end private equity funds. [1]

Strategically, opening up to retail capital gives Stone Point access to additional fundraising potential and distribution channels. But it also heightens regulatory, operational, and liquidity-management risks. In parallel, industry groups like ILPA have raised concerns over the boom in retail capital into private equity via evergreen vehicles, warning of misaligned incentives, potential degradation of investment quality, and the marginalization of institutional LPs. [4]

Open questions remain: what will be the minimum investment threshold, fee and carry structure, redemption/gating terms, valuation methodology, and reporting transparency? Also, how will this fund handle liquidity mismatches during market downturns or during mass redemption events? And how will Stone Point balance investor expectations across retail vs institutional stakes?