Simpson Thacher is representing funds managed by Stone Point Capital LLC in connection with their agreement to acquire a majority interest in Kestra Holdings, replacing current partner Warburg Pincus LLC. Private equity firm Oak Hill Capital will remain a minority owner. Subject to customary regulatory approvals, the transaction is expected to close in the first quarter of 2025.
Kestra Holdings offers industry-leading wealth management platforms for independent wealth management professionals nationwide. Kestra Holdings companies support independent financial professionals across the country in delivering comprehensive securities, trust, and investment advisory services to their clients.
Stone Point is an investment firm based in Greenwich, Connecticut, with more than $55 billion of assets under management. Stone Point targets investments in companies in the global financial services industry and related sectors. The firm invests in alternative asset classes, including private equity through its flagship Trident Funds and credit through commingled funds and separately managed accounts. In addition, Stone Point Capital Markets supports its firm, portfolio companies and other clients by providing dedicated financing solutions.
Stone Point first invested in Kestra in 2016, supporting its spinout from NFP before becoming a minority investor in 2019. Stone Point then sold its minority interest to Oak Hill in 2022.
The Simpson Thacher team includes Elizabeth Cooper, Mark Viera, Beth DiSciullo, Jack Parsons and Aydin Benoit-Savci (M&A); Benjamin Rippeon and William Smolinski (Tax); David Rubinsky, Ryan Stott and Abigail Janik (Executive Compensation and Employee Benefits); Spencer Sloan and Collin Janus (Financial Institutions); Dennis Loiacono (Real Estate); Lori Lesser and Christian Bond (Intellectual Property); Peter Guryan and Richard Jamgochian (Antitrust); and Catherine Burns (Banking and Credit).