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September 23, 2019Cart

Business

by Fairfield County Business Journal
by FCBJ

Stone Point Capital completes $340M acquisition of Rialto Investment

Greenwich’s Stone Point Capital has completed the $340 million acquisition of Rialto Investment and Asset Management from Miami home construction and real estate firm Lennar Corp.

Lennar CFO Diane Bessette said the deal “is a significant component of our strategy of reverting to our pure-play core homebuilding platform. The closing of this deal generates substantial cash flow, which aligns with our previously stated capital and capital allocation strategy.”

Lennar is retaining its Rialto Mortgage Finance business, which it is moving into its Financial Services business, and is also retaining its fund investments ($294 million as of Aug. 31), along with its carried interests in various Rialto funds and investments in other Rialto balance sheet assets.

Stone Point Capital LLC is a financial services-focused private equity firm that has raised and managed seven private equity funds – the Trident Funds – with aggregate committed capital of approximately $19 billion.