Stone Point to Join Push for Retail Wealth With $1 Billion Fund

Stone Point Capital is testing a roughly $1 billion fund that it hopes to one day open to wealthy individuals, as smaller private-markets firms seek to emulate their larger peers in tapping the multitrillion-dollar retail market.

The Greenwich, Connecticut-based private equity firm is backing the new vehicle, a so-called evergreen fund, with capital from its Trident flagship private equity funds, according to people familiar with the matter.

Evergreen funds typically require smaller initial investments than traditional private equity funds and allow clients to cash out quarterly, making them more accessible to retail investors.

Stone Point’s evergreen fund will include $200 ...