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.