Stone Point Capital and GIC’s Acquisition of Ascensus

Dechert advised GIC, Simpson Thacher represented funds managed by Stone Point Capital LLC, while Willkie represented Ascensus on the deal. Kirkland & Ellis represented Stone Point Capital on the financing aspects of its acquisition.

GIC, the sovereign wealth fund of Singapore, entered into a definitive agreement to acquire, along with Stone Point Capital, Ascensus from its current private equity owners.

Genstar Capital and Aquiline Capital Partners will maintain a minority stake in Ascensus.

Ascensus is the largest independent recordkeeping services provider, third-party administrator, and government savings facilitator in the United States.

Stone Point is an investment firm based in Greenwich, CT, with approximately $30 billion of assets under management. Stone Point targets investments in companies in the global financial services industry and related sectors.

Headquartered in Singapore, GIC is a leading global investment firm managing its foreign reserves, engaging across a wide range of asset classes in over 40 countries.

The Dechert team advising GIC included corporate partners Mark Thierfelder (Picture), Jonathan Kim, Bernardo Piereck and associates Jake Greenberg and Ranjini Ramesh; tax partner Joshua Milgrim and associate Andy Lau; international trade and government regulation partner Jeremy Zucker and associate Hrishikesh Hari; and antitrust partners Clemens Graf York von Wartenburg and Mike Cowie and counsel Michael Okkonen.

The Willkie team was led by partners Jeffrey Poss and Manuel Miranda, and included associates Halie Klein and Thomas Sharkey.

Simpson Thacher represented funds managed by Stone Point Capital with Elizabeth Cooper, Mark Viera, Nena Burchard and Jule Walsh (M&A); David Rubinsky and Harry Hudesman (Executive Compensation and Employee Benefits); Jonathan Goldstein and Joseph Tootle (Tax); Adam Cohen and Spencer Sloan (Financial Institutions); David Blass and Meredith Abrams (FINRA); Brian Robbins, Jeanne Annarumma, Jennifer Neilsson and Ashlie Lawton (ERISA); Lori Lesser and Kate Mirino (Intellectual Property); Dennis Loiacono (Real Estate); Michael Isby (Environmental); Peter Guryan and Rick Jamgochian (Antitrust); and Vanessa Burrows (Healthcare).

Kirkland & Ellis represented Stone Point Capital with a team led by debt finance partners Eric Wedel, Ryan Rafferty and associate Marc Weinstein.

Involved fees earner: Clemens Graf York von Wartenburg – Dechert; Mike Cowie – Dechert; Jake Greenberg – Dechert; Hrishikesh Hari – Dechert; Jonathan Kim – Dechert; Andy Lau – Dechert; Joshua Milgrim – Dechert; Michael Okkonen – Dechert; Bernardo Piereck – Dechert; Ranjini Ramesh – Dechert; Mark Thierfelder – Dechert; Jeremy Zucker – Dechert; Ryan Rafferty – Kirkland & Ellis; Eric Wedel – Kirkland & Ellis; Marc Weinstein – Kirkland & Ellis; Meredith Abrams – Simpson Thacher & Bartlett; Jeanne Annarumma – Simpson Thacher & Bartlett; David Blass – Simpson Thacher & Bartlett; Nena Burchard – Simpson Thacher & Bartlett; Vanessa Burrows – Simpson Thacher & Bartlett; Adam Cohen – Simpson Thacher & Bartlett; Elizabeth Cooper – Simpson Thacher & Bartlett; Jonathan Goldstein – Simpson Thacher & Bartlett; Peter Guryan – Simpson Thacher & Bartlett; Michael Isby – Simpson Thacher & Bartlett; Richard Jamgochian – Simpson Thacher & Bartlett; Ashlie Lawton – Simpson Thacher & Bartlett; Lori Lesser – Simpson Thacher & Bartlett; Dennis Loiacono – Simpson Thacher & Bartlett; Kate Mirino – Simpson Thacher & Bartlett; Jennifer Neilsson – Simpson Thacher & Bartlett; Brian Robbins – Simpson Thacher & Bartlett; David Rubinsky – Simpson Thacher & Bartlett; Spencer Sloan – Simpson Thacher & Bartlett; Joseph Tootle – Simpson Thacher & Bartlett; Mark Viera – Simpson Thacher & Bartlett; Jule Walsh – Simpson Thacher & Bartlett; Harry Hudesman – White & Case; Halie Klein – Willkie Farr & Gallagher; Manuel Miranda – Willkie Farr & Gallagher; Jeffrey Poss – Willkie Farr & Gallagher; Thomas Sharkey – Willkie Farr & Gallagher;

Law Firms: Dechert; Kirkland & Ellis; Simpson Thacher & Bartlett; White & Case; Willkie Farr & Gallagher;

Clients: Ascensus; GIC Private Limited; Stone Point Capital LLC;

Author: Martina Bellini