TriState Capital Holdings’ $105 Million Capital Raising


Covington & Burling LLP advised TriState Capital Holdings on the deal.

TriState Capital Holdings, Inc. entered into a definitive agreement with funds managed by Stone Point Capital LLC to raise $105 million in new capital to finance the continued execution of the company’s high-growth strategy for its TriState Capital Bank and Chartwell Investment Partners businesses.

TriState Capital is a bank holding company headquartered in Pittsburgh, Pennsylvania, providing commercial banking, private banking and investment management services to middle-market companies, institutional clients and high-net-worth individuals. Its TriState Capital Bank subsidiary had $9.06 billion in assets as of June 30, 2020, and serves middle-market commercial customers through regional representative offices in Pittsburgh, Philadelphia, Cleveland, Edison, N.J., and New York City, as well as high-net-worth individuals nationwide through its national referral network of financial intermediaries. Its Chartwell Investment Partners subsidiary had $9.25 billion in assets under management as of June 30, 2020, and serves institutional clients and TriState Capital’s financial intermediary network.

Stone Point Capital LLC is a financial services-focused private equity firm based in Greenwich, Connecticut. The firm has raised and managed eight private equity funds – the Trident Funds – with aggregate committed capital of more than $26 billion. Stone Point targets investments in companies in the global financial services industry and related sectors.

The Covington team included Rusty Conner (Picture), Christopher DeCresce, Tom Kuhn, Charlotte May, Lauren Visek, and Julie Plyler (corporate), Dwight Smith (bank regulatory), and Matthew Franker (securities).

Involved fees earner: Frank Conner – Covington & Burling; Christopher DeCresce – Covington & Burling; Matthew Franker – Covington & Burling; Tom Kuhn – Covington & Burling; Julie Plyler – Covington & Burling; Dwight Smith – Covington & Burling; Lauren Visek – Covington & Burling;

Law Firms: Covington & Burling;

Clients: TriState Capital Holdings, Inc.;

Author: Ambrogio Visconti