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Stone Point fund takes controlling interest in Sabal Capital Partners

Stone Point Capital's Trident VII private equity fund is acquiring a controlling stake in real estate credit manager Sabal Capital Partners, said Pat Jackson, Sabal's CEO.

Mr. Jackson will retain a significant minority interest in the firm. Terms of the deal are not being disclosed.

Currently, private investors own stakes in Sabal, Mr. Jackson said.

"We've gotten so large and we see so much opportunity, we needed to align with an institutional partner to take us to the next level," Mr. Jackson said.

Sabal specializes in small-balance real estate loans, which firm executives define as $1 million to $15 million. The average loan in the firm's portfolio is $3 million to $4 million.

Sabal has $215 million in assets under management and is raising a $500 million fund.

"Sabal's disruption of the commercial real estate finance sector through technology-driven innovation is impressive," said Chuck Davis, CEO of Stone Point Capital, in a news release. "The loan volume, efficiency and reputation the company has established is remarkable, and we are excited to partner with Pat and his colleagues as they continue to provide superior service to the company's clients and investors."

The acquisition is expected to close in August, subject to customary closing conditions and regulatory approvals.