ALLIANT HOLDINGS SEC REVIEW 2026
INDEPENDENT VERDICT
Alliant Holdings, L.P. is not a private investment fund in the conventional sense. It is the long-running holding-company equity vehicle associated with Alliant Insurance Services, one of the largest insurance brokerage platforms in the United States. The latest Form D/A, filed September 18, 2026 under SEC CIK 0001651368, reports an indefinite Rule 506(b) equity offering with approximately $5.218 billion cumulatively sold to 657 investors. The filing also states that five non-accredited investors have participated, reports a $0 Form D minimum and explicitly checks the business-combination box "Yes — in part." That combination is highly informative. It indicates that the securities offering is tied at least partly to acquisitions, ownership restructuring, employee or management equity and related corporate transactions rather than a blind-pool capital raise. The same CIK traces back to the 2015 vehicle originally named Wayne Buyer Parent, L.P., which filed in connection with Stone Point Capital's investment in Alliant and initially reported approximately $1.498 billion sold to 427 investors. By August 31, 2026, cumulative reported equity sales had increased to approximately $5.218 billion and the investor count to 657, providing a decade-long SEC record of ownership expansion and recapitalization.
The legal and sponsor chain is unusually strong. The current filing identifies Wayne General Partner, LLC as promoter and names James D. Carey of Stone Point Capital as a director, alongside Alliant executives including Thomas Corbett, P. Gregory Zimmer, Ralph Hurst, Peter Carpenter, Ted Filley, Jennifer Baumann and Peter Arkley. It also names James R. Matthews of Stone Point, James W. Crystal following Alliant's acquisition of Crystal & Company, Ziv Ehrenfeld through Port-aux-Choix Private Investments II and Daniel Sawyer through Aviana Investment Pte Ltd. The presence of institutional-investor representatives and Alliant management on the related-person list reinforces that Alliant Holdings is an ownership platform for a large operating brokerage rather than an investment fund marketed around a portfolio strategy. Stone Point independently describes Alliant as a current portfolio company and records investment years of 2015, 2019 and 2024. Its materials say Stone Point has led Alliant financings since the initial investment, supported acquisitions and helped the company expand through transactions including Crystal & Company and Confie. That history fits the Form D pattern of an indefinite, acquisition-related equity offering whose cumulative sales continue growing as ownership is refreshed and new capital enters the platform.
The operating company beneath the holding structure is substantial. Alliant Insurance Services reported approximately $5.1 billion of revenue and more than $47 billion of premium in early 2026 and employed more than 14,000 people across North America. The company operates across property and casualty brokerage, employee benefits, specialty insurance, underwriting, consulting and direct-to-consumer programs. Stone Point describes Alliant as a major U.S. specialty insurance broker with more than 100 offices and exposure to sectors including public entities, tribal nations, construction, law firms, marine and energy, healthcare, real estate, financial institutions and senior healthcare. Alliant continued expanding in 2026, including the launch of Retirement & Wealth at Alliant and the acquisition of Nava Benefits, while third-party acquisition databases track dozens of transactions over time. These operating statistics help explain why cumulative Form D equity sales have grown into the multi-billion-dollar range. They should not, however, be confused with Alliant Holdings' current enterprise value, equity value or NAV. Revenue, insurance premium volume, cumulative securities sold and enterprise value are four different measures.
The ownership story is equally important. Stone Point first invested through Trident VI in 2015 alongside existing KKR capital and Alliant management. Later, PSP Investments entered as an institutional partner while Stone Point increased its investment; Alliant stated that Stone Point-managed funds remained the largest institutional shareholders and that management and producers continued to own the majority of the company. Stone Point's current portfolio page shows further Alliant investment activity in 2019 and 2024, indicating that the sponsor relationship has been repeatedly renewed rather than being a one-time buyout. Historical Blackstone and KKR ownership provide additional context, but the current structure should not be simplified into "Stone Point owns Alliant outright." Alliant has publicly emphasized broad management and producer ownership alongside institutional investors. The Form D's unusually large investor count of 657 is consistent with a distributed employee, producer, management and institutional equity base, although the filing does not disclose each holder's exact percentage.
The central diligence issue is therefore not whether Alliant Holdings is real. Its SEC history, Stone Point relationship, operating-company identity and management overlap are all strongly documented. The harder questions concern capitalization, leverage, ownership percentages and liquidity. Investors should distinguish the $5.218 billion cumulative Form D amount from the current equity value of Alliant, identify how much of that cumulative figure reflects new cash versus rollover equity, employee grants or securities issued in acquisitions, determine how much debt sits at Alliant and its holding companies, and understand the economics available to management and producer shareholders. Because the offering is indefinite and connected partly to business combinations, historical securities issued over the last decade may remain outstanding, may have been repurchased or may have converted through recapitalizations. The most useful current evidence would therefore be the capitalization table, debt schedule, latest audited financials, equity repurchase policy, employee liquidity program and transaction documents for the 2024 recapitalization.
SEC SNAPSHOT
SEC FILE NUMBER: 021-246487 LATEST FORM D/A: September 18, 2026 FORM D SIGNATURE DATE: September 15, 2026 ORIGINAL VEHICLE NAME: Wayne Buyer Parent, L.P. ORIGINAL FORMATION YEAR: 2015 CURRENT JURISDICTION SHOWN IN 2026 FILING: California ORIGINAL 2015 JURISDICTION: Delaware CURRENT SEC MAILING / BUSINESS ADDRESS: 20 Horseneck Lane, Greenwich, CT 06830 OPERATING COMPANY HEADQUARTERS: Irvine, California FEDERAL EXEMPTION: Rule 506(b) SECURITY TYPE: Equity POOLED INVESTMENT FUND INTEREST: No OFFERING DURATION: More than one year LATEST TOTAL AMOUNT SOLD: $5,218,050,786 AMOUNT DATE: Estimate as of August 31, 2026 TOTAL INVESTORS: 657 NON-ACCREDITED INVESTORS REPORTED: 5 FORM D MINIMUM INVESTMENT: $0 BUSINESS COMBINATION OFFERING: Yes, in part SALES COMMISSIONS: $0 FINDERS' FEES: $0 RELATED-PERSON USE OF PROCEEDS: Approximately $57,450,281 estimated CURRENT ENTERPRISE VALUE: NOT DISCLOSED BY FORM D CURRENT EQUITY VALUE: NOT DISCLOSED BY FORM D FORM D SIGNER: Jennifer E. Baumann SIGNER TITLE: Executive Vice President, General Counsel
2015 ORIGINAL FORM D
ORIGINAL VEHICLE NAME: Alliant Holdings, L.P. PREVIOUS NAME: Wayne Buyer Parent, L.P. FORM D DATE: August 25, 2015 RULE: 506(b) SECURITY TYPE: Equity BUSINESS COMBINATION: Yes, in part INITIAL CUMULATIVE SOLD: $1,497,732,250 INITIAL INVESTORS: 427 NON-ACCREDITED INVESTORS: 5 RELATED-PERSON USE OF PROCEEDS: Approximately $57.45 million estimated SIGNIFICANCE: Original filing coincides with Stone Point / KKR ownership transition
2026 CAPITAL POSITION
LATEST CUMULATIVE SOLD: $5,218,050,786 2015 CUMULATIVE SOLD: $1,497,732,250 APPROXIMATE INCREASE SINCE ORIGINAL FILING: $3,720,318,536 2015 INVESTORS: 427 2026 INVESTORS: 657 APPROXIMATE INVESTOR COUNT INCREASE: 230 IMPORTANT: Difference in cumulative sales is not necessarily equal to new cash raised IMPORTANT: Business combinations, rollover equity, employee ownership and recapitalizations can affect the cumulative number IMPORTANT: Historical Form D amounts should not be added together
CAPITAL INTERPRETATION
$5.218B: Latest cumulative securities sold under the Alliant Holdings offering $5.218B IS NOT: Current company enterprise value $5.218B IS NOT: Current company market capitalization $5.218B IS NOT: Current Alliant revenue $5.218B IS NOT: Current insurance premium volume $5.218B IS NOT: Stone Point's investment amount $5.218B IS NOT: Current management equity value $5.1B: Alliant operating-company revenue figure reported in 2026 company materials $47B+: Insurance premium handled / placed by Alliant, not company revenue or valuation CURRENT DEBT: NOT DISCLOSED IN FORM D CURRENT EQUITY VALUE: REQUIRES PRIVATE TRANSACTION / CAPITALIZATION DOCUMENTS
OPERATING COMPANY CONNECTION
OPERATING COMPANY: Alliant Insurance Services CURRENT BRAND: Alliant HEADQUARTERS: Irvine, California BUSINESS: Insurance brokerage and consulting CORE BUSINESS LINE: Property & Casualty CORE BUSINESS LINE: Employee Benefits CORE BUSINESS LINE: Specialty Insurance CORE BUSINESS LINE: Underwriting / Program Administration CORE BUSINESS LINE: Risk Management CORE BUSINESS LINE: Retirement / Wealth 2026 REVENUE REPORTED BY COMPANY: Approximately $5.1 billion PREMIUM VOLUME REPORTED BY COMPANY: More than $47 billion EMPLOYEES: More than 14,000 NORTH AMERICAN OPERATIONS: United States, Canada and Mexico OFFICE FOOTPRINT: More than 100 U.S. offices according to Stone Point HOLDING-COMPANY CONNECTION: Strongly corroborated through SEC, Stone Point, corporate insurance documents and common executives
STONE POINT CAPITAL CONNECTION
SPONSOR: Stone Point Capital INITIAL CURRENT-ERA INVESTMENT: 2015 STONE POINT PORTFOLIO INVESTMENT YEARS SHOWN: 2015; 2019; 2024 STONE POINT STATUS: Current investment STONE POINT STAGE: Buyout SECTOR: Insurance Distribution 2015 FUND: Trident VI 2015 CO-INVESTOR: KKR CURRENT RELATED PERSON: James D. Carey CURRENT RELATED PERSON: James R. Matthews STONE POINT ROLE IN FINANCING: States it has led Alliant financing processes since 2015 STONE POINT M&A SUPPORT: Confirmed CURRENT OWNERSHIP PERCENTAGE: NOT PUBLICLY DISCLOSED IMPORTANT: Stone Point is the largest institutional shareholder according to Alliant's historical ownership disclosure, not necessarily majority owner of total equity
MANAGEMENT / PRODUCER OWNERSHIP
ALLIANT HISTORICAL DISCLOSURE: Management and producers continued to own the majority of the company following PSP investment EMPLOYEE / PRODUCER OWNERSHIP MODEL: Material CURRENT EXACT EMPLOYEE OWNERSHIP: NOT PUBLICLY DISCLOSED CURRENT EXACT MANAGEMENT OWNERSHIP: NOT PUBLICLY DISCLOSED CURRENT EXACT INSTITUTIONAL OWNERSHIP: NOT PUBLICLY DISCLOSED FORM D INVESTOR COUNT: 657 INTERPRETATION: Large investor base is consistent with institutional plus management / producer equity participation IMPORTANT: 657 investors should not automatically be described as 657 outside financial investors
PSP INVESTMENTS CONNECTION
INSTITUTION: Public Sector Pension Investment Board TRANSACTION: Strategic investment in Alliant STONE POINT PARTICIPATION: Additional investment alongside PSP OWNERSHIP RESULT DISCLOSED BY ALLIANT: Stone Point-managed funds remained largest institutional shareholders MANAGEMENT / PRODUCER OWNERSHIP AFTER TRANSACTION: Majority ownership retained according to Alliant CURRENT PSP OWNERSHIP PERCENTAGE: NOT PUBLICLY DISCLOSED CURRENT PSP EXIT STATUS: NOT ESTABLISHED IN SOURCES REVIEWED IMPORTANT: Historical institutional investment does not establish current exact cap-table percentages
OTHER INSTITUTIONAL OWNERSHIP EVIDENCE
ZIV EHRENFELD: Director in 2026 Form D AFFILIATION: Port-aux-Choix Private Investments II LOCATION: Montreal, Quebec DANIEL SAWYER: Director in 2026 Form D AFFILIATION: Aviana Investment Pte Ltd. LOCATION: Singapore IMPLICATION: Additional institutional / financial-owner participation appears in governance structure EXACT OWNERSHIP PERCENTAGES: NOT PUBLICLY DISCLOSED
CURRENT ALLIANT EXECUTIVES IN FORM D
THOMAS W. CORBETT: Executive Officer / Director P. GREGORY ZIMMER JR.: Executive Officer / Director RALPH S. HURST: Executive Officer / Director PETER CARPENTER: Executive Officer TED C. FILLEY: Executive Officer JENNIFER E. BAUMANN: Executive Officer PETER ARKLEY: Executive Officer JAMES W. CRYSTAL: Director IMPORTANT: Form D roles establish issuer governance / related-person status, not necessarily current operational titles at Alliant Insurance Services
STONE POINT BOARD REPRESENTATION
JAMES D. CAREY: Director JAMES R. MATTHEWS: Director STONE POINT AFFILIATION: Confirmed BOARD / GOVERNANCE CONNECTION: Direct SEC evidence CURRENT STONE POINT OWNERSHIP PERCENTAGE: Not disclosed CURRENT VOTING RIGHTS: Require partnership / shareholder agreements
ALLIANT OWNERSHIP HISTORY
PRE-2007: Independent / prior ownership structure 2007: Blackstone and management acquisition announced 2012: KKR investment / ownership era 2015: Stone Point Trident VI invested alongside KKR 2018-2019 PERIOD: PSP strategic investment and additional Stone Point investment 2019: Stone Point records another investment year 2024: Stone Point records another investment year CURRENT: Stone Point remains a current Alliant portfolio investment IMPORTANT: Historical sponsor ownership should not be conflated with current exact ownership percentages
BLACKSTONE HISTORY
BLACKSTONE ACQUISITION ANNOUNCED: 2007 TRANSACTION PARTNER: Alliant management BUSINESS RATIONALE: Growth, specialization and operational productivity CURRENT BLACKSTONE OWNERSHIP: NOT ESTABLISHED IMPORTANT: Historical owner only unless current documents prove continuing equity
KKR HISTORY
KKR INVESTMENT PERIOD: Prior to Stone Point's 2015 entry 2015 KKR PARTICIPATION: Continued alongside Stone Point KKR FUND DISCLOSED: North America XI CURRENT KKR OWNERSHIP: NOT ESTABLISHED IN CURRENT SOURCES REVIEWED IMPORTANT: KKR should not be described as a current owner without updated evidence
OPERATING SCALE
2024 / EARLY-2026 REVENUE REPORTED: Approximately $5.1B 2025 BROKERAGE REVENUE REPORTED BY INDUSTRY SOURCE: Approximately $5.72B PREMIUM VOLUME: $47B+ EMPLOYEES: 14,000+ U.S. BROKER RANKING: Among the largest U.S. insurance brokers STONE POINT 2025 REFERENCE: Fifth-largest U.S. broker ALLIANT CURRENT WEBSITE: Fourth-largest U.S. broker IMPORTANT: Ranking depends on year and methodology IMPORTANT: Revenue should not be confused with premium volume
2026 OPERATING DEVELOPMENTS
RETIREMENT & WEALTH AT ALLIANT: Launched June 2026 LEADER: Amit Dogra STRATEGIC OBJECTIVE: Connect institutional retirement consulting with individual wealth advisory services NAVA BENEFITS: Acquired August 2026 EMPLOYEE BENEFITS TECHNOLOGY: Expanded through Nava ONGOING ACQUISITION STRATEGY: CONFIRMED ONGOING SPECIALTY HIRING: CONFIRMED SIGNIFICANCE: Operating platform continued expanding during the same period as the latest Form D amendment
M&A MODEL
STONE POINT STATES: It has supported Alliant's tuck-in and transformative M&A strategy CRYSTAL & COMPANY: Acquired 2018 CONFIE: Acquired 2021 BRIDGEPOINT RISK MANAGEMENT: Acquired 2021 NAVA BENEFITS: Acquired 2026 MULTIPLE ADDITIONAL ACQUISITIONS: Confirmed FORM D BUSINESS COMBINATION BOX: Yes, in part STRUCTURAL LINK: Offering may include equity issued or transferred in connection with acquisitions and ownership transactions IMPORTANT: Individual acquisition consideration should not be inferred from the cumulative Form D amount
CRYSTAL & COMPANY CONNECTION
ACQUIRED BY ALLIANT: 2018 JAMES W. CRYSTAL: Current 2026 Alliant Holdings director in Form D SIGNIFICANCE: Demonstrates acquired-company principals can remain in Alliant governance / ownership architecture IMPORTANT: Crystal ownership percentage in Alliant Holdings is not publicly disclosed
FORM D BUSINESS-COMBINATION SIGNIFICANCE
BUSINESS COMBINATION CHECKBOX: Yes CLARIFICATION: In part POSSIBLE TRANSACTION TYPES: Acquisitions; rollover equity; recapitalizations; employee or producer ownership transactions EXACT COMPONENTS INCLUDED IN EACH ANNUAL AMENDMENT: NOT PUBLICLY ITEMIZED CORRECT INTERPRETATION: Cumulative equity issuance reflects a corporate ownership program broader than ordinary fundraising INCORRECT INTERPRETATION: Treat $5.218B as a single 2026 capital raise
FORM D INVESTOR ANALYSIS
TOTAL INVESTORS 2026: 657 TOTAL INVESTORS 2015: 427 CHANGE: +230 NON-ACCREDITED INVESTORS 2026: 5 NON-ACCREDITED INVESTORS 2015: 5 MINIMUM INVESTMENT: $0 LIKELY HOLDER CATEGORIES: Institutional owners; management; employees; producers; rollover sellers EXACT HOLDER BREAKDOWN: NOT DISCLOSED IMPORTANT: Investor count is not equivalent to number of customers, employees or insurance clients
RELATED-PERSON USE OF PROCEEDS
2026 ESTIMATED AMOUNT: $57,450,281 2015 ESTIMATED AMOUNT: $57,450,281 FORM D DESCRIPTION: Gross proceeds used or proposed to be used for payments to related persons EXACT PAYMENT PURPOSE: NOT EXPLAINED IN FILING IMPORTANT: Do not characterize this amount as compensation, dividends or fees without supporting documentation IMPORTANT: Same estimate appears historically and may reflect original transaction economics rather than a new 2026 payment
ADDRESS / ENTITY ANOMALY
CURRENT SEC PRINCIPAL ADDRESS FIELD: Greenwich, Connecticut CURRENT ALLIANT OPERATING HEADQUARTERS: Irvine, California CURRENT ALLIANT OFFICE IN PRIOR FORM D: 18100 Von Karman Avenue, Irvine GENERAL PARTNER ADDRESS: 20 Horseneck Lane, Greenwich STONE POINT / GP OWNERSHIP CONNECTION: Explains Greenwich presence OPERATING COMPANY ADDRESS IN PUBLIC PROCUREMENT RECORDS: Alliant Holdings / Alliant Insurance Services linked at Irvine address IMPORTANT: Greenwich filing address should not be interpreted as evidence Alliant moved its operating headquarters from Irvine
WEBSITE / ENTITY PENETRATION
Alliant Holdings SEC issuer — CONFIRMED CIK 0001651368 — CONFIRMED September 18, 2026 Form D/A — CONFIRMED 2015 first sale — CONFIRMED Rule 506(b) — CONFIRMED Equity securities — CONFIRMED Business combination offering — CONFIRMED IN PART $5.218B cumulative sold — CONFIRMED 657 investors — CONFIRMED 5 non-accredited investors — CONFIRMED $0 minimum — CONFIRMED Wayne General Partner — CONFIRMED James Carey / Stone Point connection — CONFIRMED James Matthews / Stone Point connection — CONFIRMED Alliant executive overlap — CONFIRMED Alliant Insurance Services operating-company connection — STRONGLY CORROBORATED Stone Point current portfolio status — CONFIRMED 2015 / 2019 / 2024 Stone Point investment years — COMPANY REPORTED Alliant $5.1B revenue — COMPANY REPORTED Alliant $47B+ premium — COMPANY REPORTED 14,000+ employees — COMPANY REPORTED Current enterprise value — NOT PUBLICLY DISCLOSED Current total debt — NOT PUBLICLY DISCLOSED Current Stone Point ownership percentage — NOT PUBLICLY DISCLOSED Current employee ownership percentage — NOT PUBLICLY DISCLOSED Current PSP ownership percentage — NOT PUBLICLY DISCLOSED Current valuation per partnership unit — NOT PUBLICLY DISCLOSED Current employee liquidity terms — NOT PUBLICLY DISCLOSED
WHY $5.218B IS NOT A FUND SIZE
ISSUER TYPE: Operating-company holding partnership SECURITY: Equity POOLED FUND INTEREST: No BUSINESS COMBINATION: Yes, in part OPERATING COMPANY: Alliant Insurance Services CUMULATIVE FORM D SALES: Ownership securities issued over an extended period NO INVESTMENT FUND PORTFOLIO: Alliant Holdings is not disclosed as a diversified pooled fund CORRECT SEARCH INTENT: Corporate ownership / private equity / Form D review INCORRECT SEARCH INTENT: Treat Alliant Holdings as a $5.2B hedge fund or private equity fund
VALUATION QUESTIONS
CURRENT ALLIANT ENTERPRISE VALUE: NOT PUBLIC CURRENT EQUITY VALUE: NOT PUBLIC CURRENT NET DEBT: NOT PUBLIC CURRENT EBITDA: NOT PUBLIC IN SOURCES REVIEWED CURRENT EV / EBITDA MULTIPLE: NOT PUBLICLY ESTABLISHED CURRENT REVENUE MULTIPLE: NOT PUBLICLY ESTABLISHED LAST TRANSACTION VALUATION: REQUIRES 2024 RECAPITALIZATION DOCUMENTS EMPLOYEE EQUITY UNIT PRICE: NOT PUBLIC REPURCHASE PRICE FORMULA: NOT PUBLIC IMPORTANT: Form D cumulative sold amount is not a reliable substitute for company valuation
CORE INVESTOR / SHAREHOLDER QUESTIONS
What percentage of Alliant Holdings is owned by management and producers today What percentage is owned by Stone Point funds What percentage is owned by PSP What percentage is owned by Aviana What percentage is owned by Port-aux-Choix Does KKR retain any ownership Does Blackstone retain any ownership What changed in the 2024 Stone Point investment Was the 2024 transaction a recapitalization, secondary purchase or primary capital infusion What valuation was used in 2024 How much cash went to existing holders How much new capital went into Alliant How much equity was rolled by management How many current employee / producer shareholders exist How many of the 657 Form D investors are institutions How many are employees How many are acquired-company sellers What securities classes exist Do institutional investors hold preferred equity Do employees hold common partnership units Are there profits interests Are there options or phantom equity What voting rights attach to each class What liquidation preferences exist What drag-along rights exist What tag-along rights exist What repurchase rights apply when employees leave How is employee equity valued Is there an annual liquidity program Can employees sell units to outside parties Can Alliant redeem units What happens at retirement What happens upon termination What is Alliant's current enterprise value What is current debt What is current EBITDA What is current interest expense What leverage ratio applies When do major debt maturities occur What acquisition financing facilities exist How much acquisition debt was added in 2024-2026 How much free cash flow is generated What percentage of revenue is recurring What percentage is property and casualty brokerage What percentage is employee benefits What percentage is specialty / underwriting What percentage comes from acquired businesses What is organic revenue growth What acquisition integration costs remain How much revenue concentration exists by client What percentage of revenue depends on top insurance carriers How much contingent commission revenue is earned What regulatory risks arise from insurance brokerage operations What cyber insurance and technology controls protect customer data What portion of the $5.218B Form D figure represents cash subscriptions What portion represents rollover equity What portion represents acquisition consideration What portion represents employee or producer issuances
CORE RISKS
Leveraged-buyout risk; insurance brokerage cyclicality; acquisition-integration risk; debt refinancing risk; interest-rate risk; private-company valuation uncertainty; employee-equity liquidity risk; acquisition overpayment; producer retention risk; key executive risk; insurance carrier concentration; regulatory risk; cyber and data-security risk; errors-and-omissions liability; M&A execution risk; integration of acquired benefits and specialty businesses; contingent commission volatility; private ownership complexity; minority shareholder liquidity limitations; recapitalization dilution; multiple security classes; $5.218B cumulative Form D sales do not equal enterprise value; $5.1B revenue does not equal equity value; $47B premium volume does not equal revenue; Stone Point's current portfolio status does not establish majority ownership.
PRIMARY EVIDENCE REVIEWED
U.S. SECURITIES AND EXCHANGE COMMISSION Alliant Holdings, L.P. CIK 0001651368 Form D/A September 18, 2026
U.S. SECURITIES AND EXCHANGE COMMISSION Alliant Holdings, L.P. Original Form D August 25, 2015 Previous name Wayne Buyer Parent, L.P.
STONE POINT CAPITAL Alliant Insurance Services portfolio page Investment years 2015, 2019 and 2024 Insurance Distribution sector M&A and capital-raising support
ALLIANT INSURANCE SERVICES Official website 2026 company scale Revenue Premium volume Employee count Retirement & Wealth launch 2026 acquisition activity
ALLIANT / STONE POINT Strategic partnership with PSP Investments Management / producer ownership Stone Point institutional ownership position
KKR 2015 Stone Point transaction KKR continued investment North America XI fund context
BLACKSTONE 2007 Alliant acquisition announcement Used only for ownership-history context
PUBLIC CORPORATE / PROCUREMENT RECORDS Alliant Holdings, L.P. Alliant Insurance Services Irvine operating connection Used to corroborate holding-company / operating-company relationship
IMPORTANT FORM D NOTICE
Form D is a notice of an exempt securities offering.
It does not mean that the SEC has approved Alliant Holdings, Alliant Insurance Services, Stone Point Capital, PSP Investments or any valuation assigned to Alliant equity.
The September 18, 2026 amendment reports approximately $5.218 billion of cumulative equity securities sold to 657 investors.
That is a securities-issuance figure accumulated across a long-running ownership program.
It is not Alliant's current enterprise value.
It is not current market capitalization.
It is not a $5.218 billion investment fund.
INDEPENDENT ASSESSMENT
Alliant Holdings is one of the clearest cases where a very large Form D number can be badly misunderstood if the legal structure is ignored.
The issuer is not presented as a pooled investment fund.
It issues equity.
The offering is connected in part to business combinations.
And the same SEC vehicle dates back to the 2015 private-equity transaction that brought Stone Point into Alliant's ownership structure.
That makes the $5.218 billion headline fundamentally different from the capital raised by a hedge fund, venture fund or private credit vehicle.
The decade-long SEC progression is still highly informative.
Cumulative equity reported sold increased from approximately $1.498 billion and 427 investors in 2015 to $5.218 billion and 657 investors in 2026.
During that period Alliant expanded dramatically through organic growth, acquisitions, recapitalizations and broad management / producer ownership.
Stone Point remained an active institutional investor and recorded additional investment years in 2019 and 2024.
The underlying operating company has also become very large.
Alliant reports roughly $5.1 billion of revenue, more than $47 billion of premium and more than 14,000 employees, while continuing to add businesses and new service lines.
That operating scale makes a multi-billion-dollar ownership structure plausible.
It still does not tell investors the company's current equity value.
For present-day diligence, the highest-value missing documents are the cap table, latest transaction valuation, debt schedule, employee-equity terms and 2024 recapitalization materials.
Those documents would show how Stone Point, management, producers and other institutional investors divide ownership and what liquidity or repurchase rights each group receives.
Form D verifies a decade of private equity issuance.
Stone Point and Alliant verify the operating company and ownership history.
The key unresolved number is not the cumulative $5.218 billion sold.
It is what Alliant Holdings is worth today.