Providence Equity Partners Inc., the buyout firm with holdings in Univision Communications Inc. and the cable-television network of the New York Yankees, sold a minority stake to Florida’s state pension system and a sovereign-wealth fund, Bloomberg News reported last week.
Proceeds from the sale, which will give the two investors less than 10 percent in the company, will be used to expand the business, said a person with knowledge of the move who asked not to be identified because the transaction was private. The person didn’t disclose the identity of the wealth fund that bought part of Providence Equity.
Dennis MacKee, a spokesman for the Florida State Board of Administration in Tallahassee, confirmed the state invested $150 million in Providence’s management company.
Providence follows competitors such as TPG Capital and Apax Partners LP in selling stakes of their management companies as the firms seek capital to expand beyond traditional leveraged buyouts.
Andrew Cole, a spokesman for Providence at Sard Verbinnen & Co., declined to comment.
Providence, based in Rhode Island’s capital city, manages about $27 billion with a focus on investments in media and education. •
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