Providence Strategic Growth closes first fund with $315M of equity commitments

PROVIDENCE STRATEGIC Growth Capital, an affiliate of Providence Equity Partners LLC, has closed its first fund with $315 million of equity commitments.
PROVIDENCE STRATEGIC Growth Capital, an affiliate of Providence Equity Partners LLC, has closed its first fund with $315 million of equity commitments.

(Updated 1:06 p.m.) PROVIDENCE – Providence Strategic Growth Capital, an affiliate of Providence Equity Partners LLC, has closed its first fund with $315 million of equity commitments.
According to a news release, the fund was oversubscribed and exceeded its target of $250 million. The fund received commitments from many Providence investors, including corporate pensions, family offices and high net worth individuals, it stated.
PSG targets investments in lower middle-market, technology-enabled service companies primarily in North America.

PSG, led by managing director Mark Hastings, has made four investments since its inception, including to Burning Glass Technologies in Boston, a provider of job market data, and to Netsurion (formerly VendorSafe Technologies) in Houston, a provider of cloud-managed IT security services.

“As technology continues to disrupt large segments of the economy, traditional industries are being reshaped by new services that are smarter, faster and cheaper,” Hastings said in a statement. “With the strong support of our limited partners, we are pleased to have been able to raise a fund that we believe is well- positioned to capitalize on attractive opportunities to invest growth equity in technology-enabled service companies that will lead this disruption in the years to come.”
Jonathan Nelson, CEO of Providence Equity Partners, called PSG “a natural extension of our platform and expertise that will enable a dedicated team to make earlier-stage investments.”
“We appreciate the confidence our investors have placed in PSG as Mark and his team focus on delivering superior returns through a disciplined and distinctive approach to growth-equity investing,” Nelson stated.
Providence Equity Partners, with offices also in New York, London, Hong Kong, Singapore and New Delhi, focuses on equity investments in media, communications, education and information companies, managing funds with more than $40 billion in commitments. It has invested in more than 140 companies globally since its inception in 1989.

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