Providence Strategic Growth Capital Partners (PSG), an affiliate of private equity and credit investment firm Providence Equity Partners, has closed its second fund with USD640 million of equity commitments.
PSG Fund II, which closed at its hard cap and was oversubscribed, received commitments from existing and new investors, including corporate pensions, family offices and high net worth individuals.
To date, the firm has made six investments in PSG Fund II: Boston Logic, PaySimple, LogicMonitor, Untangle, Anju Software and Conversica.
PSG invests in lower middle market software and technology-enabled service companies primarily in North America. The firm works closely with founders and management teams to accelerate growth by optimising go-to market strategies and pursuing acquisitions.
PSG has built a dedicated infrastructure to source and execute multiple tuck in acquisitions and has helped its portfolio companies complete 38 add-on acquisitions.
PSG has a team of 17 growth equity investment professionals led by Mark Hastings, managing director and group head.
“We appreciate the strong support we received throughout the fundraising process and the confidence investors have placed in our team,” says Hastings. “The significant demand for PSG Fund II highlights the strength of our track record, as well as our differentiated approach to growth equity investing and partnering with management teams. We continue to see substantial opportunity in our target market and we look forward to applying our proven strategy to help companies grow and deliver superior returns to investors.”
