Providence Equity Partners has closed its first fund with USD315 million of equity commitments. The fund was oversubscribed, exceeded its target of USD250 million, and hit its hard cap.
The fund received commitments from many existing and new Providence investors, including corporate pensions, family offices and high net worth individuals.
PSG targets investments in lower middle market technology-enabled service companies primarily in North America. PSG has a dedicated team of highly experienced growth equity investment professionals led by Mark Hastings (pictured), a Managing Director. Prior to joining Providence, Hastings served as managing partner and founder of Garvin Hill Capital Partners and previously led CIBC’s technology focused growth equity team in the United States. PSG has made four investments since its inception.
“As technology continues to disrupt large segments of the economy, traditional industries are being reshaped by new services that are smarter, faster and cheaper,” says Hastings. “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 capitalise on attractive opportunities to invest growth equity in technology-enabled service companies that will lead this disruption in the years to come.”
“PSG is a natural extension of our platform and expertise that will enable a dedicated team to make earlier stage investments,” says Jonathan Nelson, Chief Executive Officer of Providence. “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.”
