Providence Equity Partners

Providence Equity Partners
Type Limited liability company
Founded 1989
Headquarters Providence, Rhode Island, USA
Key people Jonathan M. Nelson, CEO
Glenn M. Creamer, Senior Managing Director
Paul J. Salem, Senior Managing Director
Industry Private equity
Products Leveraged buyout, Growth capital
Total assets $22 billion
Employees 174
Website www.provequity.com

Providence Equity Partners is a global private equity investment firm focused on media, entertainment, communications and information investments. The firm specializes in leveraged buyout transactions as well as growth capital investments and has invested in more than 100 companies globally since its inception in 1989.

The firm manages funds with over $22 billion in equity commitments, making it a large global player in the private equity industry. Providence was one of the principal pioneers of a sector-based approach to private equity investing. The firm’s sixth fund, Providence Equity Partners VI, closed on $12 billion in 2007[1], making it the largest sector-focused private equity fund ever raised[2].

Providence is headquartered in Providence, Rhode Island with five additional offices in New York, Los Angeles, London, Hong Kong and New Delhi.

Contents

History

History of private equity
and venture capital
Objectivist.jpg

Early History
(Origins of modern private equity)
•
The 1980s
(LBO boom)
•
The 1990s
(LBO bust and the VC bubble)
•
The 2000s
(Dot-com bubble to the Credit crunch)
      

The Firm

Providence is led by CEO Jonathan M. Nelson. The firm relies primarily on pools of committed capital that are raised from a broad array of institutional investors (e.g., pension funds, endowments, sovereign wealth funds, financial institutions, insurance companies, fund of funds, and high net worth individuals).

On September 16, 2009 Richard Parsons, who became chairman of Citigroup Inc. in February 2009, joined Providence Equity Partners Inc. as a senior adviser. “Dick is a highly regarded corporate leader and his counsel is regularly sought by boards, CEOs and government officials,” Citigroup said in a separate statement. “His advisory role at Providence will not require any day-to-day operational work or oversight, and his primary business activity absolutely will remain with Citi.”[3]

Providence partners with companies across different stages in their development, from growth capital and complex recapitalizations of family-owned businesses to large buyouts and take-privates. The firm targets equity investments of $250 million to $2.5 billion and can employ a variety of financing structures. Providence prefers to lead its investments, serve on company boards, and work collaboratively with company management.

In 2008, Providence hired Thomas Gahan as president of the firm’s new capital markets group[4]. Prior to joining Providence, Mr. Gahan was head of Deutsche Bank’s corporate and investment banking in the Americas and chief executive officer of Deutsche Bank Securities. Providence’s capital markets group invests in the debt of media, communications, entertainment and information companies worldwide.

Portfolio Investments

The following are lists of some of the most significant current and past leveraged buyout and growth capital investments completed by Providence to date.

Select current investments as of June 2009 include:

Select past investments as of June 2009 include:

References

  1. ^ http://www.provequity.com//news/releases/Fund%20VI%20Close%20Press%20Release%20FINAL.pdf
  2. ^ http://www.peimedia.com/PEI50
  3. ^ http://www.bloomberg.com/apps/news?pid=20601103&sid=akQMLb9rWnTw
  4. ^ http://www.provequity.com//news/releases/Gahan%20Press%20Release%20FINAL.pdf

External links

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This page was last modified on 9 January 2010 at 14:06.

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