Providence closes $12bn fund

The Providence, Rhode Island-based firm has tripled the size of its previous fund with the closing of its sixth, Providence Equity Partners VI.

Providence Equity Partners has closed its sixth fund, Providence Equity Partners VI, at $12 billion (€9 billion).

The new fund is nearly three times larger than its last one, which closed at $4.3 billion in 2004.

It took the firm only four months to raise the new fund, Jonathan Nelson, Providence’s chief executive officer, said in a statement. Limited partners include corporations pension funds, university endowments, private foundations, funds of funds and high net worth individuals, the statement said.

The close of the sixth fund brings the firm’s total assets under management to about $21 billion.

In addition to its headquarters in Providence, Rhode Island, the firm has offices in New York and London and has plans to open additional ones in Hong Kong and New Delhi. Founded in 1990, Providence invests in the media, entertainment, communications and information sectors.

Providence joined The Carlyle Group and Irish publishing group Independent News & Media to invest in the latter’s listed media business in Australia and New Zealand earlier this month. The transaction valued the business at approximately $3 billion.