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Providence loses another managing director, vice president also gone

5 Sep 2013

exit sign_sqMedia and communications-focused private equity firm Providence Equity Partners has reportedly lost two of its European team from its London office.

Managing director Piers Dennison left last month according to Bloomberg, while vice president Haide Hong also moved on in recent months.

The news agency cited three people with knowledge of the matter. Providence has now lost at least eight managing directors since 2012, it added.

In June Providence reportedly lost its fourth senior executive in Asia in five years after Patrick Corso stepped down from the firm.

Corso, a senior managing director and head of the firm’s Hong Kong office, moved on according to Reuters, which said Tao Sun and Biswajit Subramanian would take on his responsibilities in Greater China and the rest of the region respectively.

Earlier this year the firm lost managing directors Jesse Du Bey and Nadim Nsouli according to an investor letter seen by Bloomberg, while last year it parted with senior executives Mark Masiello and Gustavo Schwed.

Providence was thought to have hit the $5bn target for its latest private equity fund in July, putting Fund VII well below its original $8bn target if PEI’s report was correct.

It added that Providence was still fundraising for its $1bn-targeting third debt vehicle.

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