Providence launches $6bn flagship fundraise, just two years after closing similarly-sized Fund VIII


Providence Equity Partners is reportedly back in the fundraising market eyeing up to $6bn for its latest flagship fund, just a couple of years after closing a similar amount for its predecessor vehicle.

The firm expects to hit a first close for Fund IX early next year according to the Wall Street Journal, which cited unnamed people it said were familiar with the fundraise.

It added that Providence announced the fundraising plans as its annual investor conference last week.

Providence raised more than $6bn for the final close of its eighth flagship fund two years ago, above its $5bn target.

The firm had previously raised $12bn raised for its sixth fund in 2006, near the height of the private equity buyout boom before the onset of the global financial crisis squeezed fund sizes.

Last month Providence made a strategic investment in SaaS-based classroom technology platform Seesaw.

The private equity house currently has about $45bn of commitments under management, targeting media, communications, education, software and services.

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