PSG closes second fund with $640M of equity commitments

PROVIDENCE – A Providence-based private equity group closed its second fund with $640 million of equity commitments.
Providence Strategic Growth LLC, an affiliate of Providence Equity Partners LLC, a global private equity and credit investment firm, closed its PSG Fund II at its hard cap and was oversubscribed, according to a press release.
“We appreciated the strong support we received throughout the fundraising process and the confidence investors have placed in our team,” said Mark Hastings, managing director and group head.
The firm has made six investments in Boston Logic, PaySimple, LogicMonitor, Untangle, Anju Software and Conversica, according to a release. PSG invests in lower middle-market software and technology-enabled service companies, mostly in North America. The group has helped its portfolio companies complete 38 add-on acquisitions.
“The significant demand for PSG Fund II highlights the strength of our track record, as well as our differentiated approach to growth equity investing and partnering with management teams. We continue to see substantial opportunity in our target market and we look forward to applying our proven strategy to help companies grow and deliver superior returns to investors,” Hastings added.
Providence Equity Partners, with $50 billion in capital under management, was founded in 1989 and has invested in more than 150 companies. The company is headquartered in Providence.

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