PROVIDENCE – Providence Equity Partners Inc. is planning to launch a seventh fund, to be called the Providence Global Growth Fund LP, PE Hub reported today.

A Providence Equity spokesperson contacted by Providence Business News declined to comment on the report.

The new buyout fund reportedly would focus on mid-market companies, aiming to invest no more than $150 million per transaction. It is now in the fundraising phase, seeking to raise a total of $1 billion, the online forum said.

That target is modest by Providence Equity standards.

The firm’s most recent fund, Providence Equity Partners VI, closed early last year at $12 billion. (READ MORE) “The largest sector-focused private equity fund ever raised,” according to the Providence Equity Web site, PEP VI is also the firm’s largest fund to date, nearly tripling the $4.25 billion PEP V, which closed in 2004.

Since its founding in 1989, Providence Equity has made investments in more than 100 companies. Its equity commitments total about $22 billion.

Providence Equity Partners Inc. is a global private investment firm – based in Providence, with offices in Los Angeles, New York City, London, Hong Kong and New Delhi – that specializes in media, entertainment, communications and information companies. Additional information is available at www.ProvEquity.com.