I’ve read about how they expanded too fast pre crisis with the 12bn fund, but just curious if anyone can provide any info about how they’ve been doing recently. Last 2 funds were $5bn and $6bn
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Bad returns, had no business going to HK, very poor culture. I don’t know that I would put them in the “wicked smaht” category (to put it in their local terms...) but are nonetheless respected deal makers. Couldn’t hack it upstream so put their chips more in their growth arm to grow AUM. Used to have a really nice office in NYC but think they left it. Jonathan Nelson is the richest guy in Rhode Island. Very fun sectors to be in.
CPI does buyout, opus does growth.
Thanks for this. What firms would you say are good comps? I know providence is pretty sector specialized in media and communications and I haven’t seen many comparable funds playing in those sectors
Silverlake maybe? At least in terms of doing telecom and media type investments.
Here's a good article about Providence btw: https://www.nytimes.com/2015/04/26/business/the-firm-that-grew-too-fast…
That was actually the article that led me to post this thread. Saw that the 05 and 07 fund did poorly and was curious to see if they successfully rebounded in the last few years since that article
I was thinking silver lake as well because they’re the only other comparably sized firm with a focus in media/tech, but thought it might be unfair to compare them given silver lake’s strong track record and Providence’s performance with their aforementioned funds.
Updating with latest data point I have for reference - Ratio now handles Growth.
bump
I won't claim any knowledge on the buyout side, but as an industry peer I respect PSG. They did a ton of roll-up / buy-and-build plays including Ministry Brands, Tribute which were both >$1B outcomes. They do have a more narrow mandate than many growth firms (profitable companies + control deals whereas Insight, etc. will do a bunch of Series B/C type deals) but have a nice niche, esp. around payments.
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