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Laxman Pai, Opalesque Asia: Boston growth equity firm Providence Strategic Growth Capital Partners (PSG) has raised $4.5 billion for its private-equity strategy that backs software makers and technology-heavy service providers.
The fifth flagship private equity fund, PSG V, targets investments in middle-market software and technology-enabled services companies.
Existing and new investors, including state and corporate pension funds, sovereign wealth funds, and family offices, contributed to PSG V.
"Through PSG V, the firm will continue its commitment to its founding 'buy and build' strategy focused on helping middle-market software companies grow through strategic value creation initiatives in addition to sourcing and facilitating add-on acquisitions," the private equity firm said in a press release.
Investors in the latest fund include State of Wisconsin Investment Board, Madison; Alaska Permanent Fund Corp., Juneau; South Carolina Retirement Systems, Columbia; and Pennsylvania State Employees' Retirement System, Harrisburg.
The previous fund in the series, PSG IV, closed on $2 billion in capital commitments in 2019. The new fund brings PSG's aggregate capital commitments across the U.S. and Europe to more than $10 billion. Earlier this year, PSG also closed its debut European fund at €1.25 billion.
"Since inception, we've been extremely thoughtful in charting PSG's expansion and we're thrilled to arrive at this milestone with continued conf...................... To view our full article Click here
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