Providence wraps up second growth fund at $640 mln

Providence Strategic Growth Capital Partners LLC, an affiliate of Providence Equity Partners LLC, has closed its oversubscribed second fund at a hard cap of $640 million.

PSG focuses on lower mid-market software and technology-enabled service companies mostly in North America.

The limited partners of PSG Fund II include corporate pensions, family offices and high-net worth individuals.

In July 2015, the firm announced it had raised $315 million for its debut fund, beating its $250 million target. No data was available on the fund’s performance.

According to the firm, the fund has made investments in a number of companies that include software companies Boston Logic, PaySimple and Conversica.

Founded in Providence, Rhode Island in 1989, PSG has invested in more than 150 companies.

Trees with foliage in shape of dollar signs. Photo courtesy of ©iStock/Michal Krakowski