Julie Richardson, considered one of the most powerful women in private equity, has stepped down as a full-time MD at Providence Equity Partners to become a senior advisor.
“Julie has been a valued partner at Providence. We respect her decision to transition from full-time partner to senior advisor to focus on her family and other interests,” the firm said in a statement.
Richardson, 49, joined Providence in 2003. Jonathan Nelson, Providence’s CEO, asked her at the time to establish a New York office for the firm, Buyouts has reported. Richardson focused on information services at Providence and led the firm’s investment in SunGard Data Systems, SRA Internaitonal, Altegrity and eTelecare.
Her departure comes as Providence nears wrapping up fundraising for its seventh fund. The pool will likely raise $5 billion, instead of $6 billion, peHUB has reported.
Last year, Buyouts selected Richardson as one of five powerful women in private equity. Richardson, in the story, said she couldn’t recall instances when her gender wasn’t anything but an advantage. “CEOs meet so many male private equity professionals,” she told Buyouts. “It’s easier for them to remember you and for you to make an impression.”
Before joining Providence, Richardson was vice chairman of J.P. Morgan’s investment banking division and chairman of the firm’s TMT group. Richardson, prior to that, was an MD at Merrill Lynch.
Photo courtesy of Providence Equity