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Scoop: Providence Equity COO Gary Weinstein Is Out–UPDATED

Providence Equity Partners’ chief operating officer is no longer with the LBO shop, less than three years into his new role, peHUB has learned.

UPDATE: “We appreciate Gary’s contributions to the firm over the last three years, and we wish him well in his future endeavors,” the firm said in a statement e-mailed to peHUB.

Gary Weinstein came to Providence from Lehman Brothers in June 2008, where he had served as managing director and global chief administrative officer of investment banking, according to a statement by Providence at the time Weinstein was hired.

It isn’t clear why Weinstein left the firm. Providence appears to have gone about his departure quietly. His name has been scrubbed from the PE firm’s website and it doesn’t list the title of chief operating officer anywhere on its team page. According to the PE firm’s website, Providence has $23 billion under management.

PeHUB could not reach Weinstein for comment, and Providence Equity did not provide any comment by press time.

In one bit of good news for Providence, the private equity firm likely didn’t rub up on any key man provisions with Weinstein’s departure, since he was at the firm for such a limited amount of time.

It isn’t clear if the departure of Weinstein will have any impact on fundraising efforts by Providence–UPDATE: a source tells peHUB that the position will be eliminated within Providence and that responsibilities previously absorbed by Weinstein will be distributed to other executives within the firm. It raised its last fund — a sixth fund totaling $12 billion — in 2007. Another source tells peHUB.com that Providence has already delayed a first close on a seventh fund and is cutting expectations for the fund.

Luisa Beltran contributed to this report.