About the Fund
Providence is a global asset management firm who have pioneered a sector-based approach to private equity investing through their focus on media, communications, education and information investments. The firm specializes in leveraged buyout transactions as well as growth capital investments and has invested in more than 180 companies globally since its inception in 1989.
The firm manages funds with over $45 billion in commitments and raised a $6 billion in 2018 for its latest vehicle, making it a large global player in the Private Equity industry. They have in recent years been particularly active in Europe compared to other US funds, with its investment committee split between London and the US.
Providence partners with companies across different stages in their development, from growth capital and complex recapitalizations of family-owned businesses to large buyouts and take-privates. The firm targets equity investments of $150 million to $800 million and can employ a variety of financing structures. Providence prefers to lead its investments, serve on company boards, and work collaboratively with company management. Notable examples include the Ambassadors Theatre Group, the Iron Man Series and AutoTrader Group.
Having a sector focus allows Providence to be competitive on investment processes as they are able to bring significant expertise to a portfolio company relative to generalist funds, a fact appreciated by management teams and sellers. At the same time, their sector scope is broad enough to mean that they are not pinned to one particular segment of the market, and can look at generalist businesses with a technology / online angle.
A PE Associate will be integrally involved with all aspects of the Private Equity investment cycle, including sourcing, identifying and evaluating potential investments; performing due diligence; handling negotiations; financing, structuring and closing transactions; developing, monitoring and implementing improvements at portfolio companies; exiting investments; and interacting with the firm’s investors, clients and limited partners. The Associate position provides lots of exposure and the potential to become a board member of portfolio companies.
An Associate’s primary responsibilities include: learning and following the dynamics of the industries covered; building relationships with management teams, senior advisors, external advisors and industry experts; identifying attractive investment themes and opportunities; gathering and synthesizing industry and market data; extensive analysis on potential investments, including in-depth financial modelling; managing the due diligence process, including overseeing commercial, financial, tax, legal and other diligence advisors; drafting within portfolio companies; and monitoring and reporting on portfolio company performance.