Providence Strategic Growth Capital Partners, an affiliate of Rhode Island-based global private equity and credit investment firm Providence Equity Partners, has announced that it closed its third fund worth $1.3B in equity commitments.
Dubbed PSG Fund III, the oversubscribed fund received support from investors both old and new, such as unnamed "high net worth individuals," state pension funds and other family offices.
“PSG has a unique playbook on how to build profitable and high-growth software businesses," said chairman of PSG Peter Wilde in a statement. "PSG Fund III’s size of $1.3 billion provides enough resources to invest in a best-of-breed proprietary deal sourcing engine, but is small enough to avoid competitive deal auctions.”
So far, PSG III has invested into EverCommerce, Formstack, Government Brands, Jobcase, Patron Technology, Property Brands and Arcoro. They join the firm's 20 previous investments since 2014, which typically include "lower middle market technology-enabled service companies," usually with a North American HQ.
Additionally, the 27-person PSG team has helped its portfolio companies close more than 100 add-on acquisitions.
“PSG has built an exceptional team and firm culture that has attracted first rate entrepreneurs and a top-tier base of limited partner investors,” said CEO Mark Hastings.
