Providence Loses Two More Managing Directors
By Sabrina Willmer
Providence Equity Partners is losing two more managing directors after several other high-level departures over the past year, according to a year-end letter viewed by Bloomberg News.
Managing directors Jesse Du Bey and Nadim Nsouli are leaving the Providence, Rhode Island-based firm to pursue other opportunities, according to the letter from the end of January, a copy of which was obtained by Bloomberg.
Providence said in the letter that it was adjusting for “departures that often occur at the start of a new fund’s investment period.” The average tenure of managing directors at the firm is 12 years, according to a person familiar. Andrew Cole, a spokesman at Sard Verbinnen & Co. based in New York, declined to comment on behalf of Providence.
Providence has been raising a fund expected to be less than half the size of the $12.1 billion prior vehicle and narrowing its focus to sectors that have driven past performance. The firm is deemphasizing information services deals, for example, this person said.
The firm, which started raising money in the first half of 2011 for Providence Equity Partners VII LP, is looking to wrap up the fund by June after receiving a six-month extension to accommodate several investors, according to the letter. The fund has closed on about $4.5 billion so far and will likely wrap up at close to $5 billion, below its original $6 billion target, according to the person.