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Providence Equity Partners fund raises $2.24B

Private equity firm Providence Equity Partners LLC raised $2.24 billion from 83 investors for its Providence Equity Partners VIII LP fund.

The fund, which was launched in 2017, has a target size of $5 billion and a hard cap of $6 billion, according to S&P Global Market Intelligence data.

Significant investors in the fund, which targets majority investments in the media and communications sectors, include the Washington State Investment Board, which committed $400 million; the New York State Common Retirement Fund, which committed $250 million; and the South Carolina Retirement System Investment Commission, with a $150 million commitment.