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Report: Providence Equity raises more than $6B for latest flagship fund

Sector-specialist private equity firm Providence Equity Partners LLC raised more than $6 billion for Providence Equity Partners VIII LP, which closed Sept. 5, The Wall Street Journal reported, citing a person familiar with the matter.

The vehicle had a target of $5 billion, according to a memo to investors viewed by the publication.

The private equity firm and its partners committed $350 million to the fund, the report added, citing the person familiar with the matter. The vehicle was backed by public pension funds including the Washington State Investment Board, the New York State Common Retirement Fund, the Texas Municipal Retirement System and the South Carolina Retirement System Investment Commission, the report noted, citing pension documents.

Providence Equity focuses on buyout investments in media, communications, education and information services companies.