Long-time IR head exits Providence

13-year Providence veteran Julie Fisher has left as the firm has expanded its IR operation into a multi-asset, global team headed by a former Goldman Sachs executive hired in May.

Julie Fisher, the long-time head of investor relations at Providence Equity Partners, has left the firm, a spokesperson confirmed Monday. 

Fisher had worked at Providence for 13 years, and until last year, ran the firm’s IR function. A limited partner source characterised Fisher as the “face” of Providence’s LP client relationship. It’s not clear if Fisher has an immediate position lined up somewhere else. 

Prior to joining Providence in 2000, Fisher was a private equity consultant at Cambridge Associates. Before, she worked as a vice president with JP Morgan Securities in the private equity group raising capital for domestic and international companies, according to her biography that was provided to Private Equity International in 2010. Fisher also spent time working at the World Bank and the Ford Foundation. 

Another high-level executive at the firm, Julie Richardson, took a step back from day-to-day activities earlier this year into a senior advisor role. Richardson had joined the firm in 2003 from JP Morgan’s investment banking division, where she worked as a vice chairman. 

Providence is nearing a final close on its Fund VII, which is expected to close this month at around $5 billion or more, according to a person with knowledge of the firm. Providence cut the target of the fund and also extended its fundraising period from December into this month.

Fisher’s departure comes as the firm has expanded its IR function to include global business development activities, according to a source with knowledge of the firm. The larger IR and business development operation is reflective of Providence’s own expansion into strategies beyond private equity. 

For example, Providence has built up its credit team since 2008, when the firm hired Tom Gahan from Deutsche Bank. 

Recently, Providence brought on Richard Byrne from Deutsche Bank to join the credit group. Providence’s credit team has $4.5 billion across various funds. The source with knowledge of the firm said the credit funds have been generating gross returns of between 15 and 20 percent. 

The firm also is launching its first-ever yuan-denominated fund in China in partnership with the Hangzhou Municipal Government Financial Affairs Office. 

To lead the multi-strategy, global business development efforts, Providence hired former Goldman Sachs executive Renée Beaumont to lead the team. Beaumont oversees all global business development, marketing and investor relations activities across the firm’s private equity and credit funds. “We look forward to [Beaumont's] contributions as we continue to grow, expand our private equity and credit product offerings, and meet the rapidly evolving needs of our international base of investors over the long-term,” Providence's chief executive officer Jonathan Nelson said in a statement.

Providence has kept busy on the deal front. In March, the firm formed a strategic partnership with the National Football League to invest in sports- and entertainment-related media businesses. Providence and the NFL will each commit capital for growth equity investments of between $25 million and $50 million, with “the capacity to make larger investments”, according to a statement.