Providence executive Richardson steps back

As the firm enters the homestretch on fundraising, managing director Julie Richardson has announced she will move into a senior advisory role.

Julie Richardson, a managing director at Providence Equity Partners who helped the firm open its New York office, is stepping back into a senior advisory role.

Richardson joined Providence in 2003 from JPMorgan’s investment banking division, where she worked as vice chairman. She also worked as chairman of the bank’s telecommunications, media and technology group. Prior, Richardson worked as a managing director at Merrill Lynch. Her move will not trigger any key-man provisions in the funds, according to a person with knowledge of the firm.

Richardson is making the move in part to spend more time with her family, according to Providence. She also told the New York Times she will focus on her non-profit activities. Richardson serves on the executive committee of the board of directors of the Make-A-Wish Foundation of Metro New York.

Julie
Richardson

“Julie has been a valued partner at Providence. We respect her decision to transition from full-time partner to senior advisor to focus on her family and other interests,” the firm said in an emailed statement.

Richardson was involved in several deals at Providence, including security services business Altegrity, SRA International, which provides technology and security services consulting to government organisations; software company Sungard and eTelecare, a customer care-focused business.

Richardson joins a team of several highly regarded senior advisors that work with Providence, including Richard Parsons, former chairman and chief executive officer of Time Warner; Peter Chernin, former president and chief operating officer of News Corporation; and Tony Ball, chairman of the supervisory board of Kabel Deutschland.

Providence recently announced at its general annual meeting that it is likely to collect $5 billion for its seventh fund, which has a target of $6 billion. The firm’s chief executive officer Jonathan Nelson told attendees at the meeting the firm would probably raise around $5 billion (though that’s not set in stone). The firm also talked about “refocusing” on Providence’s core strategies, including media, communications and education, according to a limited partner who attended the meeting.