Providence hires Goldman executive

The appointment of Renée Beaumont, a former managing director at Goldman Sachs, comes as Providence is expected to hold a $5bn final close on its Fund VII next month.

Providence Equity Partners has hired former Goldman Sachs executive Renée Beaumont to lead its business development team. 

In the newly created position, Beaumont, a former managing director at Goldman, will oversee all global business development, marketing and investor relations activities across the firm’s private equity and credit funds. 

There are 18 individuals in Providence’s business development team, according to the firm’s website. 

Prior to Beaumont's appointment, Providence had regional team heads who reported to the chief executive and the chief financial officer. With more of an international investor base now and a diversity of private equity and credit products, the firm felt it was the right time to appoint a global head of business development activities, according to a source close to the matter. 

Providence declined to comment beyond the release. 

Beaumont has worked at Goldman Sachs since 2004. During her tenure she held a number of different positions. Most recently Beaumont was a managing director in the firm’s Merchant Banking Division where she led the bank’s business development efforts and managed Goldman’s co-investment programme across multiple funds, according to a statement.  

Renée’s track-record of successful capital raising, strong network of relationships with institutional investors around the world and her deep understanding of the private capital markets makes her an ideal candidate to lead our business development team

Jonathan Nelson

Prior to that, Beaumont was head of the Americas utility, power and communications investing for the Infrastructure Fund at Goldman Sachs, where she was responsible for the sourcing, negotiating and financing of infrastructure investments. 

Before her time at Goldman Sachs, Beaumont was a senior corporate associate at international law firm Shearman & Sterling where she led and negotiated financings, spin-outs acquisitions, securities and private equity transactions. 

“Renée’s track-record of successful capital raising, strong network of relationships with institutional investors around the world and her deep understanding of the private capital markets makes her an ideal candidate to lead our business development team,” Jonathan Nelson, chief executive office of Providence, said in the statement. 

Beaumont’s appointment comes as Providence is raising its Providence Equity Partners VII. The firm is expected to hold a $5 billion final close next month, a source familiar with the matter told PEI in April. 

Last month, Providence formed a partnership with the National Football League to invest in sports and entertainment-related media businesses, by committing $250 million from its $12.1 billion Providence Equity Partners VI Fund, a 2007 vintage.