March 19 Providence Equity Partners said it has
hired the former chief executive of Deutsche Bank Securities Inc
as president of its credit investment arm as it seeks
to expand its franchise in media and communications beyond
On April 1, Richard Byrne will become president of Benefit
Street Partners, a Providence affiliate with over $4.5 billion
in assets spanning high-yield bonds, long-short credit, senior
secured debt, direct lending and structured credit, Providence
said in a statement on Tuesday.
"We believe the credit platform is an important complement
to our core private equity investment operations and plan to
continue to capitalize on the substantial opportunities in the
global credit markets," Providence CEO Jonathan Nelson said in
Providence's latest buyout fund, Providence Equity Partners
VII, which the firm started raising in 2011 with a $6 billion
target, has yet to announce the completion of its fundraising.
Thomson Reuters peHUB reported last May that the fund was
approaching $4.5 billion.
In the debt space, Providence has launched dedicated funds
as well as managed special accounts. In September, it priced a
$450 million collateralized loan obligation.
Based in New York, Byrne will report to Benefit Street
Partners CEO Thomas Gahan, who established Providence's credit
investment platform in 2008.
A capital markets veteran, Byrne was co-head of global
capital markets at Deutsche Bank before becoming CEO of the
German firm's U.S. investment banking arm.
He joined Deutsche Bank in 1999. Previously he was co-head
of the global leveraged finance group and head of global credit
research at Merrill Lynch. He was also a perennially top-ranked
credit analyst, Providence said.
Providence manages funds with $28 billion in investor
commitments and has invested in more than 130 companies globally
since the firm's inception in 1989, focusing on the media,
communications and education sectors.