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Providence Equity taps Deutsche veteran for credit investments
March 19, 2013 / 9:17 PM / 5 years ago

Providence Equity taps Deutsche veteran for credit investments

March 19 (Reuters) - 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 private equity.

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 the statement.

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.

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