DALLAS, TX -- Providence Investment Partners (“Providence”) is pleased to announce the final closing of Providence Investment Partners I LP (SBIC Fund I) with $185 million of committed capital, well above the targeted amount. Our fundraising success is purely a reflection of the graciousness of our investors, and we are humbled by their willingness to entrust us with their capital. Investors include commercial banks, asset managers, family offices and high net worth individuals.
Providence is a Texas-based private capital firm that provides creative, flexible and patient debt and equity capital for lower middle market companies ($2–$10 million in EBITDA) primarily in Texas and the Southwest.
“Our team looks forward to diligently stewarding the capital we have been entrusted with,” said Jay Turner, partner of Providence. “Our purpose is to endeavor that all our stakeholders flourish as we live out our core values in the marketplace and community, and we are grateful for the opportunity to build and strengthen our relationships in the marketplace.”
Providence will likely invest SBIC Fund I across 20 to 30 companies, targeting debt and equity investments of $5 to $15 million. In its first year of operations, Providence has already completed seven transactions representing over $54 million of debt and equity capital invested.
“While forming Providence, we believed the rapidly growing Texas and Southwest economy was underserved with regards to flexible, junior capital for lower middle market companies,” said Kevin Glomb, partner of Providence. “Providence’s activity in the first year of operations has further strengthened our investment thesis, and we look forward to providing creative capital solutions to assist owners and management teams in achieving their goals.”
About Providence Investment Partners
Providence Investment Partners is a private investment firm based in Dallas, TX that provides creative, flexible and patient capital for lower middle-market companies. Our team partners with independent sponsors, committed funds, and business owners to create shared success in collaboration with experienced management teams. For more information, visit Providence Investment Partners.