Providence Debt Fund III was closed at $1.75 billion by Benefit Street Partners, the fund's manager.
Fundraising for the opportunistic credit fund, which will focus on middle-market debt and direct lending, began in 2013. The fund was “substantially oversubscribed,” well above the $1 billion target set for the final close, according to a news release from Benefit Street Partners, the credit investment business of private equity manager Providence Equity Partners.
Institutional investors that committed to Providence Debt Fund III include the $86 billion North Carolina Retirement Systems, Raleigh, which committed $200 million; the Florida State Board of Administration, Tallahassee, $150 million of the $144.3 billion it manages for the Florida Retirement System; the $761 million Wayne County Employees' Retirement System, Detroit, $20 million; and the $600 million Austin (Texas) Police Retirement System, $10 million.
