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Providence Equity Partners closes growth equity fund at $1.3 billion

Providence Equity Partners closed its third lower-middle-market growth equity fund, Providence Strategic Growth Fund III, at its $1.3 billion hard cap, said aspokeswoman for the alternative investment firm, in an email.

The fund was oversubscribed, she said. The fund will invest in software companies, and its strategy is to rapidly build the company organically and through mergers and acquisitions.

Investors in the fund include the $117 billion State of Wisconsin Investment Board, Madison; $71.6 billion Massachusetts Pension Reserves Investment Management Board, Boston; $31.1 billion South Carolina Retirement System, Columbia; and $30 billion Pennsylvania State Employees' Retirement System, Harrisburg.