NEW: Report—Providence Equity Denies Going Public
Wednesday, June 08, 2011
CNNMoney is reporting today that Providence Equity Partners, a $23 billion capital management firm, is denying that it will become a publicly traded private equity firm.
The report cites Glenn Creamer, a senior managing director with the firm, who said that it “wouldn’t make sense” to be a public company during a “fireside chat” at the SuperReturn U.S. Conference in Boston. Creamer reportedly said that Providence Equity is not interested in diversifying too much beyond its current investment strategy. He said the firm’s debt investment unit will grow, but it will not be launching any additional businesses.
An official at Providence Equity Partners did not immediately respond to a request for comment.
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