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Providence hires OpenView partner Adam Marcus

Providence Equity hired OpenView Venture executive Adam Marcus to work on its strategic growth team.

Marcus is listed on the website, and has updated his LinkedIn profile. He joined Providence as a managing director in July, his profile said. Marcus worked at OpenView Venture Partners for almost 10 years, starting in 2009. Prior to OpenView, he worked at Battery Ventures, his profile said.

Marcus was listed as part of the executive group running OpenView’s fifth fund, which closed on $296.7 million from 23 investors last year, PE HUB reported. Fund V was targeting $250 million. The firm also raised $250 million for Fund IV in 2014, the firm said in a statement.

Fund IV was generating a 23.3 percent internal rate of return and a 1.53x total value to paid-in multiple as of Sept. 30, 2018, according to performance data from the Florida State Board of Administration.

Fund V was generating a 37.4 percent IRR and a 1.19x multiple as of the same date, Florida’s numbers said.

Providence, meanwhile, is wrapping up fundraising on its fourth growth fund targeting $2 billion. Sources said that fund could hold a final close in the third quarter. The growth team, formed in 2014, is led by CEO Mark Hastings and Chairman Peter Wilde.

The growth group focuses on lower middle market investments in software and tech-enabled services across mobile payments, business applications, security and network technology and artificial intelligence.

Action Item: Check out OpenView’s Form ADV here: https://bit.ly/2Z4rh73