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South Carolina commits $75 mln to Providence

  • AUM: $12.7 bln
  • PE: 7.4 pct
  • PE Target: 9 pct
  • Contact: communications@rsic.sc.gov
  • Why it’s important: South Carolina re-upped its relationship with Providence growth pool

South Carolina Retirement System Investment Commission at its April meeting re-upped with Providence Strategic Growth Capital Partners.

The board committed $75 million to Providence Strategic Growth IV, which focuses on growth and small buyout investments in the software and technology sector in North America, a meeting agenda showed. The pool’s fourth fund targeted $2 billion and closed April 5.

South Carolina previously invested with Providence’s growth fund, having committed $75 million to Fund III in Q2 2018. The system also committed $150 million to Providence Equity Fund VIII.

Providence’s fourth growth fund has a five-year investment period and an 8 percent performance hurdle before the GP can start to collect its 20 percent cut of carried interest.

South Carolina’s private equity assets sit at 7.4 percent, lagging its 9 percent target allocation, as of Sept. 10, 2018, according to an annual investment report.