PRINT THIS PAGE US Providence Equity closes latest fund on $4.25bn27/09/2004. Source: AltAssets. 
 US Providence Equity has closed its latest fund on $4.25bn but the buy-out group is reported to have attracted investor support for almost double that sum, according to the Financial Times.
This news emerges as Providence comes close to signing its largest ever deal, the $4.8bn acquisition of US film studio group Metro-Goldwyn-Mayer. Providence is leading the deal with Sony, Texas Pacific Group and Credit Suisse First Boston.
Providence Equity specialises in media and communications investments. The firm's previous transactions include the E3bn acquisition of Eircom, an Irish fixed-line phone business, which was floated in March this year. Providence is also hoping to generate a quick return on its investment in Warner Music, which is considering an initial public offering that would value the group at up to $5bn.
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