Providence Said to Lose Two Executives From European TeamKiel Porter and Devin Banerjee
Two members of Providence Equity Partners Inc.’s European team in London have left, according to three people with knowledge of the matter.
Piers Dennison, a managing director, left last month, while Haide Hong, a vice president, departed in recent months, said the people, who asked not to be identified because the moves haven’t been made public. Officials at Providence declined to comment, and Dennison didn’t respond to e-mails through LinkedIn seeking comment. Hong couldn’t be located through directory assistance and Internet searches.
Dennison, who oversaw Providence’s investor relations effort in Europe, is one of at least eight managing directors to leave the Providence, Rhode Island-based private-equity firm since 2012. Some of the recent departures haven’t been voluntary, two of the people said, as Chief Executive Officer Jonathan Nelson is reorganizing Providence’s team to invest a smaller fund.
Providence, which oversees $28 billion in assets, finished raising $5 billion in July for its latest leveraged-buyout fund, less than the $6 billion it initially sought when it started gathering the money in 2011. The pool is less than half the size of its previous $12.1 billion fund raised in 2007.
Other senior departures have included Christopher Halpin, a partner in the firm’s media group, and Patrick Corso, head of the Hong Kong office. Julie Fisher, who led investor relations, left after 13 years.
Dennison joined Providence in 2011 from London-based Candover Investments Plc, where he oversaw global investor relations, and previously was a manager at Boston Consulting Group Inc., according to a profile removed from Providence’s website. The company in May hired former Goldman Sachs Group Inc. executive Renee Beaumont as a managing director and global head of business development.