Providence Expands Capital Markets Arm
January 21, 2010
Providence Equity has bolstered its fledgling capital markets arm, bringing in Deutsche Bank and Goldentree Asset Management veteran Oliver Wriedt, who was named a managing director.
Providence Equity launched the capital markets group in September, 2008, tapping former Deutsche Bank Securities CEO Thomas Gahan to oversee the new business. Gahan, who also headed up corporate and investment banking at Deutsche, has since made other hires, including the appointment of Michael Paasche. Like Providence Equity's core private equity business, the capital markets group primarily targets investments in media, entertainment, information and communications companies.
Wriedt, up until 2008, had served as co-head of marketing and structured products at GoldenTree. Before that, from 1998 to 2004, he served as a managing director at Deutsche Bank, where he assumed several roles, including the oversight of the firm's alternative asset solutions efforts. At Providence Equity, Wriedt will be based in the firm's New York office.
Providence Equity is not the only private equity shop to bring in credit experience in recent years. In 2008, TowerBrook Capital tapped former UBS leveraged finance head John Sinik as a managing director in its London office; while Lake Capital, a midmarket firm in Chicago, brought in JPMorgan veteran Jon Westberg to serve as vice president of leveraged finance. Kohlberg Kravis Roberts, meanwhile, also operates a capital markets group, which was launched in 2006 by Citigroup veteran Craig Farr, and Blackstone Group jumped into the credit business when it acquired GSO Capital Partners in 2008.