The information contained herein is being provided to you for informational purposes only by Providence Equity Partners L.L.C. or its affiliates (together with such affiliates, “Providence”, and any investment vehicle sponsored by Providence, a “Fund”). Notwithstanding anything herein to the contrary, nothing in this presentation in any way limits or restricts any prospective investor or limited partner from reporting or communicating possible violations of law or regulation to any governmental agency or entity or making other disclosures or communications that are protected under the whistleblower provisions of federal or state law or regulation, and nothing in this presentation requires notification to Providence, a Fund’s general partner, a Fund, or their affiliates of the same.
Applicable securities laws may prohibit you and any other recipient of such information from purchasing or selling securities of a company to which such information relates or from providing such information to any person, and by participating in this meeting, listening to this presentation, or having access to this presentation, you agree that you understand the legal prohibition on such insider trading. If you are required by law pursuant to a Freedom of Information Act or similar request by a private actor to disclose any of the information contained herein, please contact Providence as soon as possible after you receive such request or after you determine that you may be required to disclose any such information.
The information contained herein (i) is not, and may not be relied on in any manner as, legal, tax or investment advice or as an offer to sell or a solicitation of an offer to buy an interest in a Fund sponsored by Providence or any other security, which may only be made pursuant to the delivery of the related organizational and offering documents for a Fund (the “Organizational Documents”) and (ii) is qualified in its entirety by the applicable Organizational Documents. No person has been authorized to make any statement concerning a Fund other than as set forth in the applicable Organizational Documents and any such statements, if made, may not be relied upon. Furthermore, in certain respects, the information contained herein is incomplete without being supplemented by the accompanying oral presentation and discussion.
None of the information contained herein has been filed with the United States Securities and Exchange Commission, any securities administrator under any state securities laws or any other governmental or self-regulatory authority. No governmental authority has passed on the merits of the offering of interests in a Fund or the adequacy of the information contained herein. Any representation to the contrary is unlawful.
Providence is under no obligation to update any of the information contained herein should it change.
PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS. ANY INVESTMENT ENTAILS SIGNIFICANT RISKS, INCLUDING LOSS OF THE ENTIRE INVESTMENT. Not all portfolio companies had performance that equaled the performance of the companies shown in this presentation. Any portfolio company level realized proceeds or valuations are presented prior to the deduction of any Fund-level fees, carry or expenses and without the use of subscription facilities. Ultimate returns to investors are subject to the reduction of such amounts at rates reflected in the Fund’s overall net IRR and can be substantial. For a complete list of Providence portfolio companies and their performance information, including Fund-level performance, please refer to the Schedule of Investments available upon request. It should not be assumed that recommendations made in the future will be profitable or will equal the performance of the investments shown herein. Market and economic conditions in the future may vary. In addition, please note that individual performance experienced by an investor may vary depending on the structure of a particular investor’s investment.
Certain information contained herein (including financial information) has been obtained from published and non-published sources, including the management of the applicable portfolio companies, and has not been independently verified by Providence, which does not assume responsibility for the accuracy of such information. Except where otherwise indicated herein, the information provided herein is based on matters as they exist as of the date of preparation and not as of any future date, and will not be updated or otherwise revised to reflect information that subsequently becomes available, or circumstances existing or changes occurring after the date hereof.
All references to a particular Fund herein refer generally to the applicable Providence Fund and its related parallel funds, feeder funds and alternative investment funds, as appropriate (excluding certain separately managed accounts established as parallel or feeder funds). An investor’s performance may vary from the aggregate performance shown depending on its participation in such main funds, parallel funds, feeder funds or alternative investment funds.
By publishing or otherwise providing this presentation with any reference to Responsible Investing, Providence makes no claim that its Funds or other products are Responsible Investing-focused, promote environmental or social characteristics, have Responsible Investing-based investment objectives, or that its business, Funds, or portfolio companies are compliant with any third party Responsible Investing principles. Providence focuses on investment returns and performance above any Responsible Investing or similar factors, however defined. Providence’s Responsible Investing procedures and Annual Responsible Investing Report are available upon request. While Providence may consider certain Responsible Investing principles as it has discussed herein, it makes no claim that it considers Responsible Investing or other factors in its investment decisions other than to the extent it determines them to be material financial factors. Providence may make statements herein about certain activities of its portfolio companies, but Providence makes no claim that it is responsible, in whole or in part, for such activities. Providence’s view of what “Responsible Investing” means is as discussed herein and Providence makes no claim that it comports with any particular definition of the term. Providence’s view of “Responsible Investing” is subject to change and Providence may revise its Responsible Investing-related activities, including ceasing any practices described herein, in whole or in part, at any time. While Providence collects Responsible Investing-related information from its portfolio companies, there is no guarantee that it will act on such information or that such information will have any influence on its investment decisions or management of any portfolio company. None of the Funds promotes specific environmental and social characteristics in accordance with the Regulation (EU) 2019/2088 of the European Parliament and of the Council on sustainability-related disclosures in the financial services sector (the “Sustainability Disclosures Regulation”) or intends to comply with the reporting requirements under Article 8 of the Sustainability Disclosures Regulation. Providence does not currently consider in connection with any Fund the “adverse impacts of investment decisions on sustainability factors” as defined under and in accordance with Article 4 of the Sustainability Disclosures Regulation.
Providence previously operated as an investment adviser under common control with PSG Equity L.L.C. (“PSG”). As of November 2020, Providence and PSG are no longer affiliates. At that time, Providence entered into certain back-office and administrative services and information sharing arrangements with PSG, which concluded in July 2024. For further information, please refer to Providence’s Form ADV, Part 2A.
Certain assumptions have been made in calculating the return information and preparing the other information set forth in this presentation. While made in good faith, there can be no assurance that such assumptions will prove correct or will be applicable to a Fund’s actual investments.
Certain information contained herein constitutes forward-looking statements, including, but not limited to, the key themes, outlooks and key strategic priorities and statements regarding potential liquidity events. Forward looking statements may be identified by the use of terms such as “may,” “will,” “should,” “expect,” “anticipate,” “project,” “thesis,” “estimate,” “intend,” “continue” or “believe” (or the negatives thereof) or other variations thereof. Due to various risks and uncertainties, actual events or results or actual performance may differ materially from those reflected or contemplated in such forward-looking statements, which only speak as of the date they are made, and there can be no assurance that unrealized investments used to calculate the return information set forth herein will be ultimately realized for their assumed values. As a result, investors should not rely on such forward-looking statements.
When, in Providence’s opinion, reported portfolio company operating and financial results are not representative of the portfolio company’s financial performance over a particular period, Providence may elect, in its sole discretion, to make adjustments to portfolio company operating and financial results in order to account for events such as add-on acquisitions, divestures, non-recurring events, one-time and/or other items that, in Providence’s opinion, are not reflective of the portfolio company’s financial performance over the specified period. When Providence makes such adjustments, the adjusted metric includes a “Pro Forma” or “PF” label.
Any industry designations, descriptions of investment type or Providence’s role in a transaction are as determined by Providence in its sole discretion.
All trademarks and all logos and copyrighted materials displayed herein, other than those of Providence, are the property of their respective owners, who may or may not be affiliated with Providence. Access to or viewing materials presented herein does not confer any license under any of Providence’s or any third party’s intellectual property rights or otherwise authorize you to use any trademark, logo, service mark, copyright, or other intellectual property, except as explicitly agreed to by Providence or permitted under applicable law.
Senior advisors, operating partners and executives in residence are not employees of Providence or any of its affiliates. Rather, they are independent contractors paid for by the Funds, portfolio companies and/or Providence. For further information, please refer to Providence’s Form ADV.
Financial information at the portfolio company level generally has been provided by the portfolio companies as of June 30, 2026, or latest available, and has not been independently verified by Providence. Providence is under no obligation to update or otherwise revise such information in the future.
Unless otherwise noted, views expressed are those of Providence. Such statements cannot be independently verified and are subject to change.
Notes Regarding Certain Performance Metrics
The “Entry Date” is the initial date on which capital was invested in respect of an applicable Fund in the initial company or companies which formed the basis of the portfolio company investment. The “Exit Date” is the date on which an investment was disposed. In the case of investments involving multiple partial dispositions, the Exit Date is deemed to be the date of sale or distribution of a substantial portion of the net proceeds from the portfolio company (whether or not any entities continued to hold an interest).
“Invested Capital” represents the aggregate amount of equity invested in the portfolio company by the applicable Fund.
“Realized Value” or “Realized Proceeds” represents the sum of all cash dividends, interest income, other fees and cash proceeds received from the dispositions of interests in portfolio investments. “Realized Value” and “Realized Proceeds” are calculated before giving effect to management fees, carried interest and other partnership expenses, which in aggregate may be substantial.
“Total Value” represents Unrealized Value plus Realized Value (or Realized Proceeds).