Providence Equity Partners, a private-equity firm known for its early bets on companies such as Hulu and Ironman, has raised more than $6 billion for its latest flagship fund, according to a person familiar with the matter.

Fundraising for the vehicle, Providence Equity Partners VIII LP, closed on Sept. 5 above its $5 billion target, according to a memo to investors viewed by The Wall Street Journal. Providence’s previous flagship fund closed with $5 billion in 2013.

Providence...