PNC Acquires Aqueduct: Private Fund Placement Expansion
- PNC Bank is set to acquire Aqueduct Capital Group, a firm specializing in raising capital for private equity, private credit, and real asset managers.
- Thomas, head of corporate and institutional banking at PNC, said the acquisition complements Harris Williams' existing capital advisory services.It will also broaden PNC's ability to meet the global...
- Aqueduct Capital Group, established in 2003, provides advice on various fundraising strategies.
PNC Bank‘s strategic acquisition of Aqueduct Capital Group will considerably enhance its private fund placement capabilities, a move designed to bolster PNC’s services for private equity, private credit, and real asset managers. This deal, expected to close in midsummer, marks a pivotal moment for Harris Williams, a PNC subsidiary, as it seeks to integrate Aqueduct’s specialized fundraising services to meet the evolving global capital needs of the private equity industry. The acquisition allows PNC to broaden its reach and offer comprehensive capital advisory services, leveraging Aqueduct’s established presence across North America, Australia, Europe, and Asia. News Directory 3 knows this expansion could be transformative.Discover what’s next as PNC and Aqueduct join forces.
PNC bank to Acquire Aqueduct Capital Group, Bolstering Private Fund placement
PNC Bank is set to acquire Aqueduct Capital Group, a firm specializing in raising capital for private equity, private credit, and real asset managers. The move aims to strengthen the primary fund placement capabilities of Harris Williams, a PNC subsidiary.
Michael D. Thomas, head of corporate and institutional banking at PNC, said the acquisition complements Harris Williams’ existing capital advisory services.It will also broaden PNC’s ability to meet the global capital needs of the private equity industry.
Aqueduct Capital Group, established in 2003, provides advice on various fundraising strategies. Harris Williams focuses on mergers and acquisitions and private capital advisory. Frank Edwards, Aqueduct founder, noted the partnership offers a meaningful chance to leverage relationships and help clients diversify their investor base across North america, Australia, Europe, and Asia.
In May 2024, PNC and TCW Group expanded their collaboration to create a private credit platform focused on middle market lending. PNC Chairman and CEO William S. Demchak stated that combining PNC’s lending capabilities with TCW’s private credit expertise would greatly benefit companies seeking growth.
the transaction is expected to be finalized in midsummer.Keefe,Bruyette & Woods served as financial adviser to Aqueduct. Wachtell, lipton, Rosen & katz acted as legal counsel for PNC, while King & Spalding LLP represented Aqueduct.
what’s next
Following the acquisition, PNC aims to further integrate Aqueduct’s expertise to enhance its service offerings in the private equity space, providing complete solutions for fund placement and capital advisory.