Latest news with #AqueductCapital
Yahoo
23-05-2025
- Business
- Yahoo
PNC to buy Aqueduct to boost private equity capital-raise potential
This story was originally published on Banking Dive. To receive daily news and insights, subscribe to our free daily Banking Dive newsletter. PNC will acquire Aqueduct Capital Group, a broker-dealer focused on raising capital for private equity and private credit, the Pittsburgh-based bank said Tuesday. The deal is expected to close in midsummer, the companies said. Financial terms were not disclosed. "This acquisition is complementary to existing capital advisory capabilities provided through PNC's subsidiary Harris Williams and will enable us to expand our ability to serve the global capital needs of the private equity industry," Michael Thomas, PNC's head of corporate and institutional banking, said in a statement Tuesday. PNC bought investment bank Harris Williams in 2005 to provide merger-and-acquisition advisory capabilities for middle-market companies. Since then, the super-regional bank has added several pieces: It bought initial public offering consultant Solebury Capital in 2014, then Ambassador Financial Group in 2019. The latter served as a broker-dealer that specialized in balance sheet management but also provided investment banking and capital markets services. PNC has purchased placement agents like Aqueduct before. It bought Sixpoint Partners in 2019, then merged it into Harris Williams in 2023. John Neuner, co-CEO of Harris Williams, emphasized the "minimal overlap' between the client base of the investment bank and Aqueduct, adding that Tuesday's agreement 'increases the ability to serve a broader range of clients." Steve Lessing, a partner with Aqueduct, called the deal 'a tremendous opportunity to tap into our collective relationships and enable clients to diversify their investor base across North America, Australia, Europe and Asia.' Largely mirroring the PNC executives' quotes, analyst Gerard Cassidy of RBC Capital Markets noted the 'complement' the Aqueduct deal will bring to existing Harris Williams business but said "the bottom line impact … is not expected to be material, in our opinion," according to a research note. Recommended Reading TIAA to sell banking unit Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Finextra
22-05-2025
- Business
- Finextra
PNC acquires broker dealer Aqueduct
PNC Bank today announced entry into a definitive agreement to acquire Aqueduct Capital Group, a placement agent focused on raising capital for private equity, private credit and real asset managers through its broad access to sophisticated, global pools of capital. 0 Founded in 2003, Aqueduct has built a strong reputation advising its clients on a variety of fundraising solutions. "This acquisition is complementary to existing capital advisory capabilities provided through PNC's subsidiary Harris Williams and will enable us to expand our ability to serve the global capital needs of the private equity industry," said Michael D. Thomas, head of Corporate & Institutional Banking at PNC. "We are eager to capitalize on this mutually beneficial partnership and work closely with our new Aqueduct colleagues," added John Neuner, co-CEO of Harris Williams. "With minimal overlap in our respective client bases or limited partner relationships, this agreement increases the ability to serve a broader range of clients." "We are excited to join forces with PNC and believe the synergies created with our Harris Williams colleagues will enhance a shared commitment to deliver superior outcomes to long-standing, trusted client relationships," said Frank Edwards, founder of Aqueduct. "This new partnership provides a tremendous opportunity to tap into our collective relationships and enable clients to diversify their investor base across North America, Australia, Europe and Asia," added Steve Lessing, partner of Aqueduct. The acquisition, which is subject to customary closing conditions, is expected to close in mid-summer, and the terms will not be disclosed. Keefe, Bruyette & Woods (KBW) advised Aqueduct on the transaction. Wachtell, Lipton, Rosen & Katz acted as legal counsel to PNC Bank and King & Spalding LLP acted as legal counsel to Aqueduct.
Bloomberg
20-05-2025
- Business
- Bloomberg
PNC Agrees to Acquire Alternatives Fundraiser Aqueduct Capital
PNC Financial Services Group said its bank will acquire Aqueduct Capital Group, a move that expands PNC's services for alternative asset managers. Aqueduct, a broker-dealer, raises capital for private equity, private credit and real asset managers, according to a statement Tuesday from PNC, which didn't disclose the terms.
