PNC Bank to Acquire Aqueduct Capital Group to Bolster Private Fund Placement
PNC Bank has agreed to acquire Aqueduct Capital Group, a placement agent specializing in raising capital for private equity, private credit, and real asset managers. The acquisition will enhance the primary fund placement capabilities of PNC’s subsidiary, Harris Williams.
Michael D. Thomas, head of corporate and institutional banking at PNC, stated, “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.”
Founded in 2003, Aqueduct Capital Group advises clients on diverse fundraising solutions. Harris Williams, a global investment bank, focuses on mergers and acquisitions and private capital advisory. Aqueduct founder Frank Edwards said the 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.”
In May 2024, PNC and TCW Group expanded their partnership to develop a private credit platform targeting middle market lending. PNC Chairman and CEO William S. Demchak said at the time, “Combining the power and legacy of PNC’s broad lending capabilities with TCW’s private credit group will deliver significant benefit to companies seeking growth opportunities.”
The transaction is slated to close in midsummer. Keefe, Bruyette & Woods advised Aqueduct, with Wachtell, Lipton, Rosen & Katz serving as PNC’s legal counsel and King & Spalding LLP representing Aqueduct.
