PNC has agreed to acquire Aqueduct Capital Group, a broker-dealer focused on raising capital for private equity and private credit strategies. The deal is expected to close by mid-2025.

The acquisition will complement the services of Harris Williams, PNC’s existing middle-market investment bank, which the firm acquired in 2005. Aqueduct’s focus on capital placement for private markets will broaden PNC’s reach across global fundraising channels.

“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 Thomas, head of corporate and institutional banking at PNC.

PNC has made several similar acquisitions in recent years. It bought Solebury Capital in 2014 and added Ambassador Financial Group in 2019. In 2019, it also acquired Sixpoint Partners, a placement agent later merged into Harris Williams in 2023.

John Neuner, co-CEO of Harris Williams, noted the “minimal overlap” between Aqueduct’s client base and existing operations, describing the deal as a strategic move to serve a broader range of clients.

Aqueduct partner Steve Lessing said the transaction presents “a tremendous opportunity to tap into our collective relationships and enable clients to diversify their investor base across North America, Australia, Europe and Asia.”

While RBC Capital Markets analyst Gerard Cassidy said the deal is not expected to have a material financial impact in the short term, it represents a clear strategic step in expanding PNC’s presence in the private capital fundraising ecosystem.

Source: Yahoo Finance

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