PNC Bank has entered into a definitive agreement to acquire Aqueduct Capital Group, a placement agent specializing in capital raising for private equity, private credit and real asset managers.
Founded in 2003, Aqueduct has earned a reputation for advising clients on a wide range of fundraising solutions. The acquisition is intended to complement the services of Harris Williams, a PNC subsidiary that provides mergers and acquisitions and private capital advisory services.
“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.
John Neuner, co-CEO of Harris Williams, noted that the transaction presents minimal overlap in client bases, creating an opportunity to broaden the firm’s service reach. “We are eager to capitalize on this mutually beneficial partnership and work closely with our new Aqueduct colleagues,” Neuner said.
Frank Edwards, founder of Aqueduct, described the partnership as a chance to enhance client outcomes through shared expertise. “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 at Aqueduct.
The deal is expected to close in mid-summer, pending customary closing conditions. Terms of the transaction were not disclosed.
Keefe, Bruyette & Woods advised Aqueduct, with legal counsel provided by King & Spalding LLP. PNC was represented by Wachtell, Lipton, Rosen & Katz.
