PITTSBURGH, Pa. – PNC Bank announced Tuesday that it has entered 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 global pools of capital.
“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 and institutional banking at PNC.
The acquisition, which is subject to customary closing conditions, is expected to close in midsummer, and the terms will not be disclosed, a news release states.
“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.