PNC Bank Agrees to Acquire Aqueduct Capital Group to Complement Harris Williams Capabilities
PNC Bank (NYSE: PNC) has announced a definitive agreement to acquire Aqueduct Capital Group, a placement agent specializing in raising capital for private equity, private credit, and real asset managers. Founded in 2003, Aqueduct will complement PNC's subsidiary Harris Williams' existing capital advisory capabilities. The acquisition will expand PNC's ability to serve the global capital needs of the private equity industry, with minimal overlap in client bases and limited partner relationships. The transaction is expected to close in mid-summer 2025, with terms undisclosed.
The merger aims to leverage synergies between Aqueduct and Harris Williams, enabling clients to diversify their investor base across North America, Australia, Europe, and Asia. Keefe, Bruyette & Woods (KBW) served as Aqueduct's advisor, while Wachtell, Lipton, Rosen & Katz and King & Spalding LLP acted as legal counsel to PNC Bank and Aqueduct, respectively.
PNC Bank (NYSE: PNC) ha annunciato un accordo definitivo per acquisire Aqueduct Capital Group, un agente di collocamento specializzato nella raccolta di capitali per gestori di private equity, credito privato e asset reali. Fondata nel 2003, Aqueduct arricchirà le capacità di consulenza in ambito capitali della controllata di PNC, Harris Williams. L'acquisizione amplierà la capacità di PNC di soddisfare le esigenze globali di capitale dell'industria del private equity, con scarsa sovrapposizione tra le basi clienti e le relazioni con i partner limitati. La transazione dovrebbe concludersi a metà estate 2025, con termini non divulgati.
La fusione punta a sfruttare le sinergie tra Aqueduct e Harris Williams, permettendo ai clienti di diversificare la propria base di investitori in Nord America, Australia, Europa e Asia. Keefe, Bruyette & Woods (KBW) ha agito come consulente di Aqueduct, mentre Wachtell, Lipton, Rosen & Katz e King & Spalding LLP hanno fornito assistenza legale rispettivamente a PNC Bank e Aqueduct.
PNC Bank (NYSE: PNC) ha anunciado un acuerdo definitivo para adquirir a Aqueduct Capital Group, un agente colocador especializado en la captación de capital para gestores de capital privado, crédito privado y activos reales. Fundada en 2003, Aqueduct complementará las capacidades de asesoramiento de capital existentes de Harris Williams, subsidiaria de PNC. La adquisición ampliará la capacidad de PNC para atender las necesidades globales de capital de la industria de capital privado, con mínima superposición en las bases de clientes y relaciones con socios limitados. Se espera que la transacción se cierre a mediados del verano de 2025, sin revelar los términos.
La fusión busca aprovechar las sinergias entre Aqueduct y Harris Williams, permitiendo a los clientes diversificar su base de inversores en América del Norte, Australia, Europa y Asia. Keefe, Bruyette & Woods (KBW) actuó como asesor de Aqueduct, mientras que Wachtell, Lipton, Rosen & Katz y King & Spalding LLP fueron los asesores legales de PNC Bank y Aqueduct, respectivamente.
PNC 은행 (NYSE: PNC)은 사모펀드, 사모대출 및 실물자산 운용사를 위한 자본 조달에 특화된 배치 에이전트인 Aqueduct Capital Group을 인수하기 위한 확정 계약을 발표했습니다. 2003년에 설립된 Aqueduct는 PNC의 자회사인 Harris Williams의 기존 자본 자문 역량을 보완할 것입니다. 이번 인수로 PNC는 사모펀드 산업의 글로벌 자본 수요를 더욱 폭넓게 지원할 수 있게 되며, 고객 기반과 유한 파트너 관계의 중복은 최소화됩니다. 거래는 2025년 여름 중순에 완료될 예정이며, 조건은 공개되지 않았습니다.
이번 합병은 Aqueduct와 Harris Williams 간의 시너지를 활용하여 고객이 북미, 호주, 유럽, 아시아 전역에서 투자자 기반을 다양화할 수 있도록 하는 것이 목표입니다. Keefe, Bruyette & Woods (KBW)가 Aqueduct의 자문을 맡았으며, Wachtell, Lipton, Rosen & Katz와 King & Spalding LLP가 각각 PNC 은행과 Aqueduct의 법률 자문을 담당했습니다.
PNC Bank (NYSE : PNC) a annoncé un accord définitif pour acquérir Aqueduct Capital Group, un agent de placement spécialisé dans la levée de fonds pour les gestionnaires de capital-investissement, de crédit privé et d'actifs réels. Fondée en 2003, Aqueduct viendra compléter les capacités de conseil en capital déjà existantes de Harris Williams, filiale de PNC. Cette acquisition renforcera la capacité de PNC à répondre aux besoins mondiaux en capital de l'industrie du capital-investissement, avec un chevauchement minimal des bases de clients et des relations avec les partenaires limités. La transaction devrait être finalisée à la mi-été 2025, les termes n'étant pas divulgués.
La fusion vise à exploiter les synergies entre Aqueduct et Harris Williams, permettant aux clients de diversifier leur base d'investisseurs à travers l'Amérique du Nord, l'Australie, l'Europe et l'Asie. Keefe, Bruyette & Woods (KBW) a agi en tant que conseiller d'Aqueduct, tandis que Wachtell, Lipton, Rosen & Katz et King & Spalding LLP ont assuré les conseils juridiques respectivement pour PNC Bank et Aqueduct.
PNC Bank (NYSE: PNC) hat eine endgültige Vereinbarung zur Übernahme von Aqueduct Capital Group bekannt gegeben, einem Platzierungsagenten, der sich auf die Kapitalbeschaffung für Private-Equity-, Private-Credit- und Real-Asset-Manager spezialisiert hat. Aqueduct, gegründet im Jahr 2003, wird die bestehenden Kapitalberatungsfähigkeiten der PNC-Tochtergesellschaft Harris Williams ergänzen. Die Übernahme wird PNCs Fähigkeit erweitern, den globalen Kapitalbedarf der Private-Equity-Branche zu bedienen, mit minimaler Überschneidung der Kundenbasis und der Limited-Partner-Beziehungen. Der Abschluss der Transaktion wird für Mitte Sommer 2025 erwartet, die Bedingungen wurden nicht bekannt gegeben.
Die Fusion zielt darauf ab, Synergien zwischen Aqueduct und Harris Williams zu nutzen, um Kunden die Diversifizierung ihrer Investorengruppe in Nordamerika, Australien, Europa und Asien zu ermöglichen. Keefe, Bruyette & Woods (KBW) fungierte als Berater von Aqueduct, während Wachtell, Lipton, Rosen & Katz und King & Spalding LLP als Rechtsberater für PNC Bank bzw. Aqueduct tätig waren.
- Expands PNC's capital advisory capabilities in private equity, private credit, and real asset management
- Minimal overlap in client bases provides opportunity for significant market expansion
- Enhances global reach across North America, Australia, Europe, and Asia
- Complementary business addition to existing Harris Williams subsidiary
- Financial terms not disclosed, making impact on PNC's finances unclear
- Integration process may require time and resources
Insights
PNC's acquisition of Aqueduct strengthens its placement capabilities, creating synergies with Harris Williams and expanding its global private capital reach.
This strategic acquisition by PNC Bank of Aqueduct Capital Group represents a calculated expansion of PNC's investment banking capabilities in the alternative investments space. Aqueduct, established in 2003, brings specialized expertise as a placement agent that raises capital for private equity, private credit, and real asset managers through its established relationships with sophisticated global investors.
The transaction creates clear synergies with PNC's existing subsidiary Harris Williams, which focuses on M&A and private capital advisory. The complementary nature of this deal is particularly noteworthy - Harris Williams specializes in sell-side M&A while Aqueduct focuses on fundraising for alternative investment managers. This combination creates a more comprehensive service offering for the private capital markets.
What's particularly valuable about this acquisition is the minimal overlap in client bases and limited partner relationships highlighted by John Neuner, co-CEO of Harris Williams. This means PNC can immediately leverage Aqueduct's established investor network across North America, Australia, Europe and Asia without significant redundancy or integration challenges.
For context, placement agents like Aqueduct serve as intermediaries helping fund managers raise capital from institutional investors. As private markets continue to grow in importance, having strong placement capabilities becomes increasingly strategic for financial institutions. This acquisition positions PNC to capture more value across the private equity lifecycle - from capital raising (Aqueduct) to eventual exit transactions (Harris Williams).
The transaction timing (expected to close mid-summer) and lack of disclosed terms suggest this is a targeted, strategic acquisition rather than a transformational one for PNC. Nevertheless, it enhances PNC's competitive positioning against larger universal banks that offer similar comprehensive capital markets services.
Transaction furthers collective value proposition in primary fund placement
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
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.
Aqueduct Capital Group, LLC. is a registered broker dealer founded in 2003 and designed to represent a select number of industry leading alternatives fund managers. Their unique distribution strategy provides managers effective outsourcing of their business development and fundraising endeavors and allows for significant asset growth and deeper relationships with a broad array of diverse investors. Aqueduct's team members are considered trusted advisors to many world class investors and some of the most sophisticated institutions globally. Comprised of distribution, marketing and client services professionals, they have an ongoing endeavor to be the premier capital raising organization in the industry.
Harris Williams is a global investment bank specializing in M&A and private capital advisory services. Clients worldwide rely on us to help unlock value in their business and turn ambitious goals into reality. We approach every engagement with boundless collaboration, pooling expertise and relationships across industries and geographies. For over 30 years, our clients have trusted us to think strategically, execute precisely, and deliver superior outcomes to help them grow. Harris Williams is a subsidiary of The PNC Financial Services Group, Inc. (NYSE: PNC). Harris Williams LLC is a registered broker-dealer and member of FINRA and SIPC.
PNC Bank, National Association, is a member of The PNC Financial Services Group, Inc. (NYSE: PNC). PNC is one of the largest diversified financial services institutions in
CONTACTS:
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Anne Pace
(631) 338-3268
anne.pace@pnc.com
INVESTORS
Bryan Gill
(412) 768-4143
investor.relations@pnc.com
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SOURCE PNC Bank
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