PNC to Expand Primary Fund Placement Capabilities With Aqueduct Acquisition

PNC Bank plans to acquire Aqueduct Capital Group to enhance the primary fund placement capabilities of PNC subsidiary Harris Williams.

The bank has entered into a definitive agreement for the acquisition, and the transaction is expected to close in midsummer, subject to customary closing conditions, PNC Bank said in a Tuesday (May 20) press release.

“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,” Michael D. Thomas, head of corporate and institutional banking at PNC, said in the release.

Harris Williams, a global investment bank specializing in mergers and acquisitions and private capital advisory services, serves clients worldwide, according to the release.

Aqueduct Capital Group, a placement agent focused on raising capital for private equity, private credit and real asset managers, has been advising clients on a variety of fundraising solutions since its founding in 2003, per the release.

Harris Williams Co-CEO John Neuner said in the release: “With minimal overlap in our respective client bases or limited partner relationships, this agreement increases the ability to serve a broader range of clients.”

Aqueduct Founder Frank Edwards said in the release that 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.”

PNC announced in May 2024 that it and global asset manager TCW Group formalized and expanded their partnership to develop a private credit platform focused on middle market lending.

“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,” PNC Chairman and CEO William S. Demchak said at the time in a press release.

PNC acquired point-of-sale and payment solutions firm Linga in 2022, saying this would further its expansion of corporate payments capabilities while enhancing its ability to serve hospitality and restaurant industry clients.

In 2021, PNC completed its acquisition of the bank BBVA USA, saying the move would accelerate PNC’s national expansion and bring its technology, products and services to new markets and clients.