PNC Makes Power Play—Snaps Up Aqueduct Capital in Latest Banking Land Grab

Another day, another traditional bank scrambling to buy innovation instead of building it. PNC just dropped the hammer on Aqueduct Capital Group—details scarce, but the move reeks of legacy finance playing catch-up.

Why now? Probably because organic growth is hard when you’re weighed down by brick-and-mortar baggage. Aqueduct’s tech stack—whatever it is—must’ve looked shinier than PNC’s in-house solutions.

Wall Street’s playbook remains unchanged: If you can’t beat ’em, acquire ’em. Just don’t ask how many zeroes got wiped out in due diligence.

PNC Bank announced entry 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 sophisticated, global pools of capital.

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 North America, Australia, Europe and Asia,” added Steve Lessing, partner of Aqueduct.

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.

Source: PNC Bank