We begin with a top business story, PNC Bank is making a major move to deepen its footprint in the private capital markets. The Pittsburgh-based banking giant has announced it will acquire Aqueduct Capital Group, a specialized placement agent known for helping private equity, credit, and real asset managers raise funds through its extensive global investor network.

Founded in 2003, Aqueduct has earned recognition for its expertise in crafting capital-raising strategies for some of the world’s top-tier fund managers. The firm will now become part of PNC’s growing institutional capabilities—complementing the work of its existing investment banking arm, Harris Williams.

Michael D. Thomas, head of Corporate & Institutional Banking at PNC, emphasized that the acquisition aligns with PNC’s broader strategy to enhance support for the private equity sector. He noted this move would “expand our ability to meet the evolving capital needs of global clients.”

The leadership at Harris Williams also welcomed the deal, with co-CEO John Neuner calling it a “mutually beneficial partnership” that will broaden service to a wider range of clients thanks to minimal overlap in both firms’ investor bases.

Aqueduct founder Frank Edwards and partner Steve Lessing echoed the sentiment, calling the merger “a tremendous opportunity” to build on both firms’ trusted relationships across markets in North America, Europe, Asia, and Australia.

The transaction is expected to close by mid-summer, pending customary approvals. Financial terms of the deal were not disclosed.

Advising Aqueduct on the transaction was Keefe, Bruyette & Woods, with legal counsel provided by King & Spalding. PNC was represented by Wachtell, Lipton, Rosen & Katz.

With this acquisition, PNC strengthens its position as one of the nation’s leading diversified financial institutions, further bolstering its reach in global investment banking and alternative asset fundraising.

Reporting by Katy Moore.