PNC Bank bought placement agency and secondaries advisory shop Sixpoint Partners earlier this summer, a PNC spokesman confirmed for Buyouts.
The deal closed on July 31, the spokesman said. “The strategic acquisition enhances PNC Corporate & Institutional Banking’s ability to serve the needs of the rapidly growing private equity industry and complements its existing serve offerings and advisory capabilities,” said Rob Tacey, vice president in media relations.
The sale had not previously been announced in the media.
Sixpoint’s broker filing with Financial Industry Regulatory Authority (FINRA) shows that PNC Bank, as parent company, owns more than 75 percent of the firm. Eric Zoller, as CEO, has 5 percent or less, the filing said. Zoller formed Sixpoint in 2007, according to the firm’s website.
The firms know each other. Sixpoint has worked as placement agent to PNC Spinout Incline Equity since the firm’s debut fund in 2013.
On the secondary advisory side, Sixpoint worked with SunTx Capital Partners in 2017 on a secondary process. As part of that deal, Crestline Investors led an investor group in making a preferred equity investment in SunTx Fund I, buying out partial stakes from LPs and providing SunTx with additional growth capital to support the three remaining Fund I investments.
PNC joins a handful of other banks with private capital raising operations. Houlihan Lokey added-on capital raising shop BearTooth Advisors last year. BearTooth was formed in 2014 by Bob Brown, Andy Lund, Jim McGee and Riverstone Holdings LLC.
Greenhill in 2015 acquired Cogent Partners for capital advisory services, mostly on the secondary side. And Credit Suisse has one of the largest fundraising teams in the business.
Action Item: Check out Sixpoint’s broker filing: https://bit.ly/2k4yaXC