PNC Bank buys placement agent Sixpoint Partners

PNC Bank bought placement agency and secondaries advisory shop Sixpoint Partners earlier this summer, a PNC spokesman confirmed for sister publication Buyouts.

The deal closed on 31 July, according to Rob Tacey, vice-president in media relations.

“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.”

The sale had not previously been reported.

PNC Bank is a subsidiary of Pittsburgh-based PNC Financial Services Group.

Sixpoint’s broker filing with Financial Industry Regulatory Authority shows that PNC Bank, as parent company, owns more than 75 percent of the firm. Eric Zoller, as chief executive, has 5 percent or less, the filing showed. Zoller formed Sixpoint in 2007, according to the firm’s website.

The firms are acquainted with each other, with Sixpoint having worked as placement agent to PNC spin out Incline Equity since the firm’s debut fund in 2013.

Sixpoint also worked with SunTx Capital Partners on a secondaries process in 2017. 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 acquired BearTooth Advisors last year, and Greenhill acquired Cogent Partners for capital advisory services in 2015.