At a glance
- KeyCorp's corporate and investment banking unit announced the definitive agreement Nov. 3.
- Atlantic-Pacific was founded in 1995 by chairman James Manley and will bring more than 30 professionals to Key, according to the announcement.
- For real estate sponsors, the deal puts fund placement and secondary advisory inside a bank that already covers them for investment banking.
KeyBanc Capital Markets agreed to acquire Atlantic-Pacific Capital, a New York private capital adviser. Its fund placement, direct placement and secondary advisory work spans private equity, real estate, private credit and real assets. KeyCorp's corporate and investment banking unit announced the definitive agreement Nov. 3. Terms were not disclosed.
Atlantic-Pacific was founded in 1995 by chairman James Manley and will bring more than 30 professionals to Key, according to the announcement.
For real estate sponsors, the deal puts fund placement and secondary advisory inside a bank that already covers them for investment banking. Randy Paine, head of KeyCorp's Institutional Bank, said the acquisition positions Key "to participate in the expanding market for the creation of continuation vehicles."
Raed Elkhatib, Atlantic-Pacific's president and chief executive, said sponsors now raise a fund, syndicate a direct deal and run a continuation vehicle at the same time. They want "one partner who can execute across all of it," he said.
Reported by the Fundraising desk from PR Newswire — KeyCorp release and Institutional Real Estate, Inc.. Published . Corrections