PNC Financial Services Group has funded its private equity unit, PNC Mezzanine Capital, with a total of $500 million, Reuters reports. The amount has been committed by the bank from its own capital.
PNC Mezzanine seeks to put around $10-40 million and can lead investments of up to $60 million. By not allowing outside investors in the fund, PNC is looking to avoid the restrictions of the Volcker Rule.
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