According to Patrick McMahon, a PNC spokesman, the local closing is part of the company's move to restructure and reposition its venture capital activities. The other three offices of VentureBank--in Pittsburgh, Philadelphia and Reston, VA--are also closing. Equity financing deals will now be done under PNC Equity Management. "VentureBank had $50 million in assets," notes McMahon. "PNC Equity has $1 billion in assets."
PNC Technology Investors, which was established last summer, will also provide financing to early-stage companies in the information technology sector. McMahon emphasizes that the local closing of the office here--which he says was leased space--is not a reflection of the company's interest in businesses in the area. "Boston remains a market of interest to us," he says. The lack of a local physical presence "does not prevent us from making deals" here.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
