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BofA creates new private capital group: Reuters

Bank of America Merrill Lynch has formed a new unit called the strategic & private capital solutions group, which will focus on raising money for private companies, according to an internal memo seen by IFR.

Sachin Aggarwal and Warren Fixmer will co-head the group, but will also continue in their respective roles in equity syndicate and origination.

The new group will be part of BAML’s Americas equity capital markets unit. It will focus on raising cash for companies in the pre-initial public offering stages, in addition to other types of capital raises, leveraging the bank’s distribution platform to help issuers access private capital, the bank said.

(Reporting by Philip Scipio; Editing by Natalie Harrison)