First Citizens Wealth Launches Enhanced Private Investments Capabilities

RALEIGH, N.C. — May 8, 2024 – First Citizens Wealth today launched new enhancements to its Private Investments capabilities that enable qualified clients to invest in growth-oriented opportunities outside of the traditional public securities markets.

These new private investments options, which are only available to qualified institutions and high net-worth individuals, provide access to select opportunities in private equity, private real assets, and private credit and debt -- without the large capital commitment typically required by similar investment vehicles.

For qualified investors and institutions, these new capabilities offer robust access to various private market sectors and the accompanying portfolio diversification. The capabilities are delivered through comprehensive and customizable portfolio consultation, ensuring a tailored approach for each client. In addition, these capabilities come with the full-service administrative support that sophisticated private investing demands.

As a large and growing organization, First Citizens Wealth is well positioned to manage and consult on private investments due to its specialized sector expertise and strong professional relationships. While private investments can provide diversification and potential for growth, they also carry risks, such as less liquidity, compared to the public markets.

The enhanced Private Investments capability is the latest in an expanding line of services available to clients – demonstrating the benefits of combining First Citizens Wealth with the best of the former SVB Private organization, which First Citizens acquired a year ago.

“These new capabilities further strengthen our Wealth franchise and enhance our ability to provide our clients with diverse and innovative investment opportunities,” said First Citizens Wealth Executive Director Michael Wilson.

“Private Investments reflects our commitment to delivering outstanding options and advice to our clients. We surround them with the services and expertise needed to help them reach their financial goals, while striving to ensure they have the investment options they need to succeed,” Wilson said.

Brent Ciliano, Chief Investment Officer at First Citizens Wealth, said private investments can be an attractive alternative for qualified clients looking to diversify away from the public markets.

“While private investments require longer-term investment horizons, they also offer the opportunity for enhanced diversification and returns. In fact, 83% of U.S. companies with annual revenues exceeding $100 million are backed by investments from the private market,” Ciliano said.

“Our ability to offer qualified individuals and institutions access to invest in those companies reflects our commitment to finding creative solutions that will support our clients’ success,” he added.

With more than $50 billion in assets under management, First Citizens Wealth is a premier provider of financial services that help clients preserve, plan, manage and grow their wealth. The team takes a holistic approach to client investments, using goals-based planning and personalized service to support clients in reaching their financial goals.

About First Citizens Bank

First Citizens Bank helps personal, business, commercial and wealth clients build financial strength that lasts. Headquartered in Raleigh, N.C., First Citizens has built a unique legacy of strength, stability and long-term thinking that has spanned generations. First Citizens offers an array of general banking services including a network of more than 500 branches and offices in 30 states; commercial banking expertise delivering best-in-class lending, leasing and other financial services coast to coast; innovation banking serving businesses at every stage; and a nationwide direct bank. Parent company First Citizens BancShares, Inc. (NASDAQ: FCNCA) is a top 20 U.S. financial institution with more than $200 billion in assets. Discover more at firstcitizens.com.