PNC Equity Partners was the private equity arm of PNC Financial Services Group. PNC Bank Corp, the predecessor to The PNC Financial Services Group, initiated its private equity investment practice in 1982. Between 1982 and 2000 PNC pursued a diversified on-balance sheet investment strategy ranging from minority investments in growth stage opportunities to leveraged buyouts of later stage companies. $350 million was invested in 85 companies. From 2001 to 2011 PNC's private equity team raised two funds using outside capital, forming PNC Equity Partners I and II with PNC Financial Services Group as the lead investor. The primary investment strategy of these funds was buyouts with majority ownership stakes and active participation in portfolio companies. The funds invested $370 million in 21 companies. In 2011 two separate teams of investment professionals originally based at PNC created investments firms: Incline Equity Partners, which currently manages PNC Equity Partners Funds I and II, and PNC Riverarch Capital, which is still affiliated with PNC Financial Services Group.