(13:20 ET) – Royal Bank of Canada has merged its merchant banking and venture capital activities within Royal Bank Capital Partners (RBCP), a new unit with close to $1.2 billion in committed capital.

Alan Hibben, formerly a managing director with merger and acquisitions responsibilities at RBC Dominion Securities, has been named chief executive officer of the new business. He reports to Gordon Nixon, deputy-chairman and chief executive officer of RBC Dominion Securities.

The new unit combines the merchant banking and venture capital activities of Royal Bank Equity Partners and Royal Bank Ventures Inc. The new combined group will focus its activities on five industry segments as well as on mezzanine financing through a $200 million fund announced earlier in the year. The five segments are: IT and e-commerce, advanced materials and manufacturing technologies, life sciences, energy, and telecommunications and media.

“The net effect of the changes we have made is a significantly enhanced commitment by Royal Bank to supportinveGET