Can an investment bank also operate a private equity firm? Would they ever work together on a deal or does that not make sense?

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Have worked for Goldman and MS’ internal PE funds.

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https://en.wikipedia.org/wiki/List_of_private_equity_firms#List_of_investment_banking_private_equity_groups seems like wiki has you covered. I'd imagine it happens where the IB pushes a deal to its affiliate PE, but would expect there's likely a good deal of at least pretending to be independent/arms length.

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Adding tho that while I’d be surprised this could happen, I’d also not be surprised as they’ll find a way around everything

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I believe a few of the large banks have PE arms, tho I dont know the investing strategy & how it compares to traditional PE firms (ie lbo). I also can’t imagine that the PE arm can take up a deal where the IB unit is the sell side advisor on it

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