# M&A Advisors and Boutique Investment Banks 2026: Fees, 56 Firms and the Buyers They Call

> How M&A advisors and boutique investment banks work, what they charge and who led the 2026 league tables. Plus 32 banks with a Private Equity List profile and the 54 buyout funds raised in 2026 that they sell companies to.

Guides · 12 November 2026 · by Giorgio Fenancio · https://privateequitylist.com/intelligence/m-and-a-advisors

**Key takeaways**

- **The short answer:** an M&A advisor is a bank or boutique hired to sell, buy or merge a company. In the lower middle market most charge a $10,000–20,000 retainer plus a success fee that steps down from 5% of the first $1M to 1% above $4M.
- **Who leads:** Houlihan Lokey advised on 104 North American deals in the first half of 2026, more than any other adviser; Goldman Sachs led by value with $437.7B.
- **Boutiques:** elite boutiques such as Evercore, Lazard, Centerview, PJT and Moelis take the largest mandates; middle-market banks such as Harris Williams, William Blair and Lincoln International sell companies worth roughly $25M–1B.
- **The buyers:** 54 buyout funds of under $5B closed or held a close in 2026 in the Private Equity List tracker, with $59.4B between them; the typical one was $720M.
- **Same banks, two jobs:** Lazard, Evercore, Harris Williams, Jefferies and Raymond James also raised money for 2026 private equity funds, so they know which buyers just got new capital.
- **Who to call:** 3,548 private equity firms in Private Equity List are possible buyers, 1,307 of them in the US; 1,558 write cheques of $10–50M.

- **54**: buyout funds raised in 2026 (under $5B each, as of November)
- **$59.4B**: raised by those funds (as announced)
- **$720M**: typical 2026 buyout fund (the median)
- **32**: banks and M&A advisers (with a Private Equity List profile)

**Private equity firms (possible buyers) by headquarters**

| | Value |
|---|---:|
| United States | 1307 |
| United Kingdom | 387 |
| Canada | 130 |
| Germany | 114 |
| France | 111 |
| United Arab Emirates | 102 |
| India | 101 |
| Australia | 87 |

Source: Private Equity List database

**Private equity firms by typical cheque size**

| | Value |
|---|---:|
| $10–50M | 1558 |
| $1–5M | 629 |
| $50–100M | 504 |
| $100M+ | 390 |
| Under $1M | 270 |
| $5–10M | 190 |

Source: Private Equity List database

## What is an M&A advisor

**M&A advisor:** a firm hired to run the sale, purchase or merger of a company. On a sale it is called a sell-side advisor; on a purchase, a buy-side advisor.\
**What it does:** values the business, writes the teaser and the [confidential information memorandum (CIM)](https://privateequitylist.com/intelligence/cim-template), builds the buyer list, runs the auction and negotiates the purchase agreement.\
**Who it calls:** trade buyers in the same industry and financial buyers: [private equity firms](https://privateequitylist.com/investors/private-equity), [family offices](https://privateequitylist.com/investors/family-office) and [independent sponsors](https://privateequitylist.com/intelligence/independent-sponsors).\
**How it is regulated in the US:** firms paid a success fee on the sale of securities are usually [registered broker-dealers](https://www.finra.org/rules-guidance/guidance/capital-acquisition-broker-rules), or rely on the [M&A broker exemption in force since 29 March 2023](https://willkie.com/publications/2023/06/new-federal-registration-exemption-for-ma-brokers), which covers sales of private companies with EBITDA under $25M or revenue under $250M.

**Boutique investment bank:** an independent firm that does advisory work (M&A, restructuring, capital raising) without lending, trading or research.\
**Elite boutique:** the largest independents, such as Evercore, Lazard, Centerview, PJT Partners and Moelis. [Centerview, Evercore and Lazard regularly make the top 10 of M&A league tables](https://www.preplounge.com/en/articles/elite-boutique-investment-banks) alongside the bulge-bracket banks.\
**Middle market investment bank:** a bank that sells privately held companies to private equity firms and strategic buyers, usually with enterprise values from about $25M to $1B.\
**Business broker:** sells Main Street businesses, [mostly below $5M](https://www.websiteclosers.com/resources/business-broker-vs-investment-banker-which-one-do-you-actually-need/), for a flat commission that is often 10%.

<div class="intel__tablewrap">
<table class="intel__table">
<thead><tr><th>Type of advisor</th><th>Typical deal size</th><th>How it is paid</th><th>Examples</th></tr></thead>
<tbody>
<tr><td>Business broker</td><td>Under $2–5M</td><td>Flat success fee, often 10%</td><td>Local brokers, online marketplaces</td></tr>
<tr><td>Lower middle market M&A advisor</td><td>$5–100M</td><td>Retainer plus a Lehman-style success fee</td><td>The Advisory, Peakstone Group, Mariner</td></tr>
<tr><td>Middle market investment bank</td><td>$25M–1B</td><td>Retainer or monthly fee plus a success fee of about 1–3%</td><td>Harris Williams, William Blair, Lincoln International, Cascadia Capital</td></tr>
<tr><td>Elite boutique</td><td>$1B and up</td><td>Success fee under 1% on large deals, set per mandate</td><td>Evercore, Lazard, Centerview, PJT Partners, Moelis, Perella Weinberg</td></tr>
<tr><td>Bulge-bracket bank</td><td>$1B and up</td><td>Advisory fee, often bundled with acquisition financing</td><td>Goldman Sachs, JPMorgan, Morgan Stanley</td></tr>
</tbody>
</table>
</div>

The size bands are rules of thumb. [Investment bankers rarely take deals below $25–50M of enterprise value](https://www.websiteclosers.com/resources/business-broker-vs-investment-banker-which-one-do-you-actually-need/), while [another guide puts brokers at $2M or less and investment banks at $150M or more](https://blog.mycorporation.com/2017/07/need-business-broker-ma-advisor-investment-banker/), with M&A advisors in between.

## M&A advisor fees: retainer, success fee and the Lehman scale

- **$10–20K**: upfront retainer (lower middle market)
- **$5–10K**: monthly work fee (where one is charged)
- **5% → 1%**: Lehman success fee (first $1M down to above $4M)
- **71%**: advisers who charge an upfront fee (Axial 2026 survey)

**Retainer:** [Mercer Capital](https://mercercapital.com/article/understanding-transaction-advisory-fees) puts the upfront retainer for lower middle market deals at $10,000–20,000, with monthly fees of $5,000–10,000 where they apply.\
**Success fee:** paid only at closing. The classic Lehman formula is 5% of the first $1M, 4% of the second, 3% of the third, 2% of the fourth and 1% above $4M.\
**Double Lehman:** 10-8-6-4-2 on the same steps. [On a $10M deal it comes to $400,000 (4.0%)](https://www.peony.ink/blog/ma-advisor-fees), against $200,000 (2.0%) under the classic scale.\
**Bigger deals pay less:** the same guide, using Firmex and Axial survey data, puts the effective rate at about 4.8% on a $5M deal, 3.4% at $20M and 2.0% at $100M.\
**Who charges upfront:** 71% of advisers in [Axial's 2026 fee survey](https://www.axial.net/forum/ma-fee-guide-2025-2026/) of 331 advisers charge some upfront fee, and Lehman-style success fees are still the most common.

<div class="intel__tablewrap">
<table class="intel__table">
<thead><tr><th>Term</th><th>Typical range</th><th>What to negotiate</th></tr></thead>
<tbody>
<tr><td>Retainer</td><td>$10,000–20,000 upfront, or $5,000–10,000 a month</td><td>Credit it against the success fee</td></tr>
<tr><td>Success fee</td><td>Lehman 5-4-3-2-1 to Double Lehman 10-8-6-4-2</td><td>Which number it is charged on: enterprise value, equity value, earn-outs</td></tr>
<tr><td>Minimum fee</td><td>Often in the engagement letter</td><td>The floor on a small deal can exceed the Lehman maths</td></tr>
<tr><td>Exclusivity</td><td>6–12 months</td><td>No automatic renewal</td></tr>
<tr><td>Tail</td><td>12–24 months</td><td>Fees only on buyers the advisor named, listed when the mandate ends</td></tr>
</tbody>
</table>
</div>

**Illustrative example, not data:** an owner sells a company for $10M. Under the classic Lehman scale the success fee is $50,000 + $40,000 + $30,000 + $20,000 + $60,000 = $200,000. With a $15,000 retainer credited, the owner pays $200,000 in total.

## Top M&A advisory firms in 2026: league tables

<div class="intel__tablewrap">
<table class="intel__table">
<thead><tr><th>Rank</th><th>By deal count, North America, H1 2026</th><th>By deal value, North America, H1 2026</th></tr></thead>
<tbody>
<tr><td>1</td><td>Houlihan Lokey: 104 deals</td><td>Goldman Sachs: $437.7B</td></tr>
<tr><td>2</td><td>Goldman Sachs: 74 deals</td><td>JPMorgan: $297.1B</td></tr>
<tr><td>3</td><td>Morgan Stanley: 65 deals</td><td>Morgan Stanley: $223.5B</td></tr>
<tr><td>4</td><td>JPMorgan: 60 deals</td><td>Wells Fargo: $191.9B</td></tr>
<tr><td>5</td><td>Piper Sandler: 59 deals</td><td>Bank of America: $151.1B</td></tr>
</tbody>
</table>
</div>

**Source:** [GlobalData's North America league table for H1 2026](https://www.privatebankerinternational.com/news/north-america-ma-advisers-h1-2026/), published 30 July 2026.\
**Global, nine months:** [LSEG ranks Goldman Sachs first, then Morgan Stanley, JPMorgan, BofA Securities and Citi](https://www.investmentexecutive.com/news/research-and-markets/global-ma-strong-in-2026/). Deal value reached $3.9 trillion, up 28% on 2025, while the number of deals fell about 8%.\
**Why count matters:** Houlihan Lokey and Piper Sandler appear only in the count table. They close many middle-market deals, the size most owners sell at.\
**Lower middle market:** [Axial's Q2 2026 ranking](https://www.axial.net/forum/top-25-lower-middle-market-investment-banks-q2-2026/) of advisers on its platform was led by The Advisory (Beverly Hills), Carnegie Point M&A (Charlotte), Cornerstone Business Services (Green Bay), Mariner (Overland Park), Madison Street Capital (Austin), Meritage Partners (Newport Beach), Peakstone Group (Chicago) and Flatirons Capital Advisors (Louisville, Colorado).

## Boutique investment banks to know

<div class="intel__tablewrap">
<table class="intel__table">
<thead><tr><th>Bank</th><th>HQ</th><th>Tier</th><th>Known for</th></tr></thead>
<tbody>
<tr><td><a href="https://www.evercore.com/">Evercore</a></td><td>New York</td><td>Elite boutique</td><td>Large M&A and restructuring; its Private Funds Group raised 4 private equity funds worth $14.2B in 2026</td></tr>
<tr><td><a href="https://www.lazard.com/">Lazard</a></td><td>New York</td><td>Elite boutique</td><td>Cross-border M&A and restructuring; placement agent on 5 private equity funds worth $14.2B in 2026</td></tr>
<tr><td><a href="https://www.centerviewpartners.com/">Centerview Partners</a></td><td>New York</td><td>Elite boutique</td><td>Board-level advice on large public company deals</td></tr>
<tr><td><a href="https://www.pjtpartners.com/">PJT Partners</a></td><td>New York</td><td>Elite boutique</td><td>M&A, restructuring and fund placement through PJT Park Hill</td></tr>
<tr><td><a href="https://www.moelis.com/">Moelis & Company</a></td><td>New York</td><td>Elite boutique</td><td>M&A, recapitalisations and restructuring; affiliated with Moelis Capital Partners</td></tr>
<tr><td><a href="https://privateequitylist.com/investors/perella-weinberg">Perella Weinberg</a></td><td>New York</td><td>Elite boutique</td><td>M&A and restructuring advice for corporations, sponsors and governments</td></tr>
<tr><td><a href="https://www.qatalyst.com/">Qatalyst Partners</a></td><td>San Francisco</td><td>Elite boutique</td><td>Technology M&A only</td></tr>
<tr><td><a href="https://www.guggenheimpartners.com/">Guggenheim Securities</a></td><td>New York</td><td>Elite boutique</td><td>M&A and capital markets inside Guggenheim Partners</td></tr>
<tr><td><a href="https://www.rothschildandco.com/">Rothschild & Co</a></td><td>Paris</td><td>Elite boutique</td><td>Global M&A advisory, strongest in Europe</td></tr>
<tr><td><a href="https://hl.com/">Houlihan Lokey</a></td><td>Los Angeles</td><td>Middle market</td><td>Most North American M&A deals by count in H1 2026 (104)</td></tr>
<tr><td><a href="https://www.pipersandler.com/">Piper Sandler</a></td><td>Minneapolis</td><td>Middle market</td><td>59 North American deals in H1 2026; industry adviser on a 2026 continuation vehicle</td></tr>
<tr><td><a href="https://www.harriswilliams.com/">Harris Williams</a></td><td>Richmond</td><td>Middle market</td><td>Sell-side for private companies; advised on two 2026 private equity fundraises</td></tr>
<tr><td><a href="https://www.williamblair.com/">William Blair</a></td><td>Chicago</td><td>Middle market</td><td>Sell-side M&A for founder- and sponsor-owned companies</td></tr>
<tr><td><a href="https://www.lincolninternational.com/">Lincoln International</a></td><td>Chicago</td><td>Middle market</td><td>Sell-side M&A and valuations for private equity owners</td></tr>
<tr><td><a href="https://www.jefferies.com/">Jefferies</a></td><td>New York</td><td>Middle market and large</td><td>M&A plus financing; adviser and placement agent on Capitol Meridian's $1.9B fund</td></tr>
<tr><td><a href="https://www.raymondjames.com/">Raymond James</a></td><td>St. Petersburg, Florida</td><td>Middle market</td><td>M&A for middle-market companies; placement agent on Broadwing's $440M debut fund</td></tr>
<tr><td><a href="https://www.stifel.com/">Stifel</a></td><td>St. Louis</td><td>Middle market</td><td>M&A advice; its Eaton Partners unit places private equity funds</td></tr>
<tr><td><a href="https://privateequitylist.com/investors/cascadia-capital">Cascadia Capital</a></td><td>Seattle</td><td>Middle market</td><td>M&A, capital raising and strategic advice for growth companies</td></tr>
</tbody>
</table>
</div>

**Elite or middle market:** an elite boutique is the right call for a $1B+ public company deal. A founder selling a $40M business is usually better served by a middle-market bank that closes many deals of that size each year.\
**Specialists:** sector boutiques often beat generalists on buyer lists. Leerink Partners covers healthcare, Qatalyst technology and Genthod Global Advisory luxury brands.

## Banks that also raise private equity funds

Several M&A banks have a second business: raising money for private equity funds. That puts them in front of the buyers with fresh capital.

<div class="intel__tablewrap">
<table class="intel__table">
<thead><tr><th>Bank</th><th>2026 fund work in the Private Equity List tracker</th><th>Funds</th></tr></thead>
<tbody>
<tr><td>Lazard</td><td>Placement agent, including Lazard CL</td><td><a href="https://pulse2.com/truarc-partners-raises-1-2-billion-for-fund-v/">TruArc Fund V ($1.2B)</a>, <a href="https://pulse2.com/llcp-closes-lower-middle-market-iv-at-2-billion-hard-cap/">LLCP Lower Middle Market IV ($2B)</a>, <a href="https://pulse2.com/kingswood-capital-management-raises-4-billion-across-two-oversubscribed-funds/">Kingswood ($4B across two funds)</a>, Princeton Equity Partners III ($1.3B), Igneo European Diversified Infrastructure (€6B)</td></tr>
<tr><td>Evercore</td><td>Placement agent and strategic adviser</td><td>Arctos Keystone ($6.2B), Bregal Milestone III (€915M), PCP Fund III (€877M), LS Power Equity Partners VI ($6B)</td></tr>
<tr><td>Harris Williams</td><td>Fundraise adviser and placement agent</td><td><a href="https://peprofessional.com/2026/07/warren-equity-partners-wraps-up-a-banner-fundraise/">Warren Equity Partners Fund V ($2.8B)</a>, GEM Independent Sponsors Fund II ($685M)</td></tr>
<tr><td>Jefferies</td><td>Adviser and global placement agent</td><td><a href="https://pulse2.com/capitol-meridian-partners-raises-1-9-billion-for-second-fund-at-hard-cap/">Capitol Meridian Fund II ($1.9B)</a></td></tr>
<tr><td>PJT Park Hill</td><td>Exclusive placement agent</td><td><a href="https://pulse2.com/aphias-capital-closes-oversubscribed-1-05-billion-fund-i/">Aphias Capital Fund I ($1.05B)</a></td></tr>
<tr><td>Raymond James</td><td>Placement agent</td><td><a href="https://peprofessional.com/2026/08/broadwing-capital-takes-flight-with-a-440-million-debut-fund/">Broadwing Capital Fund I ($440M)</a></td></tr>
<tr><td>Stifel (Eaton Partners)</td><td>Exclusive global placement agent</td><td>BA Capital Fund II ($225M)</td></tr>
<tr><td>Baird</td><td>Own private equity arm</td><td><a href="https://pulse2.com/baird-capital-450-million-global-fund-iii-closed-at-hard-cap/">Baird Capital Global Fund III ($450M, hard cap)</a></td></tr>
</tbody>
</table>
</div>

**Why it matters to a seller:** a bank that just raised a fund for a buyer knows its cheque size, sectors and how much it still has to invest.\
**Full picture:** all 22 funds of 2026 that named a placement agent are in our guide to [placement agents in private equity](https://privateequitylist.com/intelligence/placement-agents).

## Who M&A advisors sell to: 54 buyout funds raised in 2026

**Biggest 2026 buyout funds under $5B**

| | Value |
|---|---:|
| Main Capital IX | $4.4B |
| CVC Catalyst III | $3.3B |
| Wind Point Fund XI | $3.2B |
| Kingswood Fund IV | $3.1B |
| Advent Mid-Market Fund | $3.0B |
| Warren Equity Fund V | $2.8B |
| Lightyear Fund VI | $2.5B |
| Norvestor X | $2.2B |

Source: Private Equity List database

**2026 buyout funds by size**

| | Value |
|---|---:|
| Under $500M | 21 |
| $500M–1B | 9 |
| $1–2B | 16 |
| Over $2B | 8 |

Source: Private Equity List database

**The money:** 54 buyout funds of under $5B closed or held a close in 2026, with $59.4B between them. The typical fund was $720M.\
**Where:** 44 were raised by US managers ($45.5B) and 10 by European managers ($13.9B).\
**First funds:** 9 were first funds, including Aphias ($1.05B), Citation Capital ($1.2B) and Broadwing ($440M).\
**Lower middle market:** [Levine Leichtman](https://privateequitylist.com/investors/levine-leichtman-capital-partners) closed Lower Middle Market IV at its $2B hard cap, and [Kinderhook Industries](https://privateequitylist.com/investors/kinderhook-industries) closed a $1.1B fund for the same end of the market.\
**More buyers:** the full guide on [how to find a private equity buyer for your business](https://privateequitylist.com/intelligence/private-equity-buyers) covers strategic buyers and family offices too.

### United States: 44 buyout funds, $45.5B

US managers raised 44 of the 54 funds. The typical US fund was $670M, and 12 of the managers are in New York, 7 in California and 5 in Illinois.

<div class="intel__tablewrap">
<table class="intel__table">
<thead><tr><th>Buyer</th><th>HQ</th><th>Fund</th><th>Size</th><th>Status and announcement</th></tr></thead>
<tbody>
<tr><td><a href="https://privateequitylist.com/investors/wind-point-partners">Wind Point Partners</a></td><td>Chicago</td><td>Fund XI</td><td>$3.2B</td><td><a href="https://pulse2.com/wind-point-partners-closes-oversubscribed-3-2-billion-fund-xi-for-middle-market-investments/">Closed</a>, 29 July 2026</td></tr>
<tr><td><a href="https://privateequitylist.com/investors/kingswood-capital-management-lp">Kingswood Capital Management</a></td><td>Los Angeles</td><td>Kingswood Capital Opportunities Fund IV</td><td>$3.1B</td><td><a href="https://pulse2.com/kingswood-capital-management-raises-4-billion-across-two-oversubscribed-funds/">Raised</a>, 6 August 2026</td></tr>
<tr><td><a href="https://privateequitylist.com/investors/advent-international-corporation">Advent International</a></td><td>Boston</td><td>Mid-Market Fund</td><td>$3B</td><td><a href="https://www.dealstreetasia.com/stories/advent-global-funds-499347">Raised</a>, 27 October 2026</td></tr>
<tr><td><a href="https://privateequitylist.com/investors/warren-equity">Warren Equity Partners</a></td><td>Jacksonville Beach</td><td>Fund V</td><td>$2.8B</td><td><a href="https://peprofessional.com/2026/07/warren-equity-partners-wraps-up-a-banner-fundraise/">Closed</a>, 15 July 2026</td></tr>
<tr><td><a href="https://privateequitylist.com/investors/lightyear-capital">Lightyear Capital</a></td><td>New York</td><td>Lightyear Fund VI</td><td>$2.5B</td><td><a href="https://vcwire.tech/2026/04/15/lightyear-capital-closes-fund-vi-at-2-5-billion/">Closed</a>, 15 April 2026</td></tr>
<tr><td><a href="https://privateequitylist.com/investors/l-squared-capital-partners">L Squared Capital Partners</a></td><td>Newport Beach</td><td>L Squared Capital Partners V</td><td>$2B</td><td><a href="https://vcwire.tech/2026/04/03/l-squared-capital-partners-closes-fifth-fund-at-2-0-billion/">Closed</a>, 3 April 2026</td></tr>
<tr><td><a href="https://privateequitylist.com/investors/skyknight-capital">SkyKnight Capital</a></td><td>San Francisco</td><td>SkyKnight Capital Fund V</td><td>$2B</td><td><a href="https://vcwire.tech/2026/07/08/skyknight-capital-closes-fund-v-at-2-billion/">Closed</a>, 8 July 2026</td></tr>
<tr><td><a href="https://privateequitylist.com/investors/levine-leichtman-capital-partners">Levine Leichtman Capital Partners</a></td><td>Los Angeles</td><td>LLCP Lower Middle Market IV</td><td>$2B</td><td><a href="https://pulse2.com/llcp-closes-lower-middle-market-iv-at-2-billion-hard-cap/">Closed at hard cap</a>, 26 July 2026</td></tr>
<tr><td><a href="https://privateequitylist.com/investors/capitol-meridian-partners">Capitol Meridian Partners</a></td><td>Washington</td><td>Capitol Meridian Fund II</td><td>$1.9B</td><td><a href="https://pulse2.com/capitol-meridian-partners-raises-1-9-billion-for-second-fund-at-hard-cap/">Closed at hard cap</a>, 23 July 2026</td></tr>
<tr><td><a href="https://privateequitylist.com/investors/consonance-capital-partners">Consonance Capital Partners</a></td><td>New York</td><td>Consonance Private Equity III</td><td>$1.35B</td><td><a href="https://pulse2.com/consonance-capital-partners-closes-oversubscribed-1-35-billion-third-fund/">Closed</a>, 13 October 2026</td></tr>
<tr><td><a href="https://privateequitylist.com/investors/ffl-partners">FFL Partners</a></td><td>San Francisco</td><td>FFL Capital Partners VI</td><td>$1.35B</td><td><a href="https://peprofessional.com/2026/10/ffl-plants-a-bigger-seed/">Closed</a>, 23 October 2026</td></tr>
<tr><td><a href="https://privateequitylist.com/investors/serent-capital">Serent Capital</a></td><td>San Francisco</td><td>Serent Capital VI</td><td>$1.3B</td><td><a href="https://vcwire.tech/2026/07/09/serent-capital-closes-fund-vi-at-1-3-billion/">Closed</a>, 9 July 2026</td></tr>
<tr><td><a href="https://privateequitylist.com/investors/princeton-ventures">Princeton Equity Group</a></td><td>Princeton</td><td>Princeton Equity Partners III</td><td>$1.3B</td><td><a href="https://pulse2.com/princeton-equity-group-raises-1-3-billion-fund-iii-at-hard-cap/">Closed at hard cap</a>, 6 October 2026</td></tr>
<tr><td><a href="https://privateequitylist.com/investors/investcorp">Investcorp</a></td><td>New York</td><td>North American Private Equity Fund II</td><td>$1.22B</td><td><a href="https://pulse2.com/investcorp-raises-1-22-billion-for-north-american-private-equity-fund-ii/">Raised</a>, 2 October 2026</td></tr>
<tr><td><a href="https://privateequitylist.com/investors/citation-capital">Citation Capital</a></td><td>Dallas</td><td>Citation Fund I</td><td>$1.2B</td><td><a href="https://pulse2.com/citation-capital-closes-inaugural-fund-with-1-2-billion-in-total-commitments/">Closed</a>, 15 July 2026</td></tr>
<tr><td><a href="https://privateequitylist.com/investors/truarc-partners">TruArc Partners</a></td><td>New York</td><td>TruArc Partners Fund V</td><td>$1.2B</td><td><a href="https://pulse2.com/truarc-partners-raises-1-2-billion-for-fund-v/">Raised</a>, 22 July 2026</td></tr>
<tr><td><a href="https://privateequitylist.com/investors/sheridan-capital-partners">Sheridan Capital Partners</a></td><td>Chicago</td><td>Sheridan Capital Partners Fund IV</td><td>$1.1B</td><td><a href="https://vcwire.tech/2026/10/08/sheridan-capital-partners-closes-fund-iv-at-1-1-billion/">Closed</a>, 8 October 2026</td></tr>
<tr><td><a href="https://privateequitylist.com/investors/kinderhook-industries">Kinderhook Industries</a></td><td>New York</td><td>Kinderhook Strategic Opportunities Fund I</td><td>$1.1B</td><td><a href="https://vcwire.tech/2026/04/30/kinderhook-industries-closes-kinderhook-strategic-opportunities-fund-i-at-1-1-billion/">Closed</a>, 30 April 2026</td></tr>
<tr><td><a href="https://privateequitylist.com/investors/aphias-capital">Aphias Capital</a></td><td>San Francisco</td><td>Aphias Capital Fund I</td><td>$1.05B</td><td><a href="https://pulse2.com/aphias-capital-closes-oversubscribed-1-05-billion-fund-i/">Closed</a>, 9 October 2026</td></tr>
<tr><td><a href="https://privateequitylist.com/investors/gennx360-capital-partners">GenNx360 Capital Partners</a></td><td>New York</td><td>GenNx360 Capital Partners IV</td><td>$865M</td><td><a href="https://vcwire.tech/2026/08/28/gennx360-capital-partners-closes-fourth-fund-at-865m/">Closed</a>, 28 August 2026</td></tr>
<tr><td><a href="https://privateequitylist.com/investors/align-capital-partners">Align Capital Partners</a></td><td>Dallas</td><td>Align Capital Partners Fund IV</td><td>$770M</td><td><a href="https://peprofessional.com/2026/06/align-closes-two-funds-at-hard-cap-raising-more-than-1-1-billion/">Closed at hard cap</a>, 18 June 2026</td></tr>
<tr><td><a href="https://privateequitylist.com/investors/o2-investment-partners">O2 Investment Partners</a></td><td>Bloomfield Hills</td><td>Fund V</td><td>$670M</td><td><a href="https://vcwire.tech/2026/03/04/o2-investment-partners-closes-fund-v-at-670m/">Closed</a>, 4 March 2026</td></tr>
<tr><td><a href="https://privateequitylist.com/investors/uplift-investors">Uplift Investors</a></td><td>Darien</td><td>Fund I</td><td>$670M</td><td><a href="https://vcwire.tech/2026/07/16/uplift-investors-closes-first-fund-at-670m/">Closed</a>, 16 July 2026</td></tr>
<tr><td><a href="https://privateequitylist.com/investors/dominus-capital">Dominus Capital</a></td><td>New York</td><td>Dominus Capital Partners IV</td><td>$640M</td><td><a href="https://peprofessional.com/2026/04/dominus-surpasses-target-in-640-million-fund-iv-close/">Closed</a>, 16 April 2026</td></tr>
<tr><td><a href="https://privateequitylist.com/investors/regal-healthcare-capital-partners">Regal Healthcare Capital Partners</a></td><td>New York</td><td>Fund IV</td><td>$610M</td><td><a href="https://vcwire.tech/2026/07/08/regal-healthcare-capital-partners-closes-fund-iv-at-610m/">Closed</a>, 8 July 2026</td></tr>
<tr><td><a href="https://privateequitylist.com/investors/monomoy-capital-partners">Monomoy Capital Partners</a></td><td>New York</td><td>Monomoy Family Fund I</td><td>$589M</td><td><a href="https://vcwire.tech/2026/10/22/monomoy-capital-partners-closes-monomoy-family-fund-i-at-589m/">Closed</a>, 22 October 2026</td></tr>
<tr><td><a href="https://privateequitylist.com/investors/continuim-equity-partners">Continuim Equity Partners</a></td><td>Pittsburgh</td><td>Continuim Equity Partners Fund III</td><td>$548M</td><td><a href="https://vcwire.tech/2026/08/06/continuim-equity-partners-closes-fund-iii-at-548m/">Closed</a>, 6 August 2026</td></tr>
<tr><td><a href="https://privateequitylist.com/investors/achieve-partners">Achieve Partners</a></td><td>New York</td><td>Achieve Partners Workforce II</td><td>$450M</td><td><a href="https://vcwire.tech/2026/04/23/achieve-partners-closes-second-fund-at-450m/">Closed</a>, 23 April 2026</td></tr>
<tr><td><a href="https://privateequitylist.com/investors/baird-capital-partners-europe-ltd">Baird Capital</a></td><td>Chicago</td><td>Global Fund III</td><td>$450M</td><td><a href="https://pulse2.com/baird-capital-450-million-global-fund-iii-closed-at-hard-cap/">Closed at hard cap</a>, 19 May 2026</td></tr>
<tr><td><a href="https://privateequitylist.com/investors/iron-path-capital">Iron Path Capital</a></td><td>Nashville</td><td>Iron Path Capital Fund II</td><td>$450M</td><td><a href="https://vcwire.tech/2026/10/06/iron-path-capital-closes-fund-ii-at-450m/">Closed</a>, 6 October 2026</td></tr>
<tr><td><a href="https://privateequitylist.com/investors/broadwing-capital-management">Broadwing Capital Management</a></td><td>Dallas</td><td>Broadwing Capital Fund I</td><td>$440M</td><td><a href="https://peprofessional.com/2026/08/broadwing-capital-takes-flight-with-a-440-million-debut-fund/">Closed</a>, 21 August 2026</td></tr>
<tr><td><a href="https://privateequitylist.com/investors/154-partners">154 Partners</a></td><td>New York</td><td>154 Partners Fund I</td><td>$400M</td><td><a href="https://vcwire.tech/2026/04/17/154-partners-closes-debut-private-equity-fund-at-400m/">Closed</a>, 17 April 2026</td></tr>
<tr><td><a href="https://privateequitylist.com/investors/estancia-capital-management">Estancia Capital Management</a></td><td>Scottsdale</td><td>Estancia Capital Partners Fund III</td><td>$367M</td><td><a href="https://pulse2.com/estancia-capital-management-closes-367-million-fund-iii/">Closed</a>, 9 June 2026</td></tr>
<tr><td><a href="https://privateequitylist.com/investors/boyne-capital">Boyne Capital</a></td><td>Miami</td><td>BCM Fund III</td><td>$355M</td><td><a href="https://vcwire.tech/2026/05/01/boyne-capital-closes-bcm-fund-iii-at-over-400m/">Closed</a>, 1 May 2026</td></tr>
<tr><td><a href="https://privateequitylist.com/investors/topspin-consumer-partners">Topspin Consumer Partners</a></td><td>Roslyn Heights</td><td>Topspin Consumer Partners III</td><td>$328M</td><td><a href="https://vcwire.tech/2026/04/16/topspin-consumer-partners-closes-fund-iii-at-328m/">Closed</a>, 16 April 2026</td></tr>
<tr><td><a href="https://privateequitylist.com/investors/rising-point-capital-management">Rising Point Capital Management</a></td><td>Chicago</td><td>Rising Point Capital Management Fund I</td><td>$325M</td><td><a href="https://vcwire.tech/2026/09/30/rising-point-capital-management-closes-maiden-fund-at-325m/">Closed</a>, 30 September 2026</td></tr>
<tr><td><a href="https://privateequitylist.com/investors/5th-century-partners">5th Century Partners</a></td><td>Chicago</td><td>Fund II</td><td>$276M</td><td><a href="https://vcwire.tech/2026/05/07/5th-century-partners-closes-fund-ii-at-276m/">Closed</a>, 7 May 2026</td></tr>
<tr><td><a href="https://privateequitylist.com/investors/longwater">LongWater</a></td><td>Fargo</td><td>Inaugural SBIC fund</td><td>$262M</td><td><a href="https://vcwire.tech/2026/06/10/longwater-closes-inaugural-sbic-fund-at-over-262-5m/">Closed</a>, 10 June 2026</td></tr>
<tr><td><a href="https://privateequitylist.com/investors/artemis-capital-partners">Artemis Capital Partners</a></td><td>Boston</td><td>Artemis Capital Partners IV</td><td>$254M</td><td><a href="https://vcwire.tech/2026/09/16/artemis-capital-partners-closes-fund-iv-at-over-250m/">Closed</a>, 16 September 2026</td></tr>
<tr><td><a href="https://privateequitylist.com/investors/savano-capital-partners">Savano Capital Partners</a></td><td>Baltimore</td><td>Savano Capital Partners IV</td><td>$252M</td><td><a href="https://pulse2.com/savano-capital-partners-closes-oversubscribed-252-million-fund-iv/">Closed</a>, 24 July 2026</td></tr>
<tr><td><a href="https://privateequitylist.com/investors/mangrove-equity-partners">Mangrove Equity Partners</a></td><td>Tampa</td><td>Mangrove Investors IV</td><td>$250M</td><td><a href="https://vcwire.tech/2026/03/06/mangrove-equity-partners-closes-fund-iv-at-250m/">Closed</a>, 6 March 2026</td></tr>
<tr><td><a href="https://privateequitylist.com/investors/seven-hills-capital">Seven Hills Capital</a></td><td>Nashville</td><td>Seven Hills Capital Fund II</td><td>$235M</td><td><a href="https://vcwire.tech/2026/03/02/seven-hills-capital-closes-sophomore-fund-at-235m/">Closed</a>, 2 March 2026</td></tr>
<tr><td><a href="https://privateequitylist.com/investors/lionlight-capital-lp">LionLight Capital</a></td><td>Chapel Hill</td><td>LionLight Capital Fund I</td><td>$215M</td><td><a href="https://vcwire.tech/2026/07/16/lionlight-capital-closes-inaugural-fund-at-215m/">Closed</a>, 16 July 2026</td></tr>
<tr><td><a href="https://privateequitylist.com/investors/savory-fund">Savory Fund</a></td><td>Salt Lake City</td><td>Savory Fund III</td><td>$202M</td><td><a href="https://vcwire.tech/2026/10/14/savory-fund-closes-savory-fund-iii-at-201-5m/">Closed</a>, 14 October 2026</td></tr>
</tbody>
</table>
</div>

### Europe: 10 buyout funds, $13.9B

European managers raised 10 funds: three from London, two from Norway and one each from the Netherlands, Luxembourg, Italy, Spain and Poland. Three of them had held a first close by November.

<div class="intel__tablewrap">
<table class="intel__table">
<thead><tr><th>Buyer</th><th>HQ</th><th>Fund</th><th>Size</th><th>Status and announcement</th></tr></thead>
<tbody>
<tr><td><a href="https://privateequitylist.com/investors/main-capital-partners">Main Capital Partners</a></td><td>The Hague</td><td>Main Capital IX</td><td>€4B ($4.4B)</td><td><a href="https://vestbee.com/insights/articles/main-capital-closes-5-25-b">Closed</a>, 24 June 2026</td></tr>
<tr><td><a href="https://privateequitylist.com/investors/cvc">CVC</a></td><td>Luxembourg</td><td>CVC Capital Partners Catalyst III</td><td>€3B ($3.3B)</td><td><a href="https://pulse2.com/cvc-raises-e3-billion-for-europe-focused-mid-market-private-equity-fund/">Raised</a>, 7 July 2026</td></tr>
<tr><td><a href="https://privateequitylist.com/investors/norvestor">Norvestor</a></td><td>Oslo</td><td>Norvestor X</td><td>€2B ($2.2B)</td><td><a href="https://pulse2.com/norvestor-raises-e2-billion-for-oversubscribed-flagship-private-equity-fund/">Raised</a>, 8 June 2026</td></tr>
<tr><td><a href="https://privateequitylist.com/investors/nextalia">Nextalia</a></td><td>Milan</td><td>Nextalia Private Equity II</td><td>€1.1B ($1.21B)</td><td><a href="https://pulse2.com/nextalia-private-equity-ii-reaches-over-e1-1-billion-first-close-from-more-than-200-investors/">First close</a>, 7 August 2026</td></tr>
<tr><td><a href="https://privateequitylist.com/investors/bregal-milestone">Bregal Milestone</a></td><td>London</td><td>Bregal Milestone III</td><td>€915M ($1.01B)</td><td><a href="https://pulse2.com/bregal-milestone-closes-fund-iii-at-e915-million-hard-cap/">Closed at hard cap</a>, 9 July 2026</td></tr>
<tr><td><a href="https://privateequitylist.com/investors/preservation-capital-partners">Preservation Capital Partners</a></td><td>London</td><td>PCP Fund III</td><td>€877M ($965M)</td><td><a href="https://pulse2.com/preservation-capital-partners-closes-pcp-fund-iii-at-e877-million-hard-cap/">Closed at hard cap</a>, 17 July 2026</td></tr>
<tr><td><a href="https://privateequitylist.com/investors/longship-as">Longship</a></td><td>Oslo</td><td>Longship Fund IV</td><td>NOK 2.4B ($228M)</td><td><a href="https://pulse2.com/longship-closes-fourth-fund-at-nok-2-4-billion-hard-cap-in-11-weeks/">Closed at hard cap</a>, 9 June 2026</td></tr>
<tr><td><a href="https://privateequitylist.com/investors/eighteen48-partners">Eighteen48 Partners</a></td><td>London</td><td>Eighteen48 Private Equity Fund I</td><td>€175M ($192M)</td><td><a href="https://pulse2.com/eighteen48-partners-e175-million-first-close-announced-for-private-equity-fund-i/">First close</a>, 22 May 2026</td></tr>
<tr><td><a href="https://privateequitylist.com/investors/avallon-mbo">Avallon MBO</a></td><td>Łódź</td><td>Fourth fund</td><td>€171.5M ($189M)</td><td><a href="https://pulse2.com/avallon-launches-e171-5-million-fourth-fund-with-increased-focus-on-technology/">Launched</a>, 7 September 2026</td></tr>
<tr><td><a href="https://privateequitylist.com/investors/talde-gestion-sgeic-sa">Talde</a></td><td>Bilbao</td><td>Talde Capital Crecimiento III</td><td>€155M ($170M)</td><td><a href="https://pulse2.com/talde-capital-crecimiento-iii-holds-e155-million-first-close-targets-e200-million/">First close</a>, 16 July 2026</td></tr>
</tbody>
</table>
</div>

## M&A advisers and investment banks in Private Equity List, by region

These 32 banks and advisory boutiques have a Private Equity List profile because they also invest: through a merchant banking arm, a private equity fund or co-investments. Cheque size is the typical investment on the profile.

### United States: 12 firms

New York has 4 of the 12 and Chicago 3. Most are advisers first and investors second; Moelis Capital Partners and Baird Capital are the private equity arms of M&A banks.

<div class="intel__tablewrap">
<table class="intel__table">
<thead><tr><th>Firm</th><th>City</th><th>What it does</th><th>Cheque size</th></tr></thead>
<tbody>
<tr><td><a href="https://privateequitylist.com/investors/perella-weinberg">Perella Weinberg</a></td><td>New York</td><td>Independent investment bank founded in 2006; advises corporations, sponsors and governments on M&A and restructuring.</td><td>$10–50M</td></tr>
<tr><td><a href="https://privateequitylist.com/investors/moelis-capital-partners">Moelis Capital Partners</a></td><td>New York</td><td>Middle-market private equity firm affiliated with Moelis & Company; $700M of committed capital and a $1.2B co-investment programme.</td><td>$10–50M</td></tr>
<tr><td><a href="https://privateequitylist.com/investors/bdt-msd-partners">BDT & MSD Partners</a></td><td>Chicago</td><td>Merchant bank formed in 2023 by merging BDT & Company and MSD Partners; advises and invests alongside family- and founder-led companies.</td><td>$100M+</td></tr>
<tr><td><a href="https://privateequitylist.com/investors/mesirow-financial">Mesirow Financial</a></td><td>Chicago</td><td>Employee-owned firm founded in 1937 with investment banking, advisory and private equity under one roof.</td><td>$10–50M</td></tr>
<tr><td><a href="https://privateequitylist.com/investors/baird-capital-partners-europe-ltd">Baird Capital</a></td><td>Chicago</td><td>Private equity arm of Baird; closed its $450M Global Fund III at hard cap in 2026.</td><td>$10–50M</td></tr>
<tr><td><a href="https://privateequitylist.com/investors/cascadia-capital">Cascadia Capital</a></td><td>Seattle</td><td>Middle-market investment bank founded in 1999; M&A, capital raising and strategic advice for private and public growth companies.</td><td>$10–50M</td></tr>
<tr><td><a href="https://privateequitylist.com/investors/leerink-partners">Leerink Partners</a></td><td>Boston</td><td>Healthcare investment bank founded in 1995; M&A, capital raising and strategic advice for healthcare companies.</td><td>$5–10M</td></tr>
<tr><td><a href="https://privateequitylist.com/investors/tidal-partners">Tidal Partners</a></td><td>Palo Alto</td><td>Strategic M&A advisory boutique founded in August 2022, focused on technology deals.</td><td>$10–50M</td></tr>
<tr><td><a href="https://privateequitylist.com/investors/cea-capital-advisors-llc">CEA Capital Advisors</a></td><td>Tampa</td><td>Investment banking and advisory firm founded in 1973; about 46 professionals and more than 1,000 transactions.</td><td>$50–100M</td></tr>
<tr><td><a href="https://privateequitylist.com/investors/ackrell-capital">Ackrell Capital</a></td><td>San Francisco</td><td>Independent investment bank advising middle-market and emerging growth companies.</td><td>$1–5M</td></tr>
<tr><td><a href="https://privateequitylist.com/investors/rm-global-partners">RM Global Partners</a></td><td>New York</td><td>Life science investment bank and strategic adviser: biopharma, medical devices, diagnostics and digital health.</td><td>$1–5M</td></tr>
<tr><td><a href="https://privateequitylist.com/investors/private-investor-capital-ltd-pi-capital">Pi Capital</a></td><td>New York</td><td>Global advisory firm acting as banker to technology entrepreneurs and corporates.</td><td>$1–5M</td></tr>
</tbody>
</table>
</div>

### Europe and the United Kingdom: 8 firms

Madrid has 2 of the 8; the rest are in Milan, Königstein, Geneva, Hellerup, Ljubljana and London. Cheques run from $1–5M at the boutiques to $50–100M at Alantra and DVR Capital.

<div class="intel__tablewrap">
<table class="intel__table">
<thead><tr><th>Firm</th><th>City</th><th>What it does</th><th>Cheque size</th></tr></thead>
<tbody>
<tr><td><a href="https://privateequitylist.com/investors/alantra-private-equity">Alantra</a></td><td>Madrid</td><td>Investment banking and alternative asset management, with operations across Europe, the US, Latin America, Asia and the Middle East.</td><td>$50–100M</td></tr>
<tr><td><a href="https://privateequitylist.com/investors/altamarcam">AltamarCAM</a></td><td>Madrid</td><td>Private markets manager that also provides independent investment banking: M&A, IPO and financing advice.</td><td>$10–50M</td></tr>
<tr><td><a href="https://privateequitylist.com/investors/dvr-capital">DVR Capital</a></td><td>Milan</td><td>M&A advisory plus co-investments; advises on mergers, acquisitions and leveraged buyouts.</td><td>$50–100M</td></tr>
<tr><td><a href="https://privateequitylist.com/investors/georgieff-capital">Georgieff Capital</a></td><td>Königstein im Taunus</td><td>Independent investment banking firm founded in 2005 for selected corporate and investor clients.</td><td>$1–5M</td></tr>
<tr><td><a href="https://privateequitylist.com/investors/genthod-global-wealth-management">Genthod Global Advisory</a></td><td>Geneva</td><td>Swiss M&A advisory boutique founded in 2011, specialised in luxury and premium brands.</td><td>$1–5M</td></tr>
<tr><td><a href="https://privateequitylist.com/investors/atrium-private-equity">ATRIUM Partners</a></td><td>Hellerup</td><td>Danish independent financial adviser; ATRIUM Corporate Finance advises on acquisitions, divestments, mergers and joint ventures.</td><td>$1–5M</td></tr>
<tr><td><a href="https://privateequitylist.com/investors/capital-genetics">Capital Genetics</a></td><td>Ljubljana</td><td>Financial advisory firm founded in 2012: corporate finance, growth capital and business valuation.</td><td>$100M+</td></tr>
<tr><td><a href="https://privateequitylist.com/investors/tower-gate-capital">Tower Gate Capital</a></td><td>London</td><td>London merchant bank offering advisory and investment services to management teams and investors.</td><td>$1–5M</td></tr>
</tbody>
</table>
</div>

### Asia, the Middle East, Africa and Australia: 12 firms

India has 4 of these firms and Dubai 3. Several are the investment banking arms of commercial banks, such as SBICAPS (State Bank of India) and Axis Capital (Axis Bank).

<div class="intel__tablewrap">
<table class="intel__table">
<thead><tr><th>Firm</th><th>City</th><th>What it does</th><th>Cheque size</th></tr></thead>
<tbody>
<tr><td><a href="https://privateequitylist.com/investors/mape-advisory-group">MAPE Advisory Group</a></td><td>Bengaluru</td><td>Mid-market investment bank set up in 2001, focused on M&A, capital raising and strategic advice.</td><td>$5–10M</td></tr>
<tr><td><a href="https://privateequitylist.com/investors/cipher-plexus-ventures">Cipher-Plexus</a></td><td>Mumbai</td><td>Mid-market investment bank advising on private equity, M&A and special situations funding.</td><td>$10–50M</td></tr>
<tr><td><a href="https://privateequitylist.com/investors/sbi-capital-markets-limited-sbicap">SBI Capital Markets (SBICAPS)</a></td><td>Mumbai</td><td>Investment banking arm of State Bank of India, operating since August 1986.</td><td>$5–10M</td></tr>
<tr><td><a href="https://privateequitylist.com/investors/axis-private-equity-ltd">Axis Capital</a></td><td>Mumbai</td><td>Subsidiary of Axis Bank covering investment banking and institutional equities.</td><td>$50–100M</td></tr>
<tr><td><a href="https://privateequitylist.com/investors/china-renaissance">China Renaissance</a></td><td>Beijing</td><td>Founded in 2005; M&A advisory, private placements, equity underwriting and investment management for China's new economy.</td><td>$50–100M</td></tr>
<tr><td><a href="https://privateequitylist.com/investors/arqaam-capital">Arqaam Capital</a></td><td>Dubai</td><td>Full-service investment bank founded in 2004, focused on emerging and frontier markets.</td><td>$10–50M</td></tr>
<tr><td><a href="https://privateequitylist.com/investors/gfh-capital">GFH Capital</a></td><td>Dubai</td><td>Private equity and investment banking firm founded in 2006, part of GFH Financial Group.</td><td>$10–50M</td></tr>
<tr><td><a href="https://privateequitylist.com/investors/shuaa-capital">SHUAA Capital</a></td><td>Dubai</td><td>Listed asset management and investment banking platform.</td><td>Under $1M</td></tr>
<tr><td><a href="https://privateequitylist.com/investors/cardinalstone-partners">CardinalStone Partners</a></td><td>Lagos</td><td>Full-service investment banking and financial services firm operating since June 2008.</td><td>$10–50M</td></tr>
<tr><td><a href="https://privateequitylist.com/investors/nodus-equity">Nodus</a></td><td>Johannesburg</td><td>Independent investment banking business specialising in M&A, buy-outs and private equity.</td><td>$1–5M</td></tr>
<tr><td><a href="https://privateequitylist.com/investors/global-capital-pty-ltd">Global Capital</a></td><td>Johannesburg</td><td>Boutique investment banking and private equity firm established in 1995, part-owned by Investec Bank.</td><td>$10–50M</td></tr>
<tr><td><a href="https://privateequitylist.com/investors/ktm-ventures-innovation-fund">KTM Capital</a></td><td>Sydney</td><td>Boutique investment bank established in 1998, focused on small-cap companies; runs the KTM Ventures Innovation Fund.</td><td>$10–50M</td></tr>
</tbody>
</table>
</div>

## How to choose an M&A advisor

**Deal size first:** ask for the advisor's last 10 closed deals. If most were $5–20M, it is the wrong bank for a $300M sale, and the reverse.\
**Sector:** a buyer list built by a sector specialist is shorter and better. Leerink Partners works only in healthcare; Genthod only in luxury and premium brands.\
**Buyer reach:** ask which private equity firms it sold to in the last two years. Compare the names with the 2026 funds above: those buyers have money to spend now.\
**Who does the work:** at a big bank, the senior banker pitches and a junior team runs the deal. At a boutique, the partner usually stays on the deal.\
**Fees in writing:** retainer and whether it is credited, the success fee scale, the minimum fee, exclusivity and the tail. Ask for the fee worked out on your expected sale price.\
**Conflicts:** a bank that also raises funds for private equity firms, such as Lazard, Evercore or Harris Williams, may know your buyer well. Ask it to disclose those relationships.

## How to find an M&A advisor and buyers

**Advisers:** league tables from [GlobalData](https://www.privatebankerinternational.com/news/north-america-ma-advisers-h1-2026/) and [Axial](https://www.axial.net/forum/top-25-lower-middle-market-investment-banks-q2-2026/), plus referrals from your lawyer and accountant. The 32 firms above can be filtered by region in [Private Equity List search](https://privateequitylist.com/search).\
**Private equity buyers:** 3,548 [private equity firms](https://privateequitylist.com/investors/private-equity) by sector, cheque size and HQ, including [1,307 in the United States](https://privateequitylist.com/investors/private-equity/united-states) and [387 in the United Kingdom](https://privateequitylist.com/investors/private-equity/united-kingdom).\
**Buyers with new money:** new funds appear in the [new venture capital and private equity funds tracker](https://privateequitylist.com/new-vc-funds) each week.\
**Deal-by-deal buyers:** [independent sponsors](https://privateequitylist.com/intelligence/independent-sponsors) buy companies one deal at a time, without a committed fund.\
**Debt for the buyer:** most buyouts use loans from [private credit funds and firms](https://privateequitylist.com/intelligence/private-credit-funds-and-firms) or [private equity lenders](https://privateequitylist.com/intelligence/private-equity-lenders).\
**Contacts:** partner emails for the firms above come with the [Pro plan](https://privateequitylist.com/pricing).

## Data and methodology

**Buyout funds:** 54 funds from the Private Equity List new-funds tracker announced 1 January–12 November 2026 by North American and European managers: verified announcements only, buyout funds under $5B, duplicates merged. Funds of funds, secondaries, credit, real estate, infrastructure and growth funds were left out.\
**M&A advisors in the database:** 32 published Private Equity List profiles whose description says the firm is an investment bank, M&A advisor or merchant bank; inactive profiles were left out. Data as of 12 November 2026.\
**Private equity firms:** 3,548 published profiles typed private equity, excluding inactive ones; headquarters and cheque sizes come from the profiles.\
**External figures:** fees (Mercer Capital, Axial, Peony), league tables (GlobalData, LSEG, Axial) and the size bands for brokers and banks are linked to their sources in the text.

## FAQ

### What does an M&A advisor do?

An M&A advisor runs the sale, purchase or merger of a company. On a sale it values the business, writes the teaser and CIM, builds a buyer list of trade buyers and private equity firms, runs the auction and negotiates the purchase agreement. Private Equity List has 3,548 private equity firms that are possible buyers, 1,307 of them in the US.

### How much does an M&A advisor charge?

In the lower middle market, usually a $10,000–20,000 retainer, or $5,000–10,000 a month, plus a success fee at closing. The classic Lehman scale charges 5% of the first $1M, then 4%, 3%, 2% and 1% above $4M, which is $200,000 on a $10M sale. A Double Lehman (10-8-6-4-2) doubles that. Effective rates fall from about 4.8% on a $5M deal to about 2% at $100M.

### Who are the best M&A advisors?

By deal count, Houlihan Lokey led North America in the first half of 2026 with 104 deals, ahead of Goldman Sachs (74), Morgan Stanley (65), JPMorgan (60) and Piper Sandler (59), according to GlobalData. Goldman Sachs led by value with $437.7B. Among boutiques, Evercore, Lazard, Centerview, PJT Partners and Moelis take the largest mandates.

### What is a boutique investment bank?

A boutique investment bank is an independent firm that only advises on M&A, restructuring and capital raising, without lending, trading or research. Elite boutiques such as Evercore, Lazard and Centerview work on the largest deals; smaller boutiques specialise by sector, such as Leerink Partners in healthcare or Genthod Global Advisory in luxury brands.

### What is a middle market investment bank?

A middle market investment bank sells privately held companies, usually worth about $25M to $1B, to private equity firms and strategic buyers. Examples are Harris Williams, William Blair, Lincoln International and Cascadia Capital. Their buyers include the 54 buyout funds under $5B that closed or held a close in 2026, with a typical size of $720M.