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Here are 1-3 brief analogies to describe PJT Partners:

1. Goldman Sachs or Morgan Stanley, but as an independent firm focused purely on M&A and restructuring advisory.

2. McKinsey or Bain & Company, but for complex financial transactions like M&A and restructuring.

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• Strategic Advisory Services: Provides advice to corporations, boards of directors, and special committees on mergers, acquisitions, divestitures, joint ventures, and other strategic corporate finance matters.
• Restructuring and Special Situations: Offers financial and strategic advice to companies, creditors, and other stakeholders in distressed, out-of-court, or in-court situations, including bankruptcies and restructurings.
• PJT Park Hill (Fundraising and Secondary Advisory): Advises and raises capital for alternative asset managers (private equity, real estate, hedge funds) from institutional investors, and provides secondary advisory services for limited partners.

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PJT Partners (PJT) sells primarily to other companies and organizations.

Due to the confidential nature of client engagements in the investment banking and advisory industry, PJT Partners does not publicly disclose a definitive list of "major customer companies" or specific client names. Their business model involves providing specialized advisory services on a deal-by-deal basis rather than ongoing sales to a fixed set of customers.

However, PJT Partners serves a diverse range of institutional clients, which can be categorized as follows:

• Corporations: This includes public and private companies across various industries that seek advisory services for mergers and acquisitions (M&A), divestitures, joint ventures, capital raising, and other strategic transactions.
• Private Equity Firms (Financial Sponsors): These firms engage PJT for advice on acquisitions, dispositions of portfolio companies, financing, and other investment-related activities.
• Governments and Governmental Agencies: PJT may advise government entities on strategic matters, privatizations, and other financial initiatives.
• Special Committees and Boards of Directors: PJT is often engaged by special committees or independent directors of companies to provide independent financial advice in complex situations, such as related-party transactions, takeovers, or restructurings, ensuring fair process and value for shareholders.

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Paul J. Taubman, Founder, Chairman and Chief Executive Officer

Paul J. Taubman is the Founder, Chairman, and Chief Executive Officer of PJT Partners, a global advisory-focused investment bank. He founded PJT Capital LP in 2013, which subsequently merged with the advisory arm of The Blackstone Group to form PJT Partners in 2015. Prior to founding PJT Partners, Mr. Taubman spent nearly 30 years at Morgan Stanley, holding increasingly senior positions, including Executive Vice President and Co-President of Institutional Securities, where he was responsible for the firm's investment banking, capital markets, and sales and trading businesses. He also served as Morgan Stanley's Global Head of Investment Banking and Global Head of Mergers and Acquisitions. Throughout his career, he has advised companies and boards on numerous large and complex strategic transactions globally.

Helen T. Meates, Chief Financial Officer

Helen T. Meates is a Partner and the Chief Financial Officer of PJT Partners, a position she has held since January 2015. She is also a member of the firm's Management Committee. Before joining PJT Partners, Ms. Meates spent 22 years at Morgan Stanley, where she was most recently a Managing Director. Her career at Morgan Stanley primarily focused on Global Capital Markets, including nine years in Leveraged Finance. She served as Deputy Head of Global Capital Markets and co-Chair of Morgan Stanley's Capital Commitment Committee, and in November 2013, she became the Global Chief Operating Officer for the Research Division.

Ji-Yeun Lee, Managing Partner

Ji-Yeun Lee serves as a Managing Partner at PJT Partners. Before joining PJT Partners, Ms. Lee had a distinguished career at Morgan Stanley from 1988, where she held roles as Managing Director and the Deputy Head of Global Investment Banking. She also served as the Chief Operating Officer of Morgan Stanley's Mergers & Acquisitions Department in 2004 and joined Morgan Stanley's Management Committee in 2011.

David Travin, General Counsel

David Travin is a Partner and the General Counsel at PJT Partners, based in New York. He joined PJT Partners in December 2016 as Deputy General Counsel and was appointed General Counsel in January 2021. Mr. Travin oversees the firm's global Legal and Compliance functions and is a member of its Management Committee. Prior to PJT Partners, he was a senior member of the legal departments at UBS AG for five years, handling litigation and regulatory investigations for its investment bank, and previously at Deutsche Bank AG, where he similarly worked on litigation and regulatory investigations for Deutsche Bank's investment bank in the Americas.

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The key risks to PJT Partners' business include its significant dependence on key personnel and the ability to attract and retain talent, the cyclical nature of capital markets and demand for advisory services, and regulatory and legal compliance risks.

1. Dependence on Key Personnel and Ability to Attract and Retain Talent: PJT Partners' success heavily relies on its ability to attract, retain, and motivate highly qualified and experienced professionals, especially senior staff. The potential loss of key individuals, such as Paul J. Taubman, or challenges in recruiting new profitable professionals, could materially and adversely affect the company's business. Factors like the near-term vesting of equity awards and intense competition for talent from other firms also pose risks to retention.
2. Cyclicality of Capital Markets and Demand for Advisory Services: The company's earnings are sensitive to the overall health and activity within capital markets. A slowdown in advisory mandates, such as those for mergers and acquisitions, capital raising, or restructuring activities, could quickly pressure earnings and impact PJT Partners' valuation. The demand for their services is often tied to broader economic conditions and market sentiment.
3. Regulatory and Legal Compliance Risks: As a financial services firm and registered broker-dealer, PJT Partners is subject to extensive rules and regulations enforced by various bodies, including the Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA). Non-compliance with these regulations, or instances of employee or contractor misconduct, could result in significant legal liabilities, regulatory penalties, and severe reputational damage.

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PJT Partners Inc. (symbol: PJT) operates in several advisory-focused investment banking sectors. The addressable markets for their main products and services are as follows:

• Strategic Advisory (including M&A Advisory and Capital Markets Advisory):
  • The global mergers and acquisitions (M&A) advisory market was valued at approximately USD 27.87 billion in 2024 and is projected to reach USD 34.8 billion by 2033, growing at a compound annual growth rate (CAGR) of 2.5% from 2025 to 2033. Another estimate places the global M&A advisory market at $2.147 billion in 2025, with a projected CAGR of 3.8% from 2025 to 2033. The total global value of M&A deals in 2024 was around $3.5 trillion.
  • The global strategy advisory market was valued at $143.69 billion in 2024 and is expected to reach $153.72 billion in 2025, with a CAGR of 7.0%. This market is projected to grow to $212.83 billion by 2029 at an 8.5% CAGR. Other estimates suggest the global strategy consulting market size could reach $94.2 billion by 2031 (11.3% CAGR), or increase by USD 146.1 billion between 2024 and 2029 (23.8% CAGR).
  • The Capital Markets Advisory Services market is estimated globally at $50 billion in 2025 and is projected to grow to approximately $85 billion by 2033, with a CAGR of 7% from 2025 to 2033. North America accounts for an estimated 40% of this global revenue, exceeding $20 billion annually.
• Restructuring & Special Situations Advisory:
  • The global corporate restructuring advisory market was valued at US$ 24.1 billion in 2023 and is expected to reach US$ 44.5 billion by the end of 2033, with a CAGR of 6.3%. North America is the largest market within this segment, valued at US$ 8.4 billion in 2023.
• Park Hill Group (Fund Placement and Secondary Advisory Services):
  • While a specific market size for "Fund Placement" or "Secondary Advisory" as distinct from broader "Investment Advisory" is not available, the global investment advisory service market was valued at approximately USD 80 billion in 2023 and is projected to reach USD 160 billion by 2032, growing at a CAGR of 8%. North America holds the largest share of this market, approximately USD 30 billion in 2023.

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PJT Partners (PJT) is expected to drive future revenue growth over the next 2-3 years through several key initiatives and market trends:

1. Rebounding Mergers & Acquisitions (M&A) Activity and Strong Strategic Advisory Performance: PJT Partners anticipates a gradual improvement and higher global M&A activity as macroeconomic conditions normalize, business confidence improves, and regulatory uncertainties diminish. The firm's Strategic Advisory business is consistently highlighted as a key growth engine, with expectations for continued strong performance and record years, driven by increased advisory fees and market share gains.

2. Sustained Restructuring and Special Situations Demand: PJT Partners expects its restructuring business to continue benefiting from a multiyear cycle of elevated restructuring levels. Ongoing liability management needs and future maturity walls are projected to sustain this demand.

3. Global Expansion and Increased Market Share: The company is focused on expanding its global reach, particularly in Europe and Asia, and enhancing its global office footprint to capture new market share and diversify revenue streams. This geographical diversification is intended to strengthen its service capabilities and mitigate risks.

4. Strategic Investment in Talent: PJT Partners emphasizes its commitment to investing in and attracting top-tier talent, including recruiting efforts and the ongoing maturation of its team. This focus on a strong talent base is considered foundational to delivering high-touch client service and driving growth.

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Share Repurchases

• PJT Partners authorized a new $500 million Class A common stock repurchase program on February 6, 2024, which replaced the then-existing $200 million program.
• The company repurchased approximately 3.1 million share equivalents for an aggregate of about $338.3 million during 2024.
• Through the first nine months of 2025, PJT Partners repurchased approximately 2.3 million share equivalents for an aggregate of about $359.1 million, with $87 million remaining under authorization as of September 30, 2025.

Share Issuance

• PJT Partners issues Class B common stock, with nominal par value, to personnel in connection with LTIP Units and Partnership Units, primarily granting voting rights rather than raising capital.
• The company regularly engages in net share settlements of equity awards to satisfy employee tax obligations, which manages outstanding shares but does not constitute a significant capital-raising issuance.

Inbound Investments

• No significant inbound investments by third parties in PJT Partners were identified during the last 3-5 years.

Outbound Investments

• PJT Partners acquired deNovo Partners in 2024 to strategically strengthen its presence in the Middle East and North Africa (MENA) and EMEA markets.

Capital Expenditures

• Specific dollar values for capital expenditures are not consistently disclosed as a distinct line item in the available financial reports.
• The company has noted ongoing investments in technology infrastructure, contributing to increases in Communications and Information Services expenses.