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PJT Partners is like the specialized financial advisory division of a **Goldman Sachs**.

PJT Partners is like a **McKinsey & Company** for complex corporate financial transactions.

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• Strategic Advisory & M&A: Advises clients on a range of transactions including mergers, acquisitions, spin-offs, and defense against activism.
• Capital Markets Advisory: Assists companies with debt and acquisition financings, public and private equity raises, and structured product offerings.
• Restructuring & Special Situations: Provides advisory services for restructurings, recapitalizations, liability management, and distressed mergers and acquisitions.
• Shareholder Advisory: Guides clients on building productive investor relationships, shareholder engagement, strategic investor relations, and ESG matters.
• Private Fund Advisory & Fundraising: Offers advisory and fundraising services for various investment strategies, including liquidity and structured solutions in the secondary market.

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PJT Partners Inc. (symbol: PJT) is an investment bank that provides advisory services primarily to other companies and institutions, rather than individuals. Due to the confidential nature of investment banking client relationships, specific customer names are not publicly disclosed. However, based on the services described, PJT Partners' major customer categories include:

1. Corporations: This category encompasses both public and private companies, as well as their boards and management teams. PJT advises these clients on a wide range of strategic and capital markets matters, including mergers and acquisitions (M&A), divestitures, spin-offs, activism defense, debt and equity financings, and restructuring.
2. Financial Sponsors: This refers to private equity firms, hedge funds, sovereign wealth funds, and other alternative asset managers. PJT provides advisory services related to their transactions, fund formation, private capital raising for their investment strategies, and secondary market liquidity solutions.
3. Institutional Investors and Governments: This category includes large institutional investors (such as pension funds, endowments, and insurance companies) and governmental entities. PJT advises these clients on capital markets strategies, shareholder engagement, and complex restructuring and liability management situations.

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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. He founded PJT Partners in 2014, and its predecessor firm, PJT Capital LP, in 2013. Prior to establishing PJT Partners, Mr. Taubman spent nearly three decades at Morgan Stanley, where he served in a series of senior positions, including executive vice president and Co-President of Institutional Securities, overseeing the firm's investment banking, capital markets, and sales and trading businesses. He previously held roles as Morgan Stanley's Global Head of Investment Banking and Global Head of Mergers and Acquisitions. PJT Partners was formed through the merger of PJT Capital LP with the financial and strategic advisory, restructuring, and Park Hill Group businesses spun off from Blackstone. His early career included merchant banking at Allen & Company, serving as director of finance at Omnicom Group, and working at Fortress Investment Group.

Helen T. Meates, Partner and Chief Financial Officer

Helen T. Meates is a Partner and Chief Financial Officer of PJT Partners, a role she has held since the company's founding in 2015. She joined PJT Partners in January 2015. Before joining PJT Partners, Ms. Meates worked at Morgan Stanley for 22 years, most recently as a Managing Director. Her career at Morgan Stanley was predominantly in Global Capital Markets, including nine years in Leveraged Finance. She was appointed Deputy Head of Global Capital Markets in 2011 and co-Chair of the firm's Capital Commitment Committee. In November 2013, she also assumed the role of Global Chief Operating Officer for the Research Division.

Ji-Yeun Lee, Managing Partner

Ji-Yeun Lee is the Managing Partner of PJT Partners, having joined its predecessor company as one of the Founding Partners in early 2014. Prior to PJT Partners, Ms. Lee was a Managing Director and Deputy Head of Global Investment Banking at Morgan Stanley, which she joined in 1988. She spent a significant portion of her career in Mergers & Acquisitions, including six years in the firm's London office. Ms. Lee was appointed Deputy Head of Global Investment Banking in 2007 and became a member of Morgan Stanley's Management Committee in 2011.

David Travin, Partner and General Counsel

David Travin is a Partner and the General Counsel at PJT Partners. He joined PJT Partners in December 2016 and served as the Deputy General Counsel through December 2020. Before his time at PJT Partners, Mr. Travin was a member of the legal departments at UBS AG and Deutsche Bank AG.

Paige Costigan, Chief Operating Officer

Paige Costigan serves as the Chief Operating Officer for PJT Partners.

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1. Market Volatility and Economic Uncertainty: PJT Partners' revenue is highly dependent on transaction volume in strategic advisory, mergers and acquisitions (M&A), and capital markets, which are highly sensitive to overall economic conditions, market fluctuations, and geopolitical stability. A slowdown in deal-making due to economic uncertainty or market volatility would significantly impact the firm's revenue and profitability.
2. Competition and Pricing Pressures: The financial advisory industry is intensely competitive. PJT Partners faces competition from other established financial advisory firms, including those with greater resources and broader product offerings, as well as a growing number of independent investment banks. This competitive landscape can lead to pricing pressures and affect the firm's ability to secure new mandates and maintain its revenue streams.
3. Talent Retention and Acquisition: As an advisory-focused investment bank, PJT Partners' success is heavily reliant on the expertise and relationships of its highly skilled professionals. The competition for top talent in the financial services industry is fierce, and the loss of key personnel or the inability to attract and retain new talent could adversely affect the company's ability to deliver services, maintain client relationships, and grow its business.

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PJT Partners Inc. operates in several key advisory markets, for which the addressable market sizes are as follows:

• Mergers & Acquisitions (M&A) Advisory:

  • Globally, the M&A advisory market is estimated to be approximately $50 billion in 2025 and is projected to exhibit a Compound Annual Growth Rate (CAGR) of 7% between 2025 and 2033.
  • In the United States, the M&A advisory market was approximately $22.3 billion in 2025. This is derived from the US investment banking market size of USD 54.74 billion in 2025, with M&A advisory representing 40.72% of that market.

• Restructuring and Special Situations Advisory:

  • The global financial restructuring advisory market is estimated at $50 billion in 2025. It is projected to exhibit a Compound Annual Growth Rate (CAGR) of 8% from 2025 to 2033, reaching approximately $95 billion by the end of the forecast period. North America and Europe are anticipated to retain significant market shares in this sector.

• Capital Markets Advisory (including Debt, Equity, and Private Capital Raises):

  • Globally, the Capital Markets Advisory Services market is estimated at $50 billion in 2025. It is projected to experience a Compound Annual Growth Rate (CAGR) of 7% from 2025 to 2033, reaching approximately $85 billion by 2033.
  • The North American market, particularly the United States, is expected to maintain its dominant position in capital markets advisory services. The overall US investment banking market, which includes capital markets services, was USD 54.74 billion in 2025 and is forecast to reach USD 67.47 billion by 2031.

• Private Fund Advisory and Fundraising Services (Secondaries Market):

  • The global secondary market for private capital reached $240 billion in transaction volume in 2025.
  • More broadly, private market revenues are projected to reach US $432.2 billion globally by 2030, growing at a CAGR of 8.2%, and are expected to account for over half of the total global asset management industry's revenues. The value of global private assets held in funds surged to a record $14.9 trillion by the end of 2025 and is forecast to climb another 60% by 2030 to hit $23.9 trillion.

• Shareholder Advisory Services:

  • While a specific market size for "shareholder advisory services" is not readily available, these services fall under the broader "Financial Advisory Services Market."
  • Globally, the financial advisory services market size was valued at USD 103.01 billion in 2024 and is estimated to grow to USD 174.33 billion by 2033, at a CAGR of 6.02% during the forecast period (2025–2033).
  • The U.S. Financial Advisory Services Market size was USD 28.81 billion in 2025 and is expected to reach USD 40.08 billion by 2033.

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PJT Partners (symbol: PJT) is expected to experience future revenue growth over the next 2-3 years driven by several key factors:

1. Continued Strength and Expansion in Strategic Advisory: PJT Partners has demonstrated significant growth in its Strategic Advisory business, which has been a primary driver of revenue. The firm is actively increasing its headcount in this area, securing large-ticket deals, and expects this momentum to continue.
2. Sustained Elevated Activity in Restructuring and Special Situations: The company anticipates continued multi-year growth in its Restructuring and Special Situations segment. This business is considered a strong backbone for PJT Partners, benefiting from the current quantum of global debt and ongoing market disruptions, and is globally recognized as a leading advisor in restructurings.
3. Growth in Private Capital Solutions (PJT Park Hill) and Secondary Markets: PJT Partners expects growth in its private capital solutions, with its PJT Park Hill division showing resilient demand, particularly in the secondary markets. An improving alternative asset fundraising environment and a predicted spike in secondaries volume are anticipated to contribute to revenue growth.
4. Optimistic Broader M&A and Capital Markets Environment: Management is optimistic about the overall M&A landscape, projecting sustained strength in M&A activity. This outlook is supported by factors such as lower costs of capital, higher valuations, and increased CEO confidence, which are expected to foster a constructive environment for dealmaking.
5. Strategic Investments in Talent and Geographic Expansion: PJT Partners is committed to investing in its human capital, evidenced by an increase in firm-wide partner headcount and overall employee base. The company is also focused on expanding its global footprint, with these strategic investments aimed at supporting sustained future growth across its advisory services.

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Share Repurchases

• PJT Partners repurchased 2.4 million shares and share equivalents for a total of $384 million in 2025.
• As of December 31, 2025, the company had a remaining repurchase authorization of $82 million for Class A common stock.
• In 2024, PJT Partners repurchased 3.1 million shares and share equivalents at an average price of $109.14 per share, including 2.2 million shares of Class A common stock in the open market.

Share Issuance

• In 2025, the company net share settled 346 thousand shares of Class A common stock to satisfy employee tax obligations and exchanged 796 thousand Partnership Units for cash.
• In 2024, PJT Partners net share settled 339 thousand shares of Class A common stock for employee tax obligations and exchanged 542 thousand Partnership Units for cash.
• An additional 850 thousand Partnership Units are intended to be exchanged for cash in February 2026, subject to board approval.

Capital Expenditures

• PJT Partners' adjusted non-compensation expense for the full year 2025 was $207 million.
• Increases in non-compensation expense in 2025 were primarily driven by the expansion of the global office footprint and continued investments in technology infrastructure, business applications, and market data expense.
• The company anticipates its total non-compensation expense in 2026 to grow at a rate similar to that of 2025.