Top 20 Capital Markets Advisory 2025

This report forms part of the Ranking News Investment Banking & Capital Markets Advisory series, which evaluates specialist advisory firms providing independent advice on capital markets transactions, including equity and debt issuance, capital structure strategy, and shareholder positioning.

Capital markets advisory firms play a critical role in bridging corporates and investors by advising on how capital is raised, structured, and positioned in public and private markets. Unlike traditional investment banks, these firms typically operate without underwriting balance sheets, focusing instead on independent advisory services.

Their work includes advising on IPO readiness, equity and debt issuance strategy, investor communication, and capital structure optimization, often in complex or cross-border contexts.

The firms recognized in this ranking represent advisory platforms whose expertise continues to shape capital markets activity across global financial centers.

Market Overview

The global capital markets advisory sector has expanded alongside increasing complexity in equity and debt issuance, particularly as corporations navigate volatile market conditions and shifting investor expectations.

Independent advisory firms have gained prominence by providing conflict-free advice, particularly in transactions where issuers seek guidance separate from underwriting banks. This has been especially relevant in IPO processes, rights issues, and large-scale debt financing programs.

Key capital markets advisory hubs remain concentrated in London, New York, Paris, and Hong Kong, where capital raising activity and institutional investor engagement are most active.

Corporates and private equity-backed companies increasingly rely on independent advisors to manage investor positioning, optimize capital structures, and coordinate multi-bank syndicates.

Industry Trend — 2025

In 2025, capital markets advisory firms are increasingly involved in transactions requiring strategic positioning rather than pure execution. Companies are seeking advisory support in navigating uncertain market conditions, valuation expectations, and investor sentiment.

IPO markets remain cyclical, with advisory firms playing a key role in readiness assessment, timing strategy, and investor communication. At the same time, debt capital markets activity continues to evolve, particularly in response to interest rate volatility and refinancing needs.

There is also growing demand for advisory services in hybrid capital structures, including convertible instruments and structured financing solutions.

The separation between advisory and underwriting continues to strengthen the role of independent capital markets advisors, particularly in large and complex transactions.

Methodology — Core Eligibility Criteria

Firms considered for this ranking were evaluated based on the following criteria:

• Provides independent capital markets advisory services
• Advises on equity and/or debt issuance strategy
• Demonstrates experience in IPO advisory, capital raising, or refinancing
• Operates without primary reliance on underwriting balance sheet activities
• Maintains presence in major global capital markets

Large institutions were included only where their advisory practices operate with a distinct independent positioning.

Methodology — Ranking Factors

Firms included in the ranking were evaluated using qualitative institutional indicators including:

• Experience in capital markets transactions
• Reputation within the equity and debt advisory market
• Advisory track record in IPO, ECM, and DCM-related mandates
• Senior-level involvement in transaction strategy
• Presence in key financial centers

The Ranking News Top Capital Markets Advisory 2025 ranking evaluates advisory platforms specializing in independent capital markets advisory.

The ranking universe consisted of approximately 50 advisory firms, from which 20 institutions were selected for inclusion.

Tier classifications reflect relative institutional positioning within the global capital markets advisory sector.

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Tier I — Leading Capital Markets Advisory Firms

Rothschild & Co

• Headquarters: Paris, France
• Founded: 1811

Rothschild & Co maintains one of the most established independent capital markets advisory platforms globally, providing strategic advice on equity and debt transactions across major financial centers. The firm advises corporates, governments, and financial sponsors on capital structure, issuance strategy, and investor positioning.

Its capital markets advisory work includes IPO advisory, rights issues, and complex refinancing transactions, often involving multi-jurisdictional considerations. Rothschild is particularly recognized for its ability to provide independent advice alongside large underwriting syndicates.

The firm’s global network enables it to support clients across Europe, North America, and Asia, with strong relationships among institutional investors and market participants. Its advisory approach emphasizes strategic positioning and execution coordination.

Through its long-standing presence in global financial markets and its reputation for independent advice, Rothschild & Co continues to occupy a leading position within the capital markets advisory sector.

Lazard

• Headquarters: New York, United States
• Founded: 1848

Lazard is a global financial advisory firm with a strong capital markets advisory capability, providing independent advice on equity and debt transactions. The firm advises corporates and governments on capital structure decisions, issuance strategies, and market positioning.

Its advisory work spans IPO advisory, equity offerings, and debt financing strategies, often involving cross-border transactions and complex stakeholder environments. Lazard is particularly recognized for its ability to integrate capital markets advice within broader strategic advisory mandates.

The firm’s global presence enables it to engage with institutional investors across key markets, supporting clients in navigating evolving market conditions. Its advisory model emphasizes independence and senior-level involvement.

Lazard continues to play a significant role in the global capital markets advisory landscape through its integrated advisory capabilities.

PJT Partners

• Headquarters: New York, United States
• Founded: 2015

PJT Partners provides independent advisory services across capital markets and strategic transactions, advising corporates and financial sponsors on capital structure and financing strategy.

Its capital markets advisory work often involves complex situations including refinancing, liability management, and hybrid capital solutions. The firm is particularly active in transactions requiring coordination between equity and debt components.

PJT’s advisory model emphasizes analytical rigor and senior-level engagement, supporting clients in navigating complex financial environments. Its global footprint enables it to advise on transactions across multiple jurisdictions.

Through its expertise in both capital markets and restructuring advisory, PJT continues to maintain a strong position within the independent advisory landscape.

Evercore

• Headquarters: New York, United States
• Founded: 1995

Evercore provides independent advisory services across capital markets and strategic transactions, advising corporates on equity and debt issuance strategy as part of broader corporate finance mandates.

Its capital markets advisory work includes IPO advisory, follow-on offerings, and debt financing strategy, often integrated with M&A and strategic advisory engagements. The firm is known for its senior-led execution and analytical depth.

Evercore’s global platform enables it to support clients across major financial centers, engaging with institutional investors and underwriting banks to coordinate complex transactions.

Through its focus on independent advice and high-quality execution, Evercore continues to maintain a leading role in capital markets advisory.

Moelis & Company

• Headquarters: New York, United States
• Founded: 2007

Moelis & Company provides strategic and capital markets advisory services to corporates, financial sponsors, and governments. The firm advises on capital structure optimization, financing strategy, and equity and debt transactions.

Its capital markets advisory work often involves complex financing situations, including IPOs, recapitalizations, and liability management exercises. Moelis is particularly active in transactions requiring coordination between multiple stakeholders and financing sources.

The firm’s global presence enables it to support clients across regions, particularly in large-scale and cross-border transactions. Its advisory approach emphasizes independence and execution expertise.

Moelis continues to play a significant role in the capital markets advisory sector through its integrated advisory capabilities.

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Tier II — Established Capital Markets Advisory Firms

(Alphabetical order)

Alantra

• Headquarters: Madrid, Spain
• Founded: 2001

Alantra provides capital markets advisory services as part of its broader corporate finance platform, advising corporates and financial sponsors on equity and debt financing strategy. The firm is particularly active in mid-market transactions, supporting clients in structuring capital raises and optimizing balance sheets.

Its advisory work includes IPO preparation, refinancing strategy, and coordination of multi-bank financing processes. Alantra has developed strong cross-border capabilities, enabling clients to access capital markets across Europe and North America.

The firm’s sector expertise in areas such as industrials, energy, and technology allows it to tailor financing strategies to specific market conditions. Alantra continues to play a key role in advising mid-sized companies navigating increasingly complex capital markets environments.

DC Advisory

• Headquarters: London, United Kingdom
• Founded: 1998

DC Advisory provides capital markets advisory services alongside its M&A platform, advising corporates and private equity clients on financing strategy, capital structure optimization, and transaction execution. The firm is particularly active in mid-market equity and debt transactions.

Its advisory work includes IPO readiness, refinancing, and investor positioning, often involving cross-border transactions. DC Advisory leverages its global network to coordinate capital raising processes across multiple jurisdictions.

The firm’s integrated approach enables it to support clients throughout the transaction lifecycle, from strategic planning to execution. DC Advisory continues to maintain a strong presence within the international mid-market advisory landscape.

Drake Star Partners

• Headquarters: New York, United States
• Founded: 2004

Drake Star Partners provides advisory services across M&A and capital markets, with a focus on the technology, media, and communications sectors. The firm advises clients on capital raising, strategic financing, and investor engagement.

Its capital markets advisory work includes private placements, growth capital transactions, and strategic financing advisory. Drake Star is particularly active in transactions involving high-growth companies and cross-border investor bases.

The firm’s global platform enables it to connect clients with investors across multiple regions. Drake Star continues to play a role in capital markets advisory within the technology sector.

Greenhill & Co

• Headquarters: New York, United States
• Founded: 1996

Greenhill & Co provides independent advisory services across capital markets and strategic transactions, advising corporates on financing strategy and capital structure decisions. The firm’s capital markets advisory work includes equity offerings, debt issuance, and refinancing transactions.

Its advisory engagements often involve complex situations requiring strategic positioning and coordination with multiple stakeholders. Greenhill emphasizes senior-level involvement, ensuring that clients receive experienced guidance throughout the transaction process.

The firm has maintained a presence in major financial centers, supporting cross-border capital markets transactions. Greenhill continues to contribute to the global advisory landscape through its independent capital markets advisory capabilities.

Houlihan Lokey

• Headquarters: Los Angeles, United States
• Founded: 1972

Houlihan Lokey provides capital markets advisory services as part of its broader financial advisory platform, advising corporates and financial sponsors on financing strategy, liability management, and capital structure optimization.

The firm is particularly active in debt advisory and refinancing transactions, often in situations involving financial restructuring or complex capital structures. Its capital markets advisory work frequently intersects with restructuring and special situations mandates.

Houlihan Lokey’s global platform enables it to support clients across multiple jurisdictions, particularly in transactions requiring coordination between creditors, investors, and corporate stakeholders. The firm continues to maintain a strong presence in capital markets advisory, particularly in complex financing situations.

Lincoln International

• Headquarters: Chicago, United States
• Founded: 1996

Lincoln International provides capital markets advisory services focused on financing strategy and capital raising for mid-market corporates and private equity clients. The firm supports clients in structuring equity and debt transactions, often in conjunction with M&A mandates.

Its advisory work includes valuation, investor positioning, and coordination of capital raising processes involving institutional investors. Lincoln International is particularly active in sponsor-backed transactions requiring integrated advisory solutions.

The firm’s global footprint enables it to execute cross-border transactions across North America, Europe, and Asia. Lincoln continues to play a key role in mid-market capital markets advisory.

Ondra Partners

• Headquarters: London, United Kingdom
• Founded: 2014

Ondra Partners provides strategic capital markets advisory services, advising corporates and boards on shareholder positioning, capital structure strategy, and transaction planning. The firm is particularly active in situations involving complex stakeholder dynamics.

Its advisory work includes equity issuance strategy, investor engagement, and capital markets positioning, often in conjunction with broader strategic advisory mandates. Ondra is known for its focus on governance and shareholder alignment.

The firm’s approach emphasizes independent advice and senior-level engagement, supporting clients in navigating sensitive market situations. Ondra continues to develop its presence within the European capital markets advisory space.

STJ Advisors

• Headquarters: London, United Kingdom
• Founded: 2008

STJ Advisors is a specialist independent firm focused exclusively on capital markets advisory, particularly in equity capital markets transactions. The firm advises corporates on IPOs, rights issues, and other equity offerings.

Its advisory model is centered on providing independent guidance to issuers alongside underwriting banks, ensuring alignment with shareholder interests. STJ has been involved in numerous high-profile IPOs across European markets.

The firm is recognized for its deep expertise in equity capital markets and its ability to manage complex issuance processes. STJ Advisors continues to maintain a leading position within independent ECM advisory.

StormHarbour Securities

• Headquarters: London, United Kingdom
• Founded: 2009

StormHarbour Securities is an independent advisory firm specializing in capital markets, structured finance, and credit advisory. The firm advises financial institutions and corporates on debt issuance, securitization, and capital structure strategy.

Its capital markets advisory work includes structured debt transactions, refinancing, and liability management exercises. StormHarbour is particularly active in complex credit markets and structured finance solutions.

The firm’s expertise in credit markets enables it to provide tailored advisory services in transactions involving sophisticated financing structures. StormHarbour continues to play a specialized role within capital markets advisory.

Torch Partners

• Headquarters: London, United Kingdom
• Founded: 2003

Torch Partners provides capital markets advisory services focused on the technology sector, advising high-growth companies on fundraising, IPO preparation, and strategic financing decisions.

The firm’s advisory work includes equity financing, investor positioning, and coordination of capital raising processes involving venture capital and institutional investors. Torch Partners is particularly active in European technology markets.

Its sector-focused approach enables it to provide targeted advisory services aligned with the needs of growth-stage companies. Torch Partners continues to maintain a strong presence within technology-focused capital markets advisory.

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Tier III — Specialist Capital Markets Advisory Firms

(Alphabetical order)

• Astris Finance
• Clarity Capital Advisors
• Results International
• Silverpeak
• TAP Advisors

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Remarks

Capital markets advisory firms continue to play an increasingly important role in global financial markets, particularly as corporations navigate complex financing environments and evolving investor expectations. Their ability to provide independent advice on capital structure and transaction strategy positions them as key advisors in both equity and debt markets.

As market conditions remain dynamic, demand for advisory services related to IPO readiness, refinancing, and hybrid capital solutions is expected to remain strong. Independent advisors are particularly valued in transactions requiring coordination across multiple stakeholders and financing sources.

The firms recognized in this ranking represent advisory platforms whose work continues to shape capital markets activity globally.

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