Top 20 Capital Markets Advisory 2026

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 — 2026

In 2026, 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 2026 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 is one of the most established independent advisory firms globally, with a strong capital markets advisory platform spanning equity advisory, debt advisory, private capital, investor advisory, and strategic financing solutions. The firm advises corporates, governments, families, entrepreneurs, private equity sponsors, and institutions on public and private market transactions.

Its equity advisory work is especially relevant in IPOs, rights issues, follow-on offerings, private placements, capital increases, block trades, and shareholder-related transactions. Rothschild’s model emphasizes independent advice to issuers and stakeholders, helping clients navigate transaction timing, bank selection, investor targeting, valuation positioning, allocation strategy, and communication with the market.

The firm’s capital markets positioning has strengthened further through its Global Markets Solutions platform, which brings together equity advisory, investor advisory, private capital, and research-enabled market intelligence. This makes Rothschild more than a traditional M&A advisory house; it has become a serious independent capital markets adviser across public and private pools of capital.

Rothschild & Co fits Tier I because of its global advisory authority, historical credibility, and explicit capital markets advisory capability. It is unlikely to be a high-probability licensing buyer, but its inclusion gives the category institutional weight and establishes the standard for independent issuer-side capital markets advice.

Lazard

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

Lazard is a leading global financial advisory firm with a dedicated Capital Markets Advisory group covering public and private capital markets, capital structure, shareholder-related issues, ESG, activism defense, and strategic financing decisions. The firm advises corporations, governments, boards, and financial sponsors on capital structure and market-facing decisions across complex transaction environments.

Its capital markets advisory work includes IPO advisory, equity offerings, block trades, debt financing, liability management, private capital solutions, bond issuance, refinancing, shareholder positioning, and capital structure strategy. Lazard’s ability to integrate capital markets advice with strategic advisory, restructuring, shareholder advisory, and sovereign advisory makes it particularly relevant for high-stakes transactions.

The firm is especially useful in situations where capital markets decisions are not merely technical financing exercises, but part of broader corporate strategy. These include IPO readiness, acquisition financing, recapitalizations, public shareholder engagement, activist pressure, refinancing, distressed balance sheets, and cross-border capital raising.

Lazard fits Tier I because it combines global brand authority with an explicit capital markets advisory practice. It is broader than a pure ECM boutique, but its institutional role in advising companies and governments on capital structure and market positioning makes it a core top-tier firm for this ranking.

Evercore

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

Evercore is a leading independent investment banking advisory firm with a substantial Capital Markets Advisory practice. The firm advises corporate and sponsor clients across equity, credit, structured equity, hybrid financing, private placements, IPOs, follow-on offerings, convertible securities, liability management, share repurchases, and special situations capital raising.

Its capital markets advisory group works closely with Evercore’s strategic advisory clients, allowing the firm to provide independent capital markets advice alongside M&A, restructuring, and corporate finance mandates. This integrated advisory model is especially useful when clients need to evaluate financing alternatives without relying solely on underwriting banks.

Evercore’s strength lies in high-quality execution, senior-level judgment, and its ability to advise on complex financing structures. The firm is particularly relevant for companies navigating acquisition financing, growth capital, stressed financing, recapitalization, project financing, shareholder replacement, and public-market transactions where valuation, timing, and investor reception are critical.

Evercore fits Tier I because it brings elite independent advisory credibility to capital markets strategy. It is not a pure capital markets boutique, but its dedicated advisory capability and strong institutional client base justify top-tier placement.

Moelis & Company

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

Moelis & Company is a global independent investment bank with strong relevance to capital structure, financing strategy, private capital, restructuring, liability management, and strategic capital markets advisory. The firm advises corporations, financial sponsors, governments, and stakeholders on complex capital structure situations across public and private markets.

Its Capital Structure Advisory practice focuses on liquidity, debt maturity profiles, optimal capital structure, liability management, recapitalizations, balance sheet strategy, and enterprise-threatening financial issues. This gives Moelis a stronger debt and balance-sheet advisory profile than many firms whose capital markets work is mostly IPO or ECM focused.

Moelis is especially relevant in environments where companies need independent advice on financing alternatives, debt capacity, maturity walls, hybrid capital, strategic refinancing, restructuring-adjacent capital raises, or stakeholder negotiations. Its global advisory platform allows it to work across both healthy corporate finance mandates and more complex special situations.

Moelis fits Tier I because capital markets advisory is increasingly about capital structure, not only IPOs. Its ability to advise clients on financing strategy, balance sheet optimization, and complex capital solutions makes it a strong top-tier inclusion.

STJ Advisors

• Headquarters: London, United Kingdom
• Founded: 2008

STJ Advisors is one of the clearest pure-play independent capital markets advisory firms in the market, with a strong focus on equity capital markets advisory. The firm advises issuers, shareholders, private equity owners, and companies preparing for IPOs, rights issues, follow-on offerings, secondary sell-downs, dual-track exits, and other equity-linked market transactions.

Its model is built around independent advice to issuers rather than underwriting, which makes it highly relevant for this ranking. STJ supports clients on valuation positioning, investor mapping, investor education, early-look processes, bank selection, syndicate management, deal structure, market timing, feedback analysis, pricing strategy, and allocation discipline.

Unlike broad investment banks, STJ’s identity is directly tied to capital markets advisory. It acts alongside underwriting banks but without the same product or balance-sheet conflicts, giving issuers a specialist perspective during high-stakes public market transactions.

STJ Advisors fits Tier I because it is one of the strongest specialist names in independent ECM advisory. Its inclusion makes the category more precise and prevents the ranking from being dominated only by large elite advisory banks with capital markets practices.

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Tier II — Established Capital Markets Advisory Firms

(Alphabetical order)

Alantra

• Headquarters: Madrid, Spain
• Founded: 2001

Alantra is an international financial services firm providing investment banking, debt advisory, financial restructuring, capital markets advice, structured funding, private placements, and alternative asset management. The firm operates across Europe, the United States, Latin America, Asia, and the Middle East, with a strong mid-market advisory identity.

Its capital markets relevance is strongest in debt advisory, refinancing, acquisition financing, private placements, bond issuance advice, restructuring, and mid-market capital raising. Alantra advises companies, private equity sponsors, family-owned businesses, and institutional investors that need independent support in navigating financing alternatives.

The firm is particularly useful for clients that are too complex for local boutiques but not necessarily suited to the largest global investment banks. Its sector coverage across technology, healthcare, industrials, consumer, financial services, and energy allows it to tailor financing advice to specific business models and transaction objectives.

Alantra fits Tier II because it is active, international, and clearly relevant to debt and capital markets advisory. It is not as defining in ECM advisory as STJ, but it is a credible established platform for mid-market capital markets and financing advice.

Ardea Partners

• Headquarters: New York, United States
• Founded: 2017

Ardea Partners is a boutique investment bank providing strategic and financial advice to CEOs, founders, boards, and shareholders facing complex decisions around strategy, ownership, capital structure, and transformative transactions. The firm has grown as an independent advisory platform with senior bankers advising on high-value strategic and financing-related mandates.

Its relevance to capital markets advisory comes from its work around capital structure, ownership transitions, IPO-related situations, private equity-backed transactions, and strategic financing decisions. Ardea is not a pure ECM advisory boutique, but it is active in situations where companies and shareholders need independent judgment on financing, valuation, liquidity, and market-facing transaction strategy.

The firm’s boutique model and senior-led approach make it suitable for sensitive board-level decisions where clients want advice outside the underwriting-bank ecosystem. Its recent activity in wealth management, financial services, and private capital-linked transactions also gives it relevance to evolving capital markets advisory themes.

Ardea Partners fits Tier II because it is active, independent, and increasingly visible, but broader than the pure capital markets specialists. It adds a senior strategic-finance advisory profile to the ranking.

Drake Star

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

Drake Star is a global technology-focused investment bank advising companies, founders, shareholders, and investors on M&A, private placements, growth capital transactions, strategic financing, and capital markets readiness. The firm is particularly active in technology, media, communications, software, digital services, and high-growth sectors.

Its capital markets advisory relevance comes from its work with technology companies that need private capital, cross-border investor access, IPO preparation, shareholder liquidity, or strategic financing advice. For high-growth technology businesses, capital markets decisions often involve choosing between private funding, strategic investment, sale, SPAC or IPO pathways, and staged liquidity options.

Drake Star’s sector focus allows it to develop investor relationships and market intelligence that are especially useful for growth companies. Its advisory work is not as broad as Tier I capital markets platforms, but it is relevant where technology growth, fundraising, and market positioning intersect.

Drake Star fits Tier II because it is active, specialist, and commercially relevant. It strengthens the ranking’s coverage of growth-company and technology-sector capital markets advisory.

Houlihan Lokey

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

Houlihan Lokey is a global investment bank with strong capabilities in capital solutions, financial restructuring, private capital markets, debt advisory, and sponsor-related financing. The firm advises companies, private equity sponsors, credit funds, family offices, sovereign wealth funds, and other capital providers on financing alternatives and capital structure solutions.

Its Capital Solutions Group provides advice across debt, equity, private capital, structured financing, and complex capital raising. Houlihan Lokey is especially relevant in transactions involving acquisition financing, refinancing, liability management, recapitalization, stressed financing, special situations, and private credit alternatives.

The firm’s strength lies in combining capital markets advisory with restructuring and mid-market corporate finance expertise. In the current market, where private credit, liability management, and non-bank financing have become increasingly important, Houlihan Lokey’s capital solutions platform is highly relevant.

Houlihan Lokey fits Tier II because it is a substantial global player, but its capital markets role is more financing and capital-solutions oriented than pure issuer-side ECM advisory. It remains one of the most credible established firms in the category.

ICR Capital

• Headquarters: New York, United States
• Founded: 1998 ICR heritage

ICR Capital is an equity capital markets advisory platform within ICR, focused on advising companies, financial sponsors, venture capital firms, and boards as they prepare for and execute public equity and equity-linked market transactions. Its advisory work spans IPOs, follow-on offerings, convertibles, block trades, share repurchases, public-market readiness, and investor positioning.

The firm’s value comes from combining capital markets expertise with communications, investor relations, and market-facing advisory. For companies entering public markets, capital markets success depends not only on transaction mechanics but also on equity story development, investor perception, timing, valuation education, and post-IPO communication.

ICR Capital is particularly relevant for growth companies, sponsor-backed issuers, healthcare companies, consumer businesses, and technology companies that need independent advice before engaging with public markets. Its recent expansion into convertible and equity derivatives advisory also strengthens its capital markets profile.

ICR Capital fits Tier II because it is an active, specialist, and practical ECM advisory platform. It is smaller than the Tier I firms, but directly aligned with the purpose of this ranking.

Lincoln International

• Headquarters: Chicago, United States
• Founded: 1996

Lincoln International is a global independent investment banking advisory firm with a strong Capital Advisory & Restructuring platform focused on private capital markets, debt raising, minority equity, structured capital, liability management, and financing-related advisory. The firm advises private equity firms, founders, corporations, private credit investors, and senior executives.

Its capital markets relevance comes from its focus on the private capital ecosystem. Many mid-market companies and sponsor-backed businesses now access capital through private credit, direct lending, minority equity, structured equity, preferred equity, and other non-public financing channels. Lincoln’s advisory platform is built around these needs.

The firm’s integrated approach allows capital advisory to work alongside M&A, valuations, private funds advisory, and restructuring. This is useful for clients seeking capital raises, acquisition financing, growth equity, shareholder liquidity, refinancing, or balance sheet solutions.

Lincoln International fits Tier II because it is an established private capital markets advisory platform with global reach. It is not a pure ECM advisor, but its private capital and debt advisory relevance is strong.

Ondra Partners

• Headquarters: London, United Kingdom
• Founded: 2014

Ondra Partners is an independent European financial advisory firm with offices in London, Paris, and Zurich. The firm advises clients on strategic advisory, capital markets, debt and equity raising, restructuring, M&A, shareholder situations, and complex corporate finance decisions.

Its capital markets relevance comes from its independent advice on debt and equity financing, capital structure, shareholder engagement, and strategic transaction planning. Ondra is particularly suitable for companies and boards facing complex stakeholder environments where capital markets decisions must be aligned with governance, valuation, and long-term strategy.

The firm is more discreet and specialist than large global banks, but that can be an advantage in sensitive situations. It operates as a board-level advisory firm rather than as a product-driven underwriting platform.

Ondra Partners fits Tier II because it is active, independent, and directly relevant to strategic capital markets advisory. It is not as visible as Tier I institutions, but its independence and European advisory identity make it a clean inclusion.

PJT Partners

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

PJT Partners is a global advisory-focused investment bank providing strategic advisory, shareholder advisory, restructuring, private capital, and capital markets-related advice to corporations, financial sponsors, institutional investors, and governments. The firm has positioned itself around independent, high-touch advisory rather than underwriting-led investment banking.

Its capital markets relevance is strongest where financing strategy intersects with complex transactions, restructuring, shareholder pressure, sponsor capital, and special situations. PJT advises clients navigating capital markets complexity, capital structure decisions, strategic alternatives, and financing choices in high-stakes environments.

The firm is especially credible in transactions that require coordination between equity, debt, private capital, stakeholders, and strategic decision-makers. Its restructuring and shareholder advisory capabilities make it useful in market situations where financing decisions affect governance, control, and long-term strategic direction.

PJT Partners fits Tier II rather than Tier I in this particular ranking because its capital markets role is important but not as pure-play as STJ or as explicitly built out as Lazard, Rothschild, or Evercore. It remains a high-authority established inclusion.

Torch Partners

• Headquarters: London, United Kingdom
• Founded: 2003

Torch Partners is an independent investment bank focused on digital infrastructure, software, technology, and high-growth digital businesses. The firm advises companies, management teams, shareholders, and investors on M&A, private capital markets, SPAC and IPO advisory, strategic financing, and growth-company transactions.

Its capital markets relevance comes from its work with high-growth technology companies where private capital, strategic investment, IPO optionality, and cross-border investor access are central. These companies often need advice on whether to raise private capital, pursue a sale, prepare for public markets, or structure financing around long-term growth.

Torch’s sector-specific model gives it an advantage in digital infrastructure and software markets, where investors require a detailed understanding of growth quality, recurring revenue, infrastructure economics, and technology-sector valuation norms.

Torch Partners fits Tier II because it is active, independent, and directly aligned with technology-focused capital markets advisory. It is narrower than broad capital markets platforms, but strong within its chosen sectors.

William Blair

• Headquarters: Chicago, United States
• Founded: 1935

William Blair is a global financial services firm with a capital markets platform spanning public capital markets, private capital markets, private capital advisory, direct equity capital raising, private placements, secondary transactions, and financing solutions for companies and financial sponsors.

Its capital markets work is particularly relevant for growth companies, private equity-backed businesses, and mid-market clients seeking access to public or private capital. William Blair’s platform connects investment banking sector coverage with capital markets execution and investor relationships, allowing clients to evaluate multiple financing paths.

The firm’s private capital markets capability is especially important as more companies stay private longer and rely on growth capital, structured financing, shareholder liquidity, and private investor access before considering public listings. William Blair’s broader advisory model gives clients flexibility across M&A, growth financing, capital raising, and liquidity options.

William Blair fits Tier II because it is larger and broader than a specialist boutique, but its capital markets capabilities are active and relevant. It adds a strong mid-market and growth-company financing platform to the ranking.

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Tier III — Specialist Capital Markets Advisory Firms

(Alphabetical order)

Avaxa

• Headquarters: Amsterdam, Netherlands
• Founded: 2016

Avaxa is an independent advisory boutique focused on debt advisory, financial restructuring, and capital structure advisory. The firm advises corporates, international family businesses, private equity firms, portfolio companies, and semi-public organizations on financing strategies and capital structure decisions.

Its capital markets relevance is strongest in debt advisory and balance sheet structuring. Many capital markets advisory situations involve refinancing, leverage optimization, lender coordination, covenant considerations, maturity extension, and debt capacity analysis rather than public equity issuance. Avaxa’s focus is directly aligned with that side of the market.

The firm’s boutique model gives it a more focused profile than broad investment banks. It is especially relevant for clients seeking independent advice on debt structure and financing execution without relying only on incumbent lenders or underwriting banks.

Avaxa fits Tier III because it is active, specialist, and focused, but narrower and more regionally concentrated than the Tier II platforms. It adds a clean debt and capital structure advisory angle to the ranking.

Clariti Strategic Advisors

• Headquarters: Toronto, Canada
• Founded: 2016

Clariti Strategic Advisors is a strategic and investment banking advisory firm focused on growth capital, restructuring, capital raising, corporate finance, and transformative transactions. The firm advises clients seeking capital solutions, balance sheet support, transaction guidance, and strategic financial advice.

Its capital markets relevance lies in its ability to support companies that are not necessarily served by large global banks but still require institutional-quality advice. These clients may need growth capital, recapitalization, restructuring support, or transaction execution guidance where ownership, financing, and strategic direction are connected.

Clariti is broader than a pure ECM or debt advisory boutique, but that breadth is useful in the lower tier of this ranking. It provides an independent strategic finance profile with relevance to capital raising and capital structure decisions.

Clariti Strategic Advisors fits Tier III because it is active and directly connected to capital advisory, while remaining smaller and more specialist than the established Tier II platforms.

Lilja & Co

• Headquarters: Frankfurt / Zurich / Paris
• Founded: 2004

Lilja & Co is an independent equity capital markets advisory firm focused on IPOs, equity offerings, secondaries, capital increases, dual-track exits, and specialized financial advisory. The firm advises owners, founders, management teams, and shareholders on equity market transactions across European markets.

Its advisory model is highly relevant because it focuses on issuer-side ECM advice. Companies preparing for IPOs or follow-on offerings often need independent advice on valuation, market readiness, syndicate selection, timing, investor education, transaction structure, and execution discipline. Lilja & Co provides this support without acting as a traditional underwriting bank.

The firm is particularly strong in German-speaking markets and has expanded its footprint to strengthen coverage across Europe. Its partnership with ICR Capital also gives it a route to advise European issuers considering access to U.S. capital markets.

Lilja & Co fits Tier III because it is a strong specialist ECM advisory firm, but more focused and regionally concentrated than STJ. It adds a clean European pure-play equity advisory profile to the ranking.

Silverpeak

• Headquarters: London, United Kingdom
• Founded: 2015 LLP incorporation

Silverpeak is a boutique investment bank focused on M&A and financing advisory for technology growth companies. The firm advises innovative, fast-growing businesses across software, digital media, internet, business services, enabling technologies, and health technology.

Its capital markets relevance comes from growth-company financing and investor positioning. Technology companies often need advice on fundraising strategy, equity story development, investor targeting, valuation positioning, strategic financing, and the timing of broader liquidity events. Silverpeak’s sector specialization makes it useful in these situations.

The firm’s work sits between classic investment banking and growth-capital advisory. It is not a broad capital markets platform, but it is directly relevant for companies seeking private financing, strategic capital, or preparation for later public-market or exit processes.

Silverpeak fits Tier III because it is active, specialist, and commercially relevant, while remaining narrower than Tier II technology advisory platforms such as Torch or Drake Star.

TAP Advisors

• Headquarters: New York, United States
• Founded: 2009

TAP Advisors is an independent investment banking advisory firm focused on M&A, strategic advisory, capital raising, private placements, debt, recapitalizations, and cross-border transactions. The firm advises clients across technology, media, telecommunications, infrastructure, financial services, real estate, energy, healthcare, transportation, and industrial sectors.

Its capital markets relevance comes from its transaction history in equity-linked financing, private placements, recapitalizations, preferred interest issuances, secondary LP interest sales, strategic financing, and asset-level capital advisory. TAP is particularly relevant in transactions where capital structure, ownership, investor access, and strategic alternatives overlap.

The firm has a visible track record across telecom infrastructure, digital infrastructure, private equity-related capital solutions, and family-office or sponsor-backed transactions. This gives it a broader capital advisory profile than many smaller boutiques.

TAP Advisors fits Tier III because it is active and credible, but smaller and less institutionally dominant than the Tier II platforms. It provides a useful specialist capital advisory profile with strong private-market relevance.

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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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