PJT Partners
| Company type | Public |
|---|---|
| Industry | Investment banking |
| Founded | October 2015 |
| Founder | Paul Jeffrey Taubman |
| Headquarters | New York City , United States |
Area served | International |
Key people | Paul Jeffrey Taubman (Chairman and CEO) |
| Products | Strategic advisory, capital markets, restructuring, shareholder advisory, capital raising |
Number of employees | Close to 700 |
| Website | pjtpartners |
PJT Partners, Inc. is an international advisory-centric investment bank established in October 2015 as a result of The Blackstone Group divesting its financial and strategic advisory units.
The company provides expertise in strategic advisory, capital markets, restructuring, shareholder advisory, and capital raising. It has played a role in transactions exceeding $1 trillion in mergers and acquisitions, including AbbVie’s $63 billion purchase of Allergan, the $59 billion merger between T-Mobile and Sprint, and the $50 billion combination of Mylan with Pfizer’s Upjohn division.
Based in New York City, PJT maintains offices in Boston, Chicago, Hong Kong, Houston, London, Los Angeles, Madrid, San Francisco, and Sydney, employing close to 700 professionals.
History and background
PJT Partners emerged in 2015 through the integration of Blackstone’s advisory division, which had been active for three decades, and PJT Capital LP, launched by Paul J. Taubman in 2013. The firm went public on October 1, 2015, debuting on the New York Stock Exchange under the ticker PJT, starting with a workforce of 330 employees and 46 partners.
The decision by Blackstone to spin off its advisory operations was driven by the need to resolve conflicts between its advisory business and investment arms including private equity and hedge funds.
In 2020, PJT achieved record revenues totaling $1.05 billion—more than twice the amount reported five years earlier—and earned the distinction of being ranked "No. 3 Best Banking Firms for Business Outlook" by Vault. The firm is noted for its competitive compensation packages, with average employee earnings around $750,000 and the highest starting salaries for first-year analysts. Each year, PJT recruits approximately 20 new analysts.
Leadership
Since PJT Partners’ establishment in 2015, Paul Jeffrey Taubman has held the roles of chairman and CEO; he also founded its predecessor entity, PJT Capital LP, in 2013. Taubman’s career includes nearly three decades at Morgan Stanley where he served as Co-President of Institutional Securities, managing investment banking, capital markets, and sales & trading divisions. In 2015, he ranked as the second highest-paid executive in the United States with total compensation amounting to $164 million.
Prior to launching operations, Taubman enlisted senior European bankers to head the firm’s European division. Shortly after its founding, former NBA Commissioner David J. Stern joined PJT as a senior adviser.
Business and competitors
PJT Partners functions through three primary divisions: Strategic Advisory (covering M&A advisory, capital markets guidance, spin-offs, private placements, and structured financial products), Restructuring & Special Situations (providing counsel to debtors and creditors on out-of-court restructurings, distressed M&A transactions), and the Park Hill Group (which caters to private equity firms, real estate investors, hedge funds, and secondary market advisory). In 2018, PJT acquired CamberView for $165 million to strengthen its offerings in corporate governance and shareholder activism advisory; this unit now operates under the name PJT Camberview.
The restructuring practice advises corporations, governments, creditors, and financial sponsors on complex distressed transactions including recapitalizations, reorganizations, exchange offers, debt buybacks, and capital raises spanning industries such as automotive, consumer goods, energy, financial services, healthcare, real estate, gaming & leisure, manufacturing, media & communications, retail trade, shipping logistics, steel production, and transportation. Since its inception, PJT’s restructuring team has completed transactions exceeding $1.9 trillion in value and was ranked number one worldwide for both announced and completed restructuring deals during Q1 2016.
PJT competes with prominent investment banks specializing in strategic advisory services. Its main rivals include independent advisory boutiques such as Centerview Partners, Evercore, Greenhill & Co., Moelis & Company, Lazard, and Perella Weinberg Partners.