PJT Partners
PJT Partners is a publicly traded, advisory-focused investment banking and strategic consulting firm.
Last updated August 31, 2026
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Overview
PJT Partners, Inc. is a global advisory-focused investment banking firm headquartered in New York City. The company was created in October 2015 through the combination of the advisory businesses spun out of The Blackstone Group and PJT Capital LP, a strategic advisory firm established by Paul J. Taubman in 2013. The transaction separated Blackstone's financial and strategic advisory activities from its investment businesses, helping reduce potential conflicts between advising clients and investing in private equity, real estate, hedge funds and other assets. PJT began trading publicly on the New York Stock Exchange under the symbol PJT on October 1, 2015. At its first day of trading, the firm had 330 employees and 46 partners. Taubman became chairman and chief executive officer and has led the firm since its formation. Before founding PJT Capital, he spent roughly three decades at Morgan Stanley, where he served as co-president of Institutional Securities and held senior roles covering investment banking, capital markets, sales and trading. The firm's principal activities are organized around strategic advisory, restructuring and special situations, shareholder advisory, capital raising and related strategic capital markets services. Its strategic advisory practice works on mergers and acquisitions, divestitures, spin-offs, capital structure matters, private placements, structured products and other complex corporate transactions. PJT has advised on more than $1 trillion of merger and acquisition transactions, including AbbVie's proposed $63 billion acquisition of Allergan, T-Mobile's $59 billion merger with Sprint and Mylan's approximately $50 billion combination of its business with Upjohn, a Pfizer subsidiary. Its restructuring and special situations practice advises debtors, creditors, governments, financial sponsors and other stakeholders. Mandates can involve reorganizations, recapitalizations, exchange offers, debt repurchases, distressed mergers and acquisitions, out-of-court solutions, capital raising and expert testimony. The business has reported more than $1.9 trillion in restructuring transactions completed since inception. PJT also operates Park Hill Group, which provides private-markets advisory services involving private equity, real estate and hedge funds, including secondary-market advisory. In 2018, the company acquired CamberView Partners for $165 million. The business was subsequently rebranded PJT Camberview and focuses on corporate governance, shareholder engagement, activism defense and contested situations. PJT serves corporations, boards of directors, financial sponsors, institutional investors, governments, creditors and other stakeholders. Its international office network has included Boston, Chicago, Hong Kong, Houston, London, Los Angeles, Madrid, San Francisco and Sydney, in addition to its New York headquarters. The firm has been described as operating with a relatively concentrated, partner-led model and a strong emphasis on complex, high-value advisory assignments rather than balance-sheet-intensive lending or broad retail banking. The company reported record revenue of $1.05 billion in 2020, more than twice the level reported five years earlier. Its business is cyclical and depends on transaction activity, restructuring demand, capital-markets conditions and institutional appetite for private-market transactions. PJT competes with investment banks and specialist advisory firms that provide mergers-and-acquisitions, restructuring, shareholder-advisory and private-capital services. It is not a regional bank despite the supplied industry label; its principal identity is that of an investment banking and strategic advisory firm.
History
PJT Partners emerged from the restructuring of Blackstone's advisory operations and the independent firm founded by Paul J. Taubman. Taubman established PJT Capital LP in 2013 after a long career at Morgan Stanley, where he held senior responsibility for institutional securities, including investment banking, capital markets, sales and trading. Blackstone had operated an advisory business for approximately three decades, but the coexistence of advisory work with private-equity, real-estate and hedge-fund investing created possible conflicts of interest. Spinning out the advisory activities offered a clearer separation between client advice and Blackstone's investment decisions. In 2015, Blackstone's advisory business and PJT Capital were combined to create PJT Partners, Inc. The new company commenced operations and listed its shares on the New York Stock Exchange on October 1, 2015, under the ticker PJT. The firm began life with 330 employees and 46 partners. Taubman became chairman and chief executive officer. Before the launch, he recruited senior European bankers to establish the firm's European platform, supporting its ambition to serve clients across major financial centers rather than remain a solely U.S. advisory practice. PJT's business model centered on high-value, complex assignments. Its strategic advisory practice covered mergers and acquisitions, divestitures, spin-offs, capital structure and capital raising matters. Its restructuring practice advised companies, governments, creditors and financial sponsors in distressed and special situations, including reorganizations, recapitalizations, exchange offers, debt repurchases and distressed mergers. The firm also developed private-markets capabilities through Park Hill Group, which served private equity, real estate and hedge-fund clients and advised on secondary transactions. The firm expanded its shareholder and governance offering in 2018 through the acquisition of CamberView Partners for $165 million. CamberView specialized in corporate governance, shareholder engagement and activism-related situations. After the acquisition, it was rebranded PJT Camberview, giving PJT a dedicated platform for advising boards and companies on investor relations, governance matters and contested situations. PJT's restructuring franchise became a material part of its identity. The firm reported that the practice had completed more than $1.9 trillion of restructuring transactions since inception. It was ranked first globally and in the United States for announced and completed restructuring deals in the first quarter of 2016, according to the reference material associated with the company. The platform covers numerous sectors, including automotive, consumer products, energy, financial institutions, healthcare, real estate, gaming and leisure, manufacturing, media and communications, retail, shipping, steel and transportation. PJT has built an international network spanning New York, Boston, Chicago, Houston, Los Angeles and San Francisco in the United States, together with offices or operations in London, Hong Kong, Madrid and Sydney. The firm has advised on more than $1 trillion in mergers and acquisitions, including several large transactions involving AbbVie and Allergan, T-Mobile and Sprint, and Mylan and Upjohn. These mandates illustrate its focus on transformational transactions where boards, shareholders and other stakeholders require specialized strategic advice. The company reported revenue of $1.05 billion in 2020, a record at that time and more than twice the level recorded five years earlier. Its growth reflects the expansion of advisory activities and demand for restructuring, strategic and private-capital services. Unlike a universal or regional bank, PJT does not primarily compete through deposits, consumer lending or a large trading balance sheet. It competes with major investment banks and independent advisory firms on the quality of its partners, sector expertise, transaction execution and ability to advise clients in complex or conflicted situations. Taubman has remained the central leadership figure since the firm's creation, while former NBA commissioner David J. Stern joined as a senior adviser shortly after the company was founded.
- 2020
Record revenue
[1]PJT Partners reported record revenue of $1.05 billion for 2020.
- 2018
CamberView acquisition
[1]PJT Partners acquired CamberView Partners for $165 million, expanding its corporate-governance and shareholder-advisory capabilities.
- 2016
Restructuring rankings milestone
[1]The restructuring business was ranked first globally and in the United States for announced and completed restructuring transactions in the first quarter, according to the cited company reference.
- 2015
PJT Partners is formed
[1]The advisory arm of The Blackstone Group was combined with PJT Capital to establish PJT Partners, Inc.
- 2015
NYSE listing
[1]PJT Partners began trading publicly on the New York Stock Exchange under the ticker PJT on October 1.
- 2013
PJT Capital is founded
[1]Paul J. Taubman founded PJT Capital LP as a strategic advisory firm.
Products and positioning
A partner-led, independent and publicly traded advisory firm focused on complex strategic transactions, restructuring, shareholder matters and private-markets advisory rather than traditional deposit-taking or balance-sheet lending.
Investment banking advisory · 2015
Strategic Advisory
PJT's strategic advisory practice advises companies, boards, shareholders and financial sponsors on mergers and acquisitions, divestitures, spin-offs, capital structure, private placements, structured products and other strategic transactions. The practice is oriented toward complex and high-value assignments, including transformational combinations and transactions requiring independent advice.
Restructuring advisory · 2015
Restructuring & Special Situations
This practice advises debtors, creditors, governments, financial sponsors and other stakeholders on financial distress and complex capital situations. Services include in-court and out-of-court restructurings, recapitalizations, exchange offers, debt repurchases, distressed mergers and acquisitions, capital raising and expert witness work across a broad range of industries.
Shareholder and corporate governance advisory · 2018
PJT Camberview
PJT Camberview advises public companies and boards on corporate governance, shareholder engagement, activism defense and contested situations. It originated with CamberView Partners, acquired by PJT in 2018, and complements the firm's broader strategic and shareholder-advisory work.
Private-markets advisory · 2015
Park Hill Group
Park Hill Group provides advisory services to private-equity, real-estate and hedge-fund clients. Its activities include secondary-market advisory and related private-capital transactions, extending PJT's offering beyond public-company investment banking into private-market liquidity and portfolio solutions.
Brand decisions
2018
Acquire CamberView PartnersM&ABackground
PJT sought to expand its capabilities in corporate governance, shareholder engagement and activism-related advisory work.
Action taken
PJT Partners acquired CamberView Partners for $165 million.
Aftermath
The acquired business was rebranded PJT Camberview and became part of the firm's shareholder-advisory platform.
Acquisition consideration. $165 million (2018)
2015
Separate advisory activities from Blackstone's investment businessesStrategyBackground
Blackstone's advisory and investing activities could create potential conflicts when the firm advised clients while also investing in private equity, real estate and hedge funds.
Action taken
The advisory business was spun out and combined with PJT Capital to create an independent, publicly traded advisory firm.
Aftermath
PJT Partners began trading on the NYSE in October 2015 and developed an advisory-focused business model.
Recent events
- 2020
PJT Partners reports record revenue in 2020[1]
Other
The firm reported revenue of $1.05 billion for 2020, described as more than double the level achieved five years earlier.
- 2018
PJT Partners acquires CamberView Partners[1]
M&A
PJT Partners acquired corporate-governance and shareholder-advisory firm CamberView Partners for $165 million. The business later became known as PJT Camberview.
- 2015
PJT Partners begins public trading after Blackstone advisory spin-off[1]
M&A · Leadership change
PJT Partners became a publicly traded company on the New York Stock Exchange on October 1, following the combination of Blackstone's advisory activities with PJT Capital.
Sources2 sources
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