Tracking relationships between investment banks & PE firms

Private equity firms depend on quality deal flow in their target industries, and investment banks play a crucial role as a deal source. Identifying which banks lead deals in which sectors help PE firms source opportunities more efficiently.

Our comprehensive M&A database actively tracks deal specific relationships between investment banks and private equity firms, including:

• 3,500+ investment banks
• 5,200+ private equity firms
• 13,400+ investment banking PE deal relationships
• 740+ M&A law firms

Although the potential for this data is much broader in scope, we recently compiled a handful of summary data points that illustrates the power of our relational transaction data.

Below, you'll find the top investment banks closing deals with PE firms over the past five years, top industries for IB-PE closed deals, as well as some insights into the consistency in which PE firms work with select investment banks and law firms on deals.

Most Active IB Firms by PE Deal Volume (2020-2025)

1. Houlihan Lokey

2. William Blair & Company

3. Jefferies

4. Goldman Sachs

5. Robert W. Baird & Co.

6. Lincoln International

7. Raymond James Financial

8. Harris Williams

9. PricewaterhouseCoopers Corporate Finance

10. KPMG Corporate Finance

Top 10 Sectors for Investment Banks on PE Deals

1. Technology

2. Financial Services

3. Healthcare

4. Business Services

5. Manufacturing

6. Industrials

7. Energy

8. Retail

9. Distribution

10. Real Estate Related Activities

Go-to investment banking partners

Leading PE firms consistently partner with a select group of investment banks, as illustrated in our data.

• Goldman Sachs is often the go-to advisor for Blackstone Group, KKR & Co., Thoma Bravo, TPG, Clearlake Capital Group and Stone Point Capital.
• Evercore Group is frequently engaged by Warburg Pincus, Clearlake Capital Group and Vista Equity Partners.
• William Blair & Company is the preferred bank for Gryphon Investors, H.I.G. Capital, Cove Hill Partners, Trilantic North America and Pritzker Private Capital.
• Houlihan Lokey is regularly tapped by J.F. Lehman & Company, The Carlyle Group and Kohlberg & Company.

Go‑to law firm partnerships

Investment banks and private equity consistently also consistently partner with the same law firms, as well. 

• Kirkland & Ellis is often used by Jefferies, William Blair & Company, Houlihan Lokey and Evercore Group
• Goldman Sachs seems to split between Kirkland & Ellis and Simpson Thacher & Bartlett
• PricewaterhouseCoopers Corporate Finance often works with Addleshaw Goddard