Private markets advisory activity remained active in May 2026, with a diverse mix of large-cap strategic transactions and steady middle-market deal flow continuing to drive overall volume. The top ten banks collectively advised on more than 110 announced and closed transactions during the month. Dakota tracks investment bank advisor activity across every private market transaction in real time. Book a demo of Dakota Marketplace to see the full data behind these rankings.
While several headline transactions surfaced across the market, league table positioning was driven by deal count, highlighting which firms maintained the most consistent execution across a competitive advisory environment.
May 2026 Rankings
|
Investment Bank
|
May Rank
|
May Deal Count
|
April Rank
|
April Deal Count
|
% Change
|
|
Goldman Sachs & Co.
|
1
|
19
|
1
|
21
|
-9.5%
|
|
BofA Securities
|
2
|
17
|
6
|
11
|
+54.5%
|
|
Houlihan Lokey
|
3
|
13
|
5
|
12
|
+8.3%
|
|
J.P. Morgan Investment Bank
|
4
|
12
|
7
|
8
|
+50.0%
|
|
Centerview Partners
|
5
|
10
|
2
|
16
|
-37.5%
|
|
Barclays Investment Bank
|
6
|
9
|
7
|
8
|
+12.5%
|
|
RBC Capital Markets
|
7
|
9
|
4
|
13
|
-30.8%
|
|
Piper Sandler & Co.
|
8
|
9
|
3
|
14
|
-35.7%
|
|
Citi Group Investment Banking
|
9
|
8
|
8
|
7
|
+14.3%
|
|
Guggenheim Securities Investment Banking
|
10
|
7
|
-
|
-
|
New Entry
|
At the Top: Goldman Holds the Lead
Goldman Sachs & Co. once again claimed the top spot in May with 19 announced transactions, reinforcing its position as the most active financial advisor in private markets. The firm's continued leadership reflects the breadth of its global advisory platform, spanning large-cap strategic M&A, sponsor-backed transactions, and cross-border mandates. While its deal count moderated slightly from April's 21-deal total, Goldman's lead at the top of the table remained intact, underscoring the consistency of its advisory franchise across market conditions.
BofA Securities climbed four positions to second place with 17 transactions, a 54.5% increase month-over-month and one of the strongest individual performances on the table. The firm's broad participation across strategic acquisitions, carve-outs, and take-private transactions drove its rise up the rankings. Houlihan Lokey ranked third with 13 deals, up modestly from April, continuing to demonstrate consistent strength in middle-market sell-side and sponsor-driven transactions.
The Middle of the Table
J.P. Morgan Investment Bank climbed three positions to fourth place with 12 transactions, a 50.0% increase month-over-month, reflecting a strong rebound from its shared seventh-place finish in April. Centerview Partners fell from second to fifth with 10 deals, down 37.5% from April's 16-deal total, though its involvement in several of the month's highest-value mandates continued to underscore its position as a leading independent advisory firm.
Barclays Investment Bank, RBC Capital Markets, and Piper Sandler & Co. each recorded nine transactions, placing sixth, seventh, and eighth respectively. Barclays climbed one position with a 12.5% increase in deal count, while RBC Capital Markets fell three positions despite merging its RBC Richardson Barr activity, posting a 30.8% decline from April. Piper Sandler slid five positions, down 35.7% month-over-month. Citi Group Investment Banking climbed one position to ninth with eight transactions, up 14.3% from April. Guggenheim Securities Investment Banking entered the rankings in tenth place with seven transactions, reflecting increased activity across sponsor-backed and strategic M&A mandates.
The Month's Biggest Deals
Taylor Morrison Home Corporation — $8.5 Billion
A major take-private transaction highlighting continued sponsor interest in the homebuilding and residential real estate sector.
- Buyer: Berkshire Hathaway
- Seller: Taylor Morrison Home Corporation
- Buyer Financial Advisor: Internal Advising
- Seller Financial Advisor: Goldman Sachs & Co., Moelis & Company
Press Ganey — $6.75 Billion
A significant strategic acquisition reflecting ongoing consolidation in healthcare technology and patient experience analytics.
- Buyer: Qualtrics
- Seller: Press Ganey
- Buyer Financial Advisors: BDT & MSD Partners, Centerview Partners
- Seller Financial Advisor: Barclays Investment Bankj, Moelis & Co
AMEX Global Business Travel Group — $6.3 Billion
A large strategic acquisition underscoring continued consolidation in the corporate travel and expense management sector.
- Buyer: Long Lake Management
- Seller: AMEX Global Business Travel Group
- Buyer Financial Advisors: J.P. Morgan Investment Bank, Citi Group Investment Banking, BofA Securities
- Seller Financial Advisors: Rothschild & Co
What to Watch in June
May's deal volume across both bulge bracket banks and independent advisory firms signals continued momentum in private markets activity. BofA Securities and J.P. Morgan each posted 50%+ increases month-over-month, while Goldman maintained its commanding lead at the top. Healthcare, energy, and technology sectors remain particularly active, with both strategic buyers and private equity sponsors pursuing scale, vertical integration, and portfolio optimization. As competition for mandates intensifies across all segments of the market, June will provide further insight into whether this elevated pace of activity can be sustained.
Dakota tracks global private market transactions in real time, capturing deal size, sector, investors, and the investment banks advising both sides of every transaction. To explore the full data and see how Dakota can support your business development efforts, schedule a demo of Dakota Marketplace today.
