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.
A concentrated group of global investment banks continued to dominate private markets advisory activity in February 2026. The top ten banks collectively advised on more than 100 announced transactions representing over $285 billion in combined transaction value. Deal flow remained resilient as sponsor-backed acquisitions, strategic consolidation, and cross-border transactions drove activity across multiple sectors.
While several large-cap transactions pushed deal values higher at the top of the market, the league table rankings were ultimately determined by deal count, highlighting which advisory platforms maintained the most consistent deal flow during the month.
February 2026 Rankings
|
Count Rank
|
Investment Bank
|
Deal Count
|
Transaction Value
|
Value Rank
|
|
1
|
Goldman Sachs
|
25
|
$42.3B
|
2
|
|
2
|
Houlihan Lokey
|
18
|
$0.37B
|
29
|
|
3
|
Bank of America
|
15
|
$45.9B
|
1
|
|
4
|
J.P. Morgan
|
12
|
$24.5B
|
8
|
|
5
|
Piper Sandler
|
12
|
$15.9B
|
9
|
|
6
|
Guggenheim
|
11
|
$3.8B
|
13
|
|
7
|
Citi Group
|
7
|
$30.9B
|
4
|
|
8
|
Barclays
|
6
|
$38.4B
|
3
|
|
9
|
Centerview Partners
|
5
|
$30B
|
5
|
|
10
|
KBW Investment Bank
|
5
|
$0.9B
|
25
|
*The data presented reflects publicly available deal values and announced transactions captured during the period.
At the Top: Goldman Leads in Deal Volume
Goldman Sachs & Co. claimed the top spot in February with 25 announced transactions and $42.3 billion in transaction value, demonstrating the breadth of the firm’s global advisory platform. Goldman’s activity spanned a mix of strategic M&A and sponsor-backed deals, allowing the firm to lead the market in deal volume while also ranking second by overall transaction value.
Houlihan Lokey ranked second with 18 transactions, reinforcing its continued dominance in middle-market advisory and restructuring-related mandates. The firm’s strong deal pipeline highlights the importance of specialized advisory platforms as private equity sponsors continue to pursue consolidation opportunities across fragmented industries.
BofA Securities placed third with 15 deals and $45.9 billion in transaction value, the highest value total in the rankings. The firm’s strong performance reflects its role on several large strategic transactions during the month.
The Middle of the Table
J.P. Morgan Investment Bank and Piper Sandler & Co. tied for fourth place with 12 transactions each. J.P. Morgan also advised on $24.5 billion in deal value, demonstrating continued strength in large-cap advisory mandates.
Piper Sandler’s strong deal count reflects its continued presence in the middle market, particularly in sectors such as healthcare, financial services, and technology.
Guggenheim Securities ranked sixth with 11 announced transactions, reflecting steady advisory activity across sponsor-backed acquisitions and growth-oriented M&A.
The Month's Biggest Deals
Waters Corporation/ Becton, Dickinson and Company Biosciences & Diagnostic Solutions Business — $18.8 Billion
A significant carve-out transaction signaling ongoing portfolio rationalization among large healthcare and life sciences conglomerates.
- Buyer: Waters Corporation
- Seller: Becton, Dickinson and Company (Biosciences & Diagnostic Solutions Business)
- Buyer Financial Advisor: Barclays Investment Bank
- Seller Financial Advisor: Citi Group Investment Banking
ENGIE/ CK Group UK Power Networks— $14 Billion
Strategic acquisition of electric vehicle charging infrastructure platform, accelerating grid-integrated EV network expansion and energy transition.
- Buyer: ENGIE
- Seller: CK Group UK Power Networks
- Buyer Financial Advisor: BofA Securities, BNP Paribas
- Seller Financial Advisor: Internal team
Consortium led by KKR and Singtel/ ST Telemedia Global Data Centres — $5.1 Billion
Large-scale investment in digital infrastructure platform, supporting hyperscale data center expansion and rising global data demand.
- Buyer: Consortium by KKR and Singtel
- Seller: ST Telemedia
- Buyer Financial Advisor: Citi Group Investment Banking, BofA Securities
- Seller Financial Advisor: J.P. Morgan Investment Bank
What to Watch in March
With strong advisory activity across both global banks and independent boutiques, March will be an important indicator of whether the deal momentum seen in February continues.
Technology, healthcare, and financial services remain key sectors to watch as strategic buyers and private equity sponsors continue to pursue scale and consolidation. At the same time, the strong showing from both bulge bracket banks and mid-market advisory firms suggests that competition for mandates remains intense across the entire deal spectrum.
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.
