Data sourced from Dakota Private Markets, the private fund performance platform powered by Dakota. Learn More | Request Access
Private markets advisory activity rebounded in September 2026 after August’s pullback. The top-ranked banks collectively advised on 157 announced transactions during the month, up from 133 in August. Dakota Private Markets tracks investment bank advisor activity across every private market transaction in real time.
Goldman Sachs held the top spot for a fourth straight month, while Jefferies climbed from a tie for 5th to 2nd. Piper Sandler posted the largest percentage gain on the table, and Citi returned to the rankings after dropping out in August.
September 2026 Rankings
|
Investment Bank
|
Sep Rank
|
Sep Deal Count
|
Aug Rank
|
Aug Deal Count
|
% Change
|
|
Goldman Sachs
|
1
|
22
|
1
|
19
|
+15.8%
|
|
Jefferies
|
2
|
21
|
5
|
15
|
+40.0%
|
|
J.P. Morgan
|
3
|
19
|
5
|
15
|
+26.7%
|
|
Houlihan Lokey
|
4
|
18
|
2
|
17
|
+5.9%
|
|
RBC Capital Markets
|
5
|
16
|
7
|
11
|
+45.5%
|
|
Barclays
|
6
|
15
|
3
|
16
|
-6.3%
|
|
Piper Sandler
|
7
|
13
|
8
|
8
|
+62.5%
|
|
BofA Securities
|
8
|
12
|
3
|
16
|
-25.0%
|
|
William Blair
|
9
|
11
|
8
|
8
|
+37.5%
|
|
Citi
|
10
|
10
|
-
|
-
|
Re-Entry
|
Rankings reflect announced private market transactions where the firm served as financial advisor. There are no ties this month, so the table holds at 10 firms.
At the Top: Goldman Sachs Holds, Jefferies Closes In
Goldman Sachs held the top spot for a fourth straight month with 22 deals, a 15.8% increase from 19 in August. Its lead over 2nd place narrowed to a single deal.
Jefferies climbed from a tie for 5th to 2nd with 21 deals, up 40.0% from 15 in August. J.P. Morgan also climbed out of the tie for 5th, taking 3rd with 19 deals, up 26.7% from 15.
Houlihan Lokey slipped from 2nd to 4th despite a higher count, posting 18 deals, up 5.9% from 17 in August.
The Middle of the Table
RBC Capital Markets climbed from 7th to 5th with 16 deals, up 45.5% from 11 in August. Barclays, which tied for 3rd in August, fell to 6th with 15 deals, down 6.3% from 16.
Piper Sandler posted the largest percentage gain on the table, climbing from a tie for 8th to 7th with 13 deals, up 62.5% from 8 in August.
BofA Securities fell from a tie for 3rd to 8th with 12 deals, down 25.0% from 16, the sharpest decline of any August top-10 firm still in the table. William Blair took 9th with 11 deals, up 37.5% from 8.
Citi returned to the top 10 at 10th with 10 deals, after posting 7 deals in August.
Movement Out of the Top 10
One firm from August’s top 10 dropped out of the September rankings:
- Harris Williams (tied 8th in August, 8 deals) posted 1 deal in September.
What to Watch in October
September’s advisory activity recovered much of August’s decline, with the top-10 banks combining for 157 deals, up from 133 the prior month though still below July’s 184. Seven of the nine August holdovers posted higher counts, with Barclays and BofA Securities the only firms to decline.
Goldman Sachs’s lead over 2nd place has narrowed each month, from three deals in July to two in August and one in September. With Jefferies one deal back and J.P. Morgan and Houlihan Lokey within four, the top of the table could see its first change in leadership in October.
Dakota Private Markets tracks global private market transactions in real time, capturing the investment banks advising on both sides of every deal.
To explore the full data, request access to Dakota Private Markets.
