Case 28 PJT Partners

PJT Partners was formed by merger and spin-off transactions between PJT Partners and Blackstone Inc. The combined business was distributed to Blackstone’s unitholders to create PJT Partners Inc. as a stand-alone independent publicly traded company. PJT Partners is a premier global advisory-focused investment bank. The firm offers strategic advisory, capital markets advisory, restructuring services, shareholder advisory services to corporations, financial sponsors, and institutional investors. PJT Partners Inc. is a holding company. The company offers private fund advisory services for private equity, real estate, hedge funds, and private credit. The company started trading on the New York Stock Exchange under the symbol PJT on October 1, 2015. The company advises clients on transactions which include mergers and acquisitions, spin-offs, joint ventures, minority investments, and divestitures. The company provides advisory services related to debt financings, acquisition financings, structured product offerings, IPO, and private capital related to early-stage financing. PJT Park Hill is the leading global alternative asset advisory and fundraising business which provides private fund advisory and fundraising services for a diverse range of investment strategies. PJT Park Hill’s secondary advisory business is the leading advisor to global alternative asset managers. PJT also provides advisory services related to liquidity and structured solutions. By December 31, 2021, the company employed 833 individuals. The company has 10 offices in five countries with 105 global partners and clients across 58 countries. The company focuses on providing clients with creative solutions for complex strategic problems. The cumulative monthly return for the PJT stock during the 5-year period Jan 2018–Dec 2022 was 61.2% while for the Nasdaq Composite index, the total monthly return was 44%. The total assets, cash, and total equity grew by 17%, 21%, and 11%, respectively, on average basis during the period 2017–2021.