Houlihan Lokey continues to rank No. 1 among advisory firms in mergers & acquisitions (M&A) during all first three quarters of 2025. Its deal volume performance has blown its competition out of the water. Fantastic job to the weathervane firm on 240 deals advised! That accomplishment alone makes it the only adviser to break the 200-deal barrier during that span. This accomplishment cements Houlihan Lokey’s lead as the No. 1 overall adviser in terms of volume, far exceeding its competitors.
In 2024, Houlihan Lokey received credit as the No. This accomplishment is one illustration of the blindingly persistent overall greatness they have consistently shown in the highly competitive M&A advisory appearing sector. Goldman Sachs and JP Morgan came in a close third and fourth in value category for 2025. This only underscores the brutal competition between the largest, most elite investment banks.
Unmatched Deal Volume
Given the competitive environment, Houlihan Lokey’s success in winning advisory roles on 240 deals during Q1-Q3 2025 is an incredible feat. The firm’s dollar volume of deals establishes a new record. It highlights the Council’s impressive deftness at finessing complicated deals. This was a milestone no other adviser came even close to matching. In addition, Houlihan Lokey has established a meaningful moat around itself from its competitors.
“Interestingly, both Goldman Sachs and Houlihan Lokey were also the top advisers by value and volume during Q1-Q3 2024. In fact, Houlihan Lokey outpaced its peers by a big margin in terms of volume as it was the only adviser with more than 200 deals during Q1-Q3 2025.” – Aurojyoti Bose
This remarkable showing highlights Houlihan Lokey’s depth of experience and sharply attuned strategic placement within the competitive landscape of M&A advisory.
Competitive Landscape
Houlihan Lokey had a commanding lead in deal volume. Concurrently, Goldman Sachs and JP Morgan were instrumental in executing large dollar value transactions on a very high level. Goldman Sachs advised on 84 billion-dollar deals totaling a value of over $419 billion during the same time period. At the same time, JP Morgan a distant second, advising on 79 billion-dollar deals worth a total of roughly $411 billion.
Goldman Sachs held onto the crown of top overall adviser-by-value in the face of major competition from JP Morgan. This persistent competition between these titans of the investment banking world has created a fast-paced atmosphere for M&A to flourish.
Looking Ahead
As we head toward the second half of calendar year 2023, the jockeying between these top advisory firms should only heat up. Goldman Sachs and JP Morgan would blow you away with their strategic ideas and ability to cultivate cozy, conspiratorial relationships with the best clients. These strengths will undoubtedly be critical in their future M&A pursuits.
