Contradictions Unveiled: Analyzing M&A Perspectives and Fundraising Trends from the Latest Earnings Call

Record Financial Performance:
- PJT Partners reported record-setting results with revenues of $407 million in Q2, up 13% year-over-year, adjusted pretax income of $80 million, up 22%, and adjusted EPS of $1.54, up 29%.
- For the 6 months, revenues increased 6%, adjusted pretax income increased 13%, and adjusted EPS increased 19%.
- The growth was primarily driven by Strategic Advisory, which saw significant increases, and market conditions improving with equity valuations rising and market volatility decreasing.

Strategic Advisory Performance:
- Strategic Advisory business delivered record performance in both Q2 and the first half of 2025.
- Global M&A activity remained near record lows, but there are indications of increased transaction closings and fee realizations.
- The strategic interest from companies is expected to increase as economic and regulatory uncertainty subsides, leading to more active strategic pursuits.

Restructuring Activity:
- PJT's restructuring team maintained market leadership, ranking #1 in U.S. and global restructurings for the first half of 2025.
- The team achieved record performance in the first half, with expectations for full-year results to match or exceed last year's records.
- The increase in liability management activity, due to rising interest rates and economic dislocations, has driven demand for restructuring advice.

PJT Park Hill Outlook:
- Both Q2 and first half revenues for PJT Park Hill were below last year's results due to timing of closings.
- The primary fundraising environment remains challenged, while the private capital solutions environment is favorable, with increased demand from GPs and LPs.
- The company expects stronger performance in the second half, driven by a strong pipeline in both primary and private capital solutions.