Chicago is home to a thriving financial services industry, with a mix of global banks, regional banks and top boutique investment banks. As one of the largest financial centers in the US, Chicago sees significant M&A and capital markets activity every year. While bulge bracket banks dominate deal flow, boutique investment banks play an important role in advising middle-market clients on M&A, capital raising and other transactions. In this article, we take a look at some of the top boutique investment banks that are key players in Chicago’s vibrant M&A market.
William Blair tops the list of elite boutique investment banks in Chicago
Founded in 1935, William Blair is Chicago’s largest and most prestigious independent investment bank. With its sector expertise and strong Midwest presence, William Blair dominates the league tables for middle-market deals in the region across healthcare, financial services, technology and industrial sectors. The firm is known for its prudently managed balance sheet and stellar employee retention rates. William Blair’s seasoned bankers and domain expertise make it a trusted advisor for mid-sized corporates and private equity firms.
Mesirow Financial excels in financial services, real estate and insurance
Headquartered in Chicago, Mesirow Financial has deep expertise in financial services, real estate and insurance. With over $380 billion of investment capital under management, the firm leverages its extensive networks to advise clients on complex M&A transactions. Beyond investment banking, Mesirow also has capabilities in investment management, capital markets, insurance services and consulting.
Capstone Partners is a trusted local brand with national reach
Established in 2001, Capstone Partners is a leading mid-market investment bank in Chicago. Capstone has worked on over 475 transactions worth over $60 billion. With its sector-focused approach, Capstone dominates deal flow in healthcare, consumer products, manufacturing and business services. The firm has a strong national footprint while maintaining close ties with the local Chicago business community.
Avant Global brings cross-border deal expertise to the table
Founded in 2018, Avant Global is a relatively new but fast-growing player in Chicago’s investment banking landscape. The firm specializes in cross-border M&A deals by leveraging its global footprint across 90 countries. Avant Global focuses on advising middle-market companies in tech, industrials, consumer goods and financial services on sell-side and buy-side deals.
Optima Partners stands out with its specialization in lower middle-market
While most boutique investment banks focus on the middle-market, Optima Partners specifically targets the lower middle-market with deal sizes under $150 million. The firm excels in advisor-led transactions in manufacturing, business services, healthcare and tech enabled services. With its size and structure, Optima can provide dedicated partner-level attention to its clients.
Chicago’s top boutique investment banks like William Blair, Mesirow Financial, Capstone Partners, Avant Global and Optima Partners play a key role in the city’s vibrant M&A and capital raising markets. With their sector expertise, local networks and hands-on approach, these firms thrive in advising lower and middle-market clients that get overlooked by global banks.