Evercore’s win as North America’s best bank for independent advisory caps off an impressive year that saw the firm deepen its role as the go-to adviser for many of the largest and most complex transactions in the US.
Its advisory business achieved $228 billion in transaction value across 118 deals in 2024 – an increase of 15% from the previous year – reflecting both the scale and consistency of its performance in a competitive market.
The firm’s momentum is evident across multiple fronts. In a market where the bulge-bracket banks typically dominate, Evercore managed to grow its advisory revenue by 24.4% year-on-year, more than doubling the 10.2% average growth of peers like Goldman Sachs, JPMorgan and Morgan Stanley.
This surge saw Evercore overtake Morgan Stanley in financial advisory fees by approximately $70 million in 2024, narrowing the gap between independent advisory and full-service giants. Evercore has ranked in the top three M&A advisers among independent firms in the US every year since 2018 and has taken the top spot in four of the past five, according to LSEG data.
Deal track record
In 2024, the firm advised on a notable number of the year’s most significant transactions. These included GE Vernova’s $37 billion spin-off (the largest US deal of 2024), Synopsys’s $35 billion acquisition of Ansys (the largest tech deal of 2024), and ConocoPhillips’ $22.5 billion purchase of Marathon Oil (the second-largest oil and gas deal of 2024). Each of these demonstrated Evercore’s capacity to navigate high-stakes, high-complexity mandates, often as the sole or lead adviser.
The GE Vernova spin-off showcased the firm’s long-term strategic advisory capability. Evercore worked with GE across a six-year transformation, culminating in the creation of three independent, market-leading public companies. “This wasn’t just a transaction – it was a multi-year strategic evolution,” notes Naveen Nataraj, co-head of US investment banking.
The firm’s long-term commitment and deep understanding of GE’s business were critical in delivering what has become one of the most successful corporate restructurings in recent memory. Since the separation, GE Vernova’s stock has been one of the top-performing names in the S&P 500. “The GE transaction was a great example of the breadth of capabilities that we bring to the table, says Nataraj.
Evercore has ranked in the top three M&A advisers among independent firms in the US every year since 2018 and has taken the top spot in four of the past five
Evercore’s breadth across advisory functions is increasingly central to its value proposition. Its defence and shareholder advisory practice advised 77 US companies in 2024, representing a combined market capitalisation of $1.6 trillion. In restructuring and liability management, it worked on 70 US transactions involving over $148 billion in debt. The firm’s private capital advisory and fundraising teams also set records, advising on $60 billion in private capital transactions and closing over $81 billion in fundraising activity.
In equity capital markets, Evercore acted as bookrunner on nearly all its transactions, including a lead-left role on Diamondback Energy’s $2.6 billion follow-on. Its equities division posted its strongest year since 2016, and the firm expects continued momentum in IPOs and broader ECM activity into 2025.
Never in a better place
Much of this growth is underpinned by deliberate investment in people and coverage. Since 2020, Evercore has increased its US banking headcount by 37%, with a 36% rise in the number of senior managing directors. In 2024 alone, it added 84 new team members to its US advisory team, and deepened its sector presence in financial services, healthcare, real estate, technology and sponsors.
The firm’s track record of landmark deals and client trust is also illustrated in its advisory role on WestRock’s $20 billion merger with Smurfit Kappa, and Global Infrastructure Partners’ $12.5 billion sale to BlackRock – both sector-defining transactions. In each case, Evercore worked closely with boards and management teams through complex public company and cross-border dynamics, often advising across multi-year engagements.
“Over the last 15 years we’ve always grown faster than we thought we would, and we always aspire to do more, which makes it an incredibly exciting place to be. I’d say, looking at our capabilities, that we’ve never been stronger or in a better place than we are right now,” explains Nataraj.
Looking ahead, Evercore’s leadership believes it is well positioned to benefit from the uptick in CEO confidence, improved capital market conditions and sustained activity among financial sponsors.
The firm’s stock price rose 62% in 2024, reflecting investor confidence in its advisory-led model. Its blend of industry focus, top-tier talent and complex deal execution has firmly established it as the independent advisory firm of choice in North America.
