Goldman Sachs Leads Global M&A Advisory Rankings with $267bn in Q1 2026 Deal Volume

Goldman Sachs has claimed the top position in global mergers and acquisitions advisory rankings for the first quarter of 2026, advising on transactions with a combined value of $267 billion during the three-month period. The figures, which reflect a period of considerable deal-making activity despite persistent macroeconomic uncertainty, underscore the enduring dominance of bulge-bracket institutions in high-value mandates. For family office principals across Asia-Pacific who are evaluating M&A as either a liquidity event, a co-investment opportunity, or a strategic acquisition pathway, the composition of these rankings carries meaningful implications for how advisory relationships should be structured and prioritised.

Houlihan Lokey's Rise Signals a Shift in Mid-Market Advisory Preferences

Alongside Goldman Sachs, Houlihan Lokey secured a prominent position in the Q1 2026 rankings, reinforcing its standing as the preeminent independent adviser for mid-market and complex restructuring transactions. Unlike the bulge-bracket banks, Houlihan Lokey's model — free from the conflicts of interest that can arise when an adviser also holds proprietary capital — has resonated strongly with family offices seeking counsel that is structurally aligned with their interests. The firm has been particularly active in Asia-Pacific, where it has expanded its restructuring and financial advisory capabilities across Singapore, Hong Kong, and Australia. This dual dominance at the top of the rankings, by both a full-service investment bank and an independent advisory firm, reflects a bifurcation in the market that family office principals would do well to understand when selecting advisers for their own transactions.

The Q1 2026 data also points to a broader recovery in deal volumes following a subdued 2024 and a cautiously improving 2025. Rising equity valuations in certain sectors, a gradual easing of financing conditions in the United States and parts of Europe, and renewed appetite for cross-border transactions — particularly involving Asian acquirers targeting developed-market assets — have all contributed to the uptick. For single-family offices managing direct investment programmes, this environment presents both opportunity and risk: quality assets are attracting competitive processes, and the premium placed on experienced advisory counsel has rarely been higher.

Implications for Asia-Pacific Family Offices Engaged in Direct Deals

Family offices across Singapore, Hong Kong, and the broader Asia-Pacific region have been steadily increasing their allocation to direct private market transactions, with many principals now dedicating between 20% and 35% of total AUM to private equity, direct lending, and strategic M&A activity. In this context, the identity of one's M&A adviser is not merely a transactional detail — it shapes access to deal flow, the credibility of a bid in competitive processes, and the quality of due diligence frameworks applied. Principals operating through Singapore Variable Capital Companies or Hong Kong Open-Ended Fund Companies should be particularly attentive to how their advisory relationships are documented and disclosed, given the regulatory expectations of the Monetary Authority of Singapore and the Securities and Futures Commission respectively.

The prominence of Goldman Sachs in the Q1 rankings is also a reminder of the network effects that large institutional advisers bring to complex cross-border deals. A family office co-investing alongside a Goldman-advised sponsor, for instance, benefits not only from the financial structuring expertise but also from the reputational signalling that such an association carries in competitive bid situations. However, principals should weigh this against the potential for conflicts where the bank holds interests across multiple parties in the same transaction — a dynamic that independent advisers like Houlihan Lokey are structurally positioned to avoid.

Strategic Considerations for Principals Evaluating M&A Mandates

For family office investment committees reviewing their M&A advisory strategy in light of these rankings, several considerations are worth examining. First, deal complexity increasingly demands specialised sector expertise rather than generalist coverage — the advisers performing best in Q1 2026 have been those with deep vertical knowledge in technology, healthcare, and infrastructure. Second, the cost of advisory mandates has risen in tandem with deal complexity, and principals should ensure their governance frameworks include clear protocols for adviser selection, fee benchmarking, and conflict management. Third, family offices with cross-border mandates spanning DIFC-registered entities, Singapore structures, and operating businesses in Southeast Asia should consider whether a single global adviser or a coordinated panel of regional specialists better serves their needs. The Q1 2026 rankings offer a useful starting point for that conversation, but the ultimate selection should be driven by alignment of interests, sector expertise, and a demonstrated track record in transactions of comparable scale and complexity.

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