What Performance Trust Capital Partners does

Performance Trust Capital Partners, LLC is a privately held, ESOP-owned (since December 2020) investment banking and broker-dealer firm headquartered in Chicago, Illinois. Founded in March 1994 as Betzold, Berg & Nussbaum and rebranded in 2005, it operates as the largest independent full-service investment banking firm focused on community depository institutions (banks and credit unions under $5 billion in assets). The firm serves three primary customer segments: community financial institutions requiring M&A advisory, capital raising, and balance sheet strategy; institutional investors (banks, insurance companies, hedge funds, asset managers) needing fixed income execution and risk management; and registered investment advisors (RIAs) seeking fixed income portfolio support.

The firm delivers an integrated service stack across Investment Banking (M&A advisory, fairness opinions, mutual-to-stock conversions, valuations), Capital Markets (debt/equity placement, securitization across RTL, consumer unsecured, home improvement, SBA 7a/504, and esoteric asset classes), Institutional Group (fixed income trading, risk management), RIA Group, and Performance Trust University (executive education). Underlying technology includes proprietary frameworks Shape Management® (asset liability management combining economic value and income simulation), PT Score® (enterprise risk management scoring), Look-Forward® and Look-Back® (scenario planning and performance review tools), Bond Trust (bond and derivative accounting), and Shareholder Look-Forward® (launched January 2022). The Institutional Group has 60+ sales and trading team members with combined 280 years of partner experience, supporting $115B+ in annual securities trading (5-year average) across 900+ active institutional clients. Capital Markets has executed 455 new issue transactions totaling $182B+ in cumulative issuance.

Revenue is generated through transaction-based fees — M&A advisory success fees, placement agent fees (e.g., greater of $300,000 or 1-5% on stock offerings, 2% on SEC Form D offerings), structuring and bookrunning fees on securitizations, and fixed income trading spreads and commissions — supplemented by professional services revenue from Performance Trust University educational programs. Distribution is direct via 9 US offices plus San Juan, Puerto Rico, and international affiliates PT Capital Partners Ltd. (Hong Kong, 2018) and PTUK Limited (UK, December 2025). Regulatory standing includes FINRA, SIPC, and NFA memberships. The firm has 251-500 employees, is wholly owned by employees through an ESOP structure under parent holding company PT Financial Holdings, Inc., and remains actively operating with no IPO or external institutional funding disclosed.

Name

Performance Trust Capital Partners

Legal name

Performance Trust Capital Partners, LLC

Website

https://performancetrust.com

Company type

Private

Founded year

1994

Operating status

Operating

Headcount range

251–500 employees

Short description

Performance Trust Capital Partners is an independent, ESOP-owned investment banking and broker-dealer firm providing M&A advisory, capital markets, securitization, fixed income execution, and proprietary risk analytics to community banks, credit unions, and institutional investors.

Ownership category

akta.pro rank

Product category

Investment Banking

NAICS

Securities, Commodity Contracts, and Other Financial Investments and Related Activities (523), Portfolio Management and Investment Advice (52394), Other Financial Investment Activities (5239)

SIC

Security Brokers, Dealers & Flotation Companies (6211), Investment Advice (6282), Asset-Backed Securities (6189)

akta.pro primary industry

Corporate Finance & Capital Advisory (BPAHADAB)

akta.pro secondary industry

Capital Raising Advisory (Equity & Equity-Linked) (FSAEAGAC)

Keywords

• Investment banking advisory
• Community depository institutions
• Fixed income trading
• Capital markets securitization
• Asset liability management

Headquarters

HQ city

Chicago

HQ country

United States

HQ region

North America

Offices10 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure

Revenue model

1. Investment Banking Advisory: M&A advisory services, fairness opinions, strategic advisory, valuations, and mutual to stock conversions for depository institutions. Revenue from success fees and transaction-based compensation.
2. Capital Markets: Debt and equity capital markets, underwritings, private placements, and securitization structuring. Revenue from placement fees, structuring fees, and underwriting compensation on transactions.
3. Securitization Services: Sole structuring agent and bookrunner services for residential transition loan securitizations and other ABS transactions. Earns structuring and bookrunning fees.
4. Placement Agent Services: Subordinated debt and equity placements for community banks. Revenue from success fees (greater of $300,000 or percentage of shares sold) plus management and reimbursement fees.
5. Educational Programs: Performance Trust University courses including Survive or Thrive, Principles of Performance, The Advanced Course, and Executive Strategy Sessions for community financial institutions.
6. Placement Agent (SEC Form D): Private placement agent services for credit unions and other financial institutions. Earns 2% placement fees on completed offerings.
7. Fixed Income Trading: Broker-dealer services for fixed income securities trading. Revenue from spreads and commissions on securities transactions.

Pricing tiers

Go-to-market motion2 records

Distribution channels5 records

Marketing channels6 records

Core offering

Performance Trust Capital Partners is an independent, full-service investment banking firm focused exclusively on community depository institutions. It delivers M&A advisory, debt and equity capital markets, fairness opinions, valuations, mutual-to-stock conversions, fixed income sales and trading, and securitization structuring, supported by proprietary analytics tools (Shape Management, PT Score, Bond Trust) and the Performance Trust University educational platform.

Product overview

Performance Trust Capital Partners is the largest independent full-service investment banking firm focused on community depository institutions, offering an integrated suite of services built around balance sheet strategy and capital optimization. The portfolio includes core services (Investment Banking with M&A advisory and capital markets, Institutional Group for fixed income execution, Capital Markets for securitization solutions, and Performance Trust University for education), supplemented by proprietary technology products (PT Score for enterprise risk management, Enterprise Shape Management for asset liability management, Bond Trust for bond and derivative accounting, and Client Insights & Analytics for analytical insights), and the RIA Group for registered investment advisor support. The integrated approach combines education, advisory services, and technology tools to help financial institutions make better capital allocation decisions.

Differentiator

Problem solved

Functional benefit

Brands

• Bond Trust: Bond accounting solution providing accounting reporting, fixed income surveillance reporting, and credit and municipal surveillance reporting.
• PT Score
• Enterprise Shape Management
• PT University
• Shape Management

Products and services

• Balance Sheet Strategy

Quantifiable outcome

• 190+ M&A advisory transactions since 2013
• +3 more outcomes

Named customers8 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature8 records

Partnerships

Eleven partnerships are on record, tiered major, core and minor.

• NomuramajorChannel Partner/ Reseller/ Distributor · 19 February 2026Joint bookrunner on Kiavi's $350 million rated RTL securitization. Also sole structuring agent for the transaction. Major investment bank partner in capital markets transactions.
• BarclaysmajorChannel Partner/ Reseller/ Distributor · 19 February 2026Joint bookrunner on Kiavi's $350 million rated RTL securitization alongside Nomura, Deutsche Bank, and Performance Trust.
• Deutsche BankmajorChannel Partner/ Reseller/ Distributor · 19 February 2026Joint bookrunner on Kiavi's $350 million rated RTL securitization alongside Nomura, Barclays, and Performance Trust.
• PTUK LimitedcoreStrategic or Co-development Partner · 16 December 2025UK affiliate launched to expand into the United Kingdom and strengthen global footprint. Focuses on euro-denominated strategies and building securitized products team in London. Led by Dan Bates and James Gray. Part of significant growth since 2023.
• CRB Securities, LLCmajorChannel Partner/ Reseller/ Distributor · 9 October 2025Co-lead placement agent with Performance Trust on Edge Focus's $200 million EDGEX 2025-2 consumer loan ABS transaction. SEC-registered broker-dealer and FINRA member.
• Nelnet BankmajorStrategic or Co-development Partner · 9 October 2025Co-sponsor of Edge Focus's $200 million EDGEX 2025-2 consumer loan ABS. Wholly owned subsidiary of Nelnet, Inc. (NYSE: NNI).
• Pershing LLCcoreTechnology or IntegrationClearing firm relationship for account custody and settlement. Performance Trust fully introduces accounts to Pershing which maintains assets and settles transactions on behalf of clients. Business continuity relationship for regional catastrophic events.
• PT Capital Partners Limited (Hong Kong)minorChannel Partner/ Reseller/ DistributorForeign finder agreement for Hong Kong market. Compensation paid through markup of securities per FINRA Rule 2040(c) foreign finder exemption.
• Vittoria & Partners (United Kingdom)minorChannel Partner/ Reseller/ DistributorForeign finder agreement for UK market. Compensation paid through markup of securities per FINRA Rule 2040(c) foreign finder exemption.
• HBT Financial, Inc.majorStrategic or Co-development PartnerStrategic merger with CNB Bank Shares, Inc. valued at approximately $170.2 million. Performance Trust provided transaction advisory for creating combined entity with $6.9 billion in assets.
• MC BancsharesmajorStrategic or Co-development PartnerMerger with DMMS Purchaser, Inc. led by former IBERIABANK CEO Daryl Byrd. Performance Trust involved in transaction establishing regional banking franchise in Southeast Louisiana.

Scale indicators9 records

Recent moves13 records

Expansion highlights7 records

Direct peers

• Boenning & Scattergood: Privately-held investment bank and wealth manager with a strong community bank and credit union practice. Directly comparable to Performance Trust for M&A advisory, capital raising, and fixed income services for depository institutions in the Mid-Atlantic and broader US.
• Hilltop Securities: Broker-dealer and investment bank focused on public finance, community banks, and middle-market companies. Overlaps with Performance Trust in capital markets, fixed income trading, and bank advisory services.
• Hovde Group: Privately-held investment bank and institutional broker-dealer specializing in financial institutions. Closely comparable to Performance Trust in focus on community banks and insurance companies, offering M&A advisory, capital markets, and institutional equity research and execution.
• Piper Sandler Companies: Investment bank that acquired Sandler O'Neill + Partners, the other historically dominant community bank-focused investment banking franchise. Directly competes with Performance Trust in FIG M&A advisory, sub-debt placement, and equity capital markets for community financial institutions.
• Stifel Financial Corp. Diversified investment bank and broker-dealer that acquired Keefe, Bruyette & Woods (KBW), historically the leading community bank investment banking franchise. Directly competes with Performance Trust across M&A advisory, capital raising, and equity research for depository institutions, and offers comparable fixed income trading and capital markets capabilities.
• Piper Sandler (Sandler O'Neill + Partners): The community bank M&A advisory franchise within Piper Sandler, historically the closest direct competitor to Performance Trust for community financial institution M&A, sub-debt, and equity offerings.
• D.A. Davidson & Co. Employee-owned, full-service investment bank with a large community bank M&A and capital markets practice. Comparable to Performance Trust in ESOP-style ownership, mid-size scale, and dedicated focus on regional and community financial institutions.
• Keefe, Bruyette & Woods (KBW, a Stifel company): The community bank investment banking franchise within Stifel, KBW has historically been the most direct head-to-head competitor of Performance Trust for community depository institution M&A advisory, capital markets, and research — overlapping on essentially the same client base.

Broad incumbents

• Tradeweb Markets: Leading electronic fixed income trading platform serving institutional clients. Comparable to the Institutional Group component of Performance Trust ($115B+ in annual securities trading), but operates at a much larger scale and across broader fixed income markets globally.
• Nomura Holdings: Global bulge bracket investment bank; Performance Trust partnered with Nomura as joint bookrunner on Kiavi's $350M RTL securitization. Comparable at the securitization/capital markets intersection but operates across much broader asset classes and geographies.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/performance-trust-capital-partners

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles28 records

Subsidiaries4 records

Funding overview

Funding rounds5 records

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments4 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Performance Trust Capital Partners