Cohen & Company Capital Markets

What Cohen & Company Capital Markets does

Cohen & Company Capital Markets (CCM) is a full-service boutique investment bank operating as a division of Cohen & Company Securities, LLC, a FINRA-registered broker-dealer and indirect subsidiary of publicly traded Cohen & Company, Inc. (NYSE American: COHN). Founded in 1999, the firm provides M&A advisory, capital markets advisory, and SPAC advisory services to middle-market and growth companies across sectors including space technology, energy transition, quantum technology, and industrial technology. CCM positions itself with "bulge bracket DNA" via a senior-led, conflict-free advisory model and maintains offices in New York (headquarters at 3 Columbus Circle), Menlo Park (Silicon Valley), Houston (opened January 2026), and Boca Raton.

CCM generates revenue through three primary streams: (1) investment banking advisory fees from M&A mandates, PIPE placements, and strategic alternatives work; (2) SPAC underwriting and placement agent fees, where it served as lead book-running manager on multiple SPAC IPOs ranging from $150M to $345M in 2025–2026; and (3) asset management fees on approximately $1.4 billion in parent-company AUM, concentrated in fixed income assets including European bank/insurance trust preferred securities, insurance/reinsurance debt, and commercial real estate loans. The firm reported $45.7 million in investment banking revenue in Q1 2026 alone, driven by SPAC M&A and IPO activity. CCM closed approximately $43–44 billion in transactions in 2025—nearly doubling deal flow year-over-year—and established itself as the leading SPAC bank globally.

The firm's client base spans SPAC sponsors (Columbus Circle Capital Corp II, Spring Valley, Keystone, Kensington, Hennessy, Iris, and others), private companies pursuing public listings (Elroy Air, ProLogium, Terra Quantum, EigenQ), and public companies seeking capital (Bakkt). The technology stack is conventional investment banking infrastructure—no proprietary technology platform, AI models, or data products are disclosed—supported by a senior team that includes Jerry Serowik (Head of CCM), Daniel Nash (Head of Investment Banking), and recently hired sector specialists Pawel Skonieczka (Space Technology, ex-Deutsche Bank) and Rahul Jasuja (Energy and Energy Transition).

Name

Cohen & Company Capital Markets

Legal name

Cohen & Company Securities, LLC

Website

https://cohencm.com

Company type

Private

Founded year

1999

Operating status

Operating

Headcount range

11–50 employees

Short description

Cohen & Company Capital Markets is a boutique investment bank that provides M&A advisory, capital markets, and SPAC advisory services to middle-market growth companies, with established leadership as the top global SPAC underwriter in 2025.

Ownership category

akta.pro rank

Product category

Investment Banking

NAICS

Investment Banking and Securities Intermediation (52315), Portfolio Management and Investment Advice (523940)

SIC

Security Brokers, Dealers & Flotation Companies (6211)

akta.pro primary industry

Capital Markets Advisory (IPO Readiness, SPAC, ECM/DCM Advisory) (BPAHAOAL)

akta.pro secondary industries

Corporate Finance & Capital Advisory (BPAHADAB), Equity Capital Advisory (Private Equity Placements, Growth Capital) (BPAHAOAE)

Keywords

• Investment banking services
• M&A advisory
• Capital markets advisory
• SPAC advisory
• IPO underwriting

Headquarters

HQ city

Menlo Park

HQ country

United States

HQ region

North America

Offices4 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Capital Markets Advisory: Investment banking advisory services including M&A advisory, SPAC advisory, and capital markets advisory. Revenue generated through advisory fees, success fees on completed transactions, and capital markets placement fees.
2. SPAC Advisory and IPO Underwriting: Lead book-running manager and placement agent for SPAC IPOs and direct offerings. Generates revenue through underwriting fees, placement agent commissions, and advisory fees on SPAC mergers and business combinations.
3. Asset Management: Cohen & Company manages approximately $1.4 billion in assets under management primarily in fixed income assets including European bank and insurance trust preferred securities, debt issued by European, U.S., and Bermudian insurance and reinsurance companies, and commercial real estate loans.

Go-to-market motion2 records

Distribution channels1 record

Marketing channels3 records

Core offering

Cohen & Company Capital Markets is a full-service boutique investment bank providing M&A Advisory, Capital Markets Advisory, and SPAC Advisory services to middle-market and growth companies, SPAC sponsors, and public issuers. The firm acts as lead book-running manager on SPAC IPOs, exclusive financial advisor on business combinations, and placement agent on PIPE financings and registered direct offerings, with sector depth in technology, space/aerospace, energy transition, and quantum technology.

Product overview

Cohen & Company Capital Markets is a full-service boutique investment bank offering a unified advisory platform that combines M&A Advisory, Capital Markets Advisory, SPAC Advisory, and Industry Expertise capabilities. The firm provides bulge-bracket-level expertise through a senior-led, client-aligned advisory model, serving middle-market and growth companies navigating complex strategic and financial decisions. As a division of Cohen & Company Securities, LLC, the firm leverages deep sector knowledge and institutional-quality execution across public and private markets, with particular strength in SPAC transactions where it has established itself as a leading global advisor.

Differentiator

Problem solved

Functional benefit

Products and services

• M&A Advisory Strategic merger and acquisition advisory services helping middle-market and growth companies navigate complex buy-side and sell-side mandates.
• Capital Markets Advisory Capital markets advisory services including equity and debt capital markets transactions, underwritings, new issue placements, PIPEs, and registered direct offerings.
• SPAC Advisory Special Purpose Acquisition Company advisory services including SPAC formation, IPO structuring, lead book-running, and business combination transactions. The firm is recognized as the leading SPAC bank globally.

Quantifiable outcome

• $44 billion in transactions closed in 2025
• +2 more outcomes

Named customers7 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Scale indicators4 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• Chardan: Boutique investment bank with a strong SPAC and capital markets franchise, frequently co-managing SPAC IPOs with CCM (e.g., Hall Chadwick Acquisition Corp). Directly comparable in product mix and target client base.
• EF Hutton: Boutique investment bank specializing in SPAC advisory, capital markets, and equity placements. Competes head-to-head with CCM for lead book-running mandates on SPAC IPOs and direct offerings.
• A.G.P. / Alliance Global Partners: Mid-market investment bank active in SPAC underwriting, capital raises, and M&A advisory. Closely comparable as a boutique firm pursuing similar middle-market and growth-company mandates.
• B. Riley Financial: Diversified financial services firm with a meaningful SPAC advisory and capital markets practice. Comparable in providing full-service investment banking to small-cap and growth-stage issuers.
• Maxim Group: Boutique investment bank providing investment banking, capital markets, and equity research services. Competes directly with CCM for SPAC and small-cap advisory mandates.
• Northland Capital Markets: Boutique investment bank that has co-managed SPAC IPOs with CCM (e.g., Armada Acquisition Corp. III). Directly comparable in scale, product offering, and SPAC franchise focus.
• Roth Capital Partners: Boutique investment bank focused on small-cap and growth companies with full-service investment banking and capital markets capabilities. Directly comparable client segment and service offering to CCM.
• Clear Street: Independent financial services firm that has served as joint book-runner or co-investor on multiple SPAC IPOs with CCM. Comparable as a co-manager on CCM-led SPAC transactions.

Broad incumbents

• Cantor Fitzgerald: Diversified bulge-tier financial services firm with a leading SPAC franchise and capital markets practice. Co-served as placement agent with CCM on the Elroy Air PIPE; a larger, broader incumbent in the same space.
• Barclays Investment Bank: Global bulge-bracket bank that co-led the Hennessy Capital Investment Corp. VIII SPAC IPO with CCM. A larger incumbent competing for lead book-running roles in the SPAC and capital markets space.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/cohencm

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Funding overview

Funding rounds

Investors

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

M&A

Investments1 record

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

Frequently asked questions about Cohen & Company Capital Markets