Frasca & Associates

What Frasca & Associates does

Frasca & Associates, LLC is an independent municipal advisory firm founded in 1997 and headquartered in New York City. The firm provides financial advisory and strategic consulting services exclusively to government issuers across three primary practice areas: transportation infrastructure (airports, ports, toll roads, bridges, mass transit), general municipal finance (states, cities, counties, and authorities), and Public-Private Partnership (P3) advisory, with an additional strategic planning service line covering business plan development, governance evaluation, performance benchmarking, and lease strategy. The firm holds MSRB Municipal Advisor Series 50 and Series 54 qualifications and is a certified Minority Business Enterprise (MBE). Its client base includes most large-hub US airport authorities (Denver International, Atlanta Hartsfield-Jackson, Los Angeles World Airports, Chicago O'Hare, DFW, Houston, Miami, Charlotte, MSP, Philadelphia, Phoenix Sky Harbor, San Diego, Greater Orlando, Tampa, Metropolitan Washington), major ports (Port Authority of NY & NJ, Port of Los Angeles), transit authorities (WMATA, NY Metropolitan Transportation Authority), and large municipal issuers (NYC Transitional Finance Authority, NYC Municipal Water Finance Authority).

The firm's underlying technology and analytical platform is centered on proprietary municipal bond structuring and quantitative analytics capabilities, including DBC Finance software expertise developed originally by in-house Vice President Allen Chan's team at DBC. This technology stack supports fixed-rate debt, variable-rate debt, credit facilities, derivatives, interim financings, commercial paper, rating agency strategy development, capital program financial feasibility modeling, and P3 value-for-money and procurement analysis. The firm delivers these services through six US offices (New York, Albany, Atlanta, Los Angeles, Washington DC, West Palm Beach), maintaining a geographic footprint that covers over 30 states plus Puerto Rico and the US Virgin Islands.

The business model is professional services fee-based, with quote-based engagement pricing tailored to transaction complexity and client scope. Revenue is generated through advisory engagements, transaction structuring, and ongoing consulting relationships with public-sector issuers. The firm goes to market through relationship-based enterprise field sales supported by senior principal-level engagement with CFO offices and governing boards of issuers, complemented by industry conference participation (ACI-NA, AAAE), trade association involvement, and referral-driven pipeline development. Its team is composed almost entirely of former investment bankers from major Wall Street firms (Bear Stearns, Morgan Stanley, Merrill Lynch, UBS, Citi, PaineWebber, Jefferies, Raymond James, RBC) and former airport authority CFOs (Denver International, Houston Airport System, Arizona/Mississippi airport authorities), positioning the firm as an independent advisor without the underwriting conflicts of dealer-side firms.

Name

Frasca & Associates

Legal name

Frasca & Associates, LLC

Website

https://frascallc.com

Company type

Private

Founded year

1997

Operating status

Operating

Headcount range

11–50 employees

Short description

Frasca & Associates is an independent municipal advisory firm founded in 1997 that provides financial advisory and strategic consulting services exclusively to US government issuers, specializing in airport, transportation, general municipal, and P3 finance, delivered through six regional offices.

Ownership category

akta.pro rank

Product category

Municipal Financial Advisory Services

NAICS

Management Consulting Services (54161)

SIC

Services-Management Consulting Services (8742)

akta.pro primary industry

Debt & Capital Advisory (Debt Raising, Refinancing, Private Credit) (BPAHAOAD)

akta.pro secondary industry

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

Keywords

• Municipal financial advisory
• Transportation infrastructure financing
• Public-private partnerships
• Municipal bond advisory
• Airport financial consulting

Headquarters

HQ city

New York

HQ country

United States

HQ region

North America

Offices6 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Municipal Advisory Fees: Professional services fees for financial advisory services to municipal issuers including transportation authorities, airports, ports, and general government clients. Revenue is generated through advisory engagements, transaction structuring, and ongoing consulting relationships. The firm acts as independent municipal advisor providing objective financial guidance to issuers seeking to minimize borrowing costs and manage risk exposures.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels4 records

Core offering

Frasca & Associates is an independent municipal advisory firm that provides financial advisory and strategic consulting services to government issuers. The firm specializes in structuring and executing municipal bond transactions, capital program financial planning, public-private partnership (P3) advisory, and strategic planning for transportation infrastructure (airports, ports, toll roads, mass transit) and general municipal clients across the United States.

Product overview

Frasca & Associates is an independent municipal advisory firm founded in 1997 that offers four integrated service lines: Transportation Advisory, General Municipal Advisory, Public-Private Partnership (P3) Advisory, and Strategic Planning Services. The firm helps municipal issuers establish financial practices enabling efficient, cost-effective delivery of services to constituents. Services include bonded indebtedness structuring, capital markets pricing advice, rating agency strategies, financial feasibility assessment, innovative project financings, and P3 evaluation including value-for-money analysis, procurement management, and transaction structuring. The firm is a certified Minority Business Enterprise (MBE) with over 25 years of industry experience serving clients across transportation, general municipal, and P3 sectors.

Differentiator

Problem solved

Functional benefit

Products and services

• Transportation Advisory Services
• General Municipal Advisory Services
• Public-Private Partnership (P3) Advisory Services
• Strategic Planning Services

Quantifiable outcome

• Successfully structured largest single municipal and aviation bond transaction ever completed for Denver International Airport's $2 billion expansion, earning Bond Buyer Deal of the Year award 2018.
• +2 more outcomes

Named customers20 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

Feature3 records

Scale indicators3 records

Recent moves6 records

Expansion highlights5 records

Broad incumbents

• Stifel Public Finance: Stifel's Public Finance division provides municipal advisory, underwriting, and capital markets services to government issuers nationwide. Larger, full-service broker-dealer with overlapping capabilities to Frasca's independent advisory offering.
• RBC Capital Markets Public Finance: RBC Capital Markets' Public Finance division provides municipal underwriting, advisory, and fixed-income services to government issuers. Competes with Frasca on large airport and infrastructure mandates, with the scale advantages of a global investment bank.
• Morgan Stanley Public Finance: Morgan Stanley's Public Finance group provides municipal underwriting, advisory, and capital markets execution for state, local, and transportation issuers. Comparable to Frasca in serving airport and transportation clients but with substantially greater balance-sheet and underwriting capacity.
• Citigroup Public Finance: Citi's Public Finance group provides debt underwriting, municipal advisory, and capital markets services for state, local, and transportation issuers globally. Comparable to Frasca in airport and infrastructure advisory but with much broader capabilities and balance-sheet support.

Direct peers

• Acacia Financial Group: Acacia is an independent municipal advisory firm focused on state and local government issuers, with services spanning debt issuance, swap advisory, and financial planning. Direct peer to Frasca in independent advisor positioning and target client base.
• Public Resources Advisory Group (PRAG): PRAG is one of the largest independent municipal advisory firms in the U.S., serving state, local, and transportation issuers on debt management, capital planning, and issuance strategy. Closely comparable to Frasca in independent advisory model and issuer-client focus.
• KNN Public Finance: KNN is an independent public finance and municipal advisory firm providing services to cities, counties, school districts, and special-purpose governments. Comparable to Frasca as a similarly sized independent advisory competitor for general municipal mandates.
• Hilltop Securities: Hilltop Securities provides municipal advisory, public finance, and broker-dealer services to government and institutional clients nationwide. Closely comparable to Frasca in municipal advisory scope, with deeper underwriting capacity and a broader product platform.
• Mesirow Financial: Mesirow's Public Finance group provides independent municipal advisory, debt issuance, and financial planning services to state, local, and transportation issuers. Comparable to Frasca as a mid-sized independent advisor competing for the same RFP-driven mandates.
• PFM (PFM Group): PFM is the largest independent municipal advisory firm in the U.S., serving state and local governments, issuers, and not-for-profits with debt advisory, swap advisory, and financial planning. Directly comparable to Frasca in independent advisor positioning, MSRB registration, and core municipal bond advisory services.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles21 records

Funding overview

Funding rounds

Investors

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

M&A

Investments

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

Frequently asked questions about Frasca & Associates