Locust Hill Advisors

What Locust Hill Advisors does

Locust Hill Advisors is an independent financial advisory firm that advises companies on initial public offerings, follow-on equity transactions, block trades, convertible notes, and private capital raises. Founded in 2020 by David Galper and headquartered in Darien, Connecticut, the firm positions itself as a conflict-free, independent alternative to bulge-bracket underwriters, providing unbiased counsel on offering structure, underwriter selection, valuation methodology, syndicate economics, and investor targeting without the conflicts inherent to underwriter-advisor dual mandates. The firm is organized around three core service lines — IPO Advisory, Public Market Offerings, and Capital Sourcing — delivered through a 'mindshare over market share' model in which senior bankers (David Galper and David Martin) personally lead each engagement with documented credentials spanning BT Alex. Brown, Lehman Brothers, Jefferies, KeyBanc Capital Markets, and Barclays Capital, and a collective track record reported as 183 closed transactions, $97 billion in lifetime deal value, and 85+ lead managed IPOs.

Target clients include private equity-backed companies evaluating IPO readiness, family-held businesses pursuing liquidity or ownership transitions, and public companies seeking follow-on capital. The firm declares sector depth across Consumer, Retail, Technology, Industrials, Healthcare, and Financials. Revenue is generated through negotiated advisory fees on a project or retainer basis, consistent with professional services economics; no pricing is publicly disclosed. The firm's marketing is relationship-driven and content-led, anchored by senior banker credentials and an educational 'Critical Questions to Ask Your IPO Advisor' guide.

In February 2025, Kroll, a global financial and risk advisory firm, announced the acquisition of Locust Hill Advisors, integrating the principals and capabilities into a newly launched Equity Capital Markets Advisory practice within Kroll's Investment Banking Platform. The firm's website remained active at the time of latest data, suggesting operational continuity under Kroll's umbrella and a transition from standalone boutique to platform-embedded practice.

Name

Locust Hill Advisors

Legal name

Locust Hill Advisors LLC

Website

https://locusthilladvisors.com

Company type

Private

Founded year

2020

Operating status

Acquired

Headcount range

1–10 employees

Short description

Locust Hill Advisors is an independent financial advisory firm providing IPO advisory, public market offerings guidance, and capital sourcing to PE-backed, family-held, and public companies across six verticals, founded in 2020 and acquired by Kroll in February 2025.

Ownership category

akta.pro rank

Product category

Investment Banking & Capital Markets Advisory

NAICS

Portfolio Management and Investment Advice (52394)

SIC

Security Brokers, Dealers & Flotation Companies (6211)

akta.pro primary industry

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

akta.pro secondary industry

Private Placements (144A/Reg S/MTN) (FSACABAK)

Keywords

• IPO advisory services
• Capital markets advisory
• Equity capital markets
• Financial advisory firm
• Public offering advisory

Headquarters

HQ city

Darien

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Infrastructure

Revenue model

1. Advisory Fees: Professional services fees for IPO advisory, public market offerings guidance, and capital sourcing. Typically project-based or retainer arrangements for financial advisory engagements.

Go-to-market motion2 records

Distribution channels1 record

Marketing channels3 records

Core offering

Locust Hill Advisors is an independent capital markets advisory firm that guides companies through IPOs, public market offerings, and capital sourcing transactions. Its three core service lines are IPO Advisory (readiness assessment, underwriter selection, syndicate structuring, valuation, and roadshow preparation), Public Market Offerings (follow-ons, block trades, PIPEs, and convertible notes), and Capital Sourcing (private capital raising leveraging relationships across private equity, family offices, crossover investors, insurance companies, and strategic funds). The firm serves as an on-call, in-house investment banking resource for private equity-backed companies, family-held businesses, and public issuers.

Product overview

Locust Hill Advisors is an independent financial advisory firm offering a unified set of advisory services centered on IPOs and capital markets transactions. The firm operates three integrated service lines: IPO Advisory (the primary offering guiding companies through the public listing process), Public Market Offerings (support for follow-ons and other public equity transactions), and Capital Sourcing (private capital raising). These services are designed to work together, with the firm serving as an 'in-house' investment banking resource for clients pursuing liquidity and value-maximizing objectives across multiple transaction types.

Differentiator

Problem solved

Functional benefit

Products and services

• IPO Advisory Independent capital markets advisory guiding private companies through the IPO process, including assessing IPO readiness, evaluating market windows, assisting with offering size and structure, managing underwriter selection, negotiating gross spread, validating valuation methodology, identifying influential equity research analysts, facilitating introductions to important IPO investors, and providing drafting support on the registration statement. Designed for private equity-backed companies, family-held businesses, and other issuers preparing to access the public markets.
• Public Market Offerings Analytical assessment of financing alternatives for public companies, covering marketed follow-on offerings, block trades, confidentially marketed public offerings, private investments in public equity (PIPEs), and convertible notes. Designed for CFOs, treasurers, and boards of public issuers evaluating capital structure and shareholder liquidity options.
• Capital Sourcing Comprehensive capital raising services for private companies, managing the entire process from strategy development through coordination of due diligence and investor negotiations. Leverages a network of relationships across private equity, growth equity, crossover investors, insurance companies, and strategic/corporate investment funds. Designed for private issuers seeking institutional capital prior to or in lieu of a public offering.

Quantifiable outcome

• $80 billion+ in proceeds from 85+ lead managed IPOs, marketed follow-ons, block trades and convertible notes offerings
• +2 more outcomes

Named customers1 record

Segments8 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

One partnership is on record.

• KrollcoreStrategic or Co-development PartnerKroll acquired Locust Hill Advisors and launched its Equity Capital Markets Advisory practice following the acquisition. Led by David Galper, the new practice focuses on supporting clients with IPOs and other equity market transactions amid ongoing market fluctuations. The acquisition expands Kroll's investment banking platform.

Scale indicators4 records

Recent moves5 records

Expansion highlights4 records

Broad incumbents

• Moelis & Company: Independent, publicly listed M&A and capital markets advisor. Competes for the same types of equity capital markets mandates LHA targets and is often selected by sponsors for conflict-sensitive IPOs.
• PJT Partners: Independent, publicly listed advisory firm providing M&A and capital markets advisory across industries. Like LHA, it competes on a 'no-conflicts' advisory positioning against bulge-bracket underwriters and serves similar sponsor-backed and public company clients.
• Allen & Company: Privately held independent advisory firm specializing in media, technology and consumer IPOs and capital markets transactions. Comparable to LHA in its sponsor-backed company focus and high-touch senior banker model.
• Lazard: Global independent financial advisory firm with dedicated capital markets advisory and equity capital markets capabilities. LHA competes for the same IPO and secondary offering advisory mandates that Lazard pitches at the upper end of the market.
• Centerview Partners: Independent, elite advisory firm known for high-stakes M&A and capital markets advice. Comparable to LHA in its independence positioning and senior-led engagement model targeting board-level and sponsor-led clients.
• Evercore: Independent advisory firm with a sizable capital markets advisory practice. Competes with LHA for IPO advisory and secondary offering engagements from sponsor-backed and corporate issuers seeking unbiased counsel.

Direct peers

• EF Hutton: Boutique investment bank emphasizing mid-market IPOs and capital markets advisory. Competes head-to-head with LHA for sponsor-backed and emerging growth company IPO advisory mandates.
• Roth Capital Partners: Boutique investment bank focused on small- and mid-cap IPOs, follow-on offerings, and equity capital markets for growth companies. Closely mirrors LHA's boutique advisory footprint and small/mid-cap issuance focus.
• Alliance Global Partners (AGP): Boutique investment bank providing ECM advisory, IPOs, follow-ons and capital raising for small/mid-cap issuers. A direct competitor to LHA for sponsor-backed and emerging growth equity capital markets mandates.
• Lake Street Capital Markets: Boutique investment bank and research provider focused on small- and mid-cap public offerings and capital markets advisory. Direct competitor to LHA in the mid-market IPO advisory and follow-on placement space.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat3 records

Key risks5 records

Key highlights5 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 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 Locust Hill Advisors