Paul Taubman on IPO market
From PJT CEO Paul Taubman Ramps Up Hiring With 'Big Uptick' Coming in M&A · · Bloomberg Television
“I think the challenge with the IPO market is the shadow pipeline of companies that are owned by private equity firms that are looking to go public is enormous, and for many of those companies their first foray into the markets is going to be almost all primary, which means there's very little capital return for the private equity firm and it's a multiyear process to monetize their stake.”
On , Paul Taubman, Founder & CEO at PJT Partners, spoke about IPO market during PJT CEO Paul Taubman Ramps Up Hiring With 'Big Uptick' Coming in M&A on Bloomberg Television.
About Paul Taubman
Paul Taubman, founder, chairman, and CEO of PJT Partners, has been a frequent commentator on the state of mergers and acquisitions (M&A) and the factors influencing dealmaking. In early 2026, Taubman stated that geopolitical risks and AI disruption have been "mispriced" by the market, and he predicted there would be significant "roadkill" left behind due to AI. He has also described the current environment as a "wartime environment" due to hostilities, which he said has created choke points in energy supply and transport. Taubman has argued that while the market will eventually reach a new equilibrium, the price discovery process is currently difficult, particularly for software companies whose long-term terminal values are uncertain. Throughout 2024, Taubman predicted a significant rebound in M&A activity, stating that the firm was on the "verge of a really big uptick" and that 2025 could be the best year for M&A in a decade, excluding the aberrational year of 2021. He attributed this outlook to factors such as the resolution of global elections, falling interest rates, and a change in U.S. administration that he said would create a more favorable regulatory environment. Taubman noted that PJT Partners had been hiring aggressively to prepare for this uptick, describing the environment as "conducive to grow" because lower M&A velocity lowers the switching costs for hiring top bankers. He has also commented on the benefits of corporate breakups, stating that "more focused companies achieve better results" and that conglomerates are at a competitive disadvantage against pure-play companies.