Citigroup, Kirkland & Ellis top private equity financial, legal advisers in Q1

Citigroup Global Markets Inc. led the financial adviser list for the largest private equity and venture capital deals announced in the first quarter, with three transactions and an aggregate deal credit of $57.60 billion.

The firm's largest transaction was the $48.08 billion acquisition of power generation and utility company AES Corp. by a consortium led by BlackRock Inc.'s Global Infrastructure Management LLC and EQT AB (publ). J.P. Morgan Securities LLC, Wells Fargo Securities LLC and Goldman Sachs & Co. LLC also advised on the deal. The transaction is expected to close in late 2026 or early 2027.

Goldman Sachs & Co. LLC placed second, with three deals and $54.99 billion in total deal credit. Morgan Stanley ranked third, advising on three deals worth $16.52 billion.

Top legal advisers

Kirkland & Ellis LLP topped the legal advisers list in the first quarter, handling seven deals with an aggregate deal credit of $63.55 billion.

The firm's largest transaction is the AES Corp. acquisition, where it advised the consortium and BlackRock's GIP. Skadden Arps Slate Meagher & Flom LLP, Davis Polk & Wardwell LLP and Simpson Thacher & Bartlett LLP were also part of the deal.

Simpson Thacher & Bartlett LLP ranked second, advising on six deals worth $68.69 billion. The firm's notable deals include SingTel Interactive Pte. Ltd. and KKR & Co. Inc.'s acquisition of data center holding company STT GDC Pte. Ltd. and Blackstone Inc. and EQT AB (publ)'s acquisition of waste management provider Urbaser SA.

White & Case LLP came in third with five deals worth $13.03 billion. Linklaters LLP, Paul Weiss Rifkind Wharton & Garrison LLP and Freshfields LLP followed with two deals each.

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