Perella Weinberg Partners (PWP) is an independent financial advisory firm — it has no trading desk, balance sheet, or lending business, and earns revenue purely from advisory fees. PWP's two core services are M&A and strategic advisory, where it advises clients on mergers, acquisitions, and divestitures, and financing and capital solutions, which covers capital structure advice, debt refinancing, liability management, and formal restructurings. PWP focuses on large, complex, high-value transactions rather than volume, and clients include large public multinationals, private equity sponsors, creditors, and government institutions across six industry sectors. The firm operates from twelve offices across the U.S., Canada, the U.K., France, and Germany. PWP recently added private funds advisory through its acquisition of Devon Park Advisors, a boutique specializing in GP-led secondaries for alternative asset managers. PWP also operates Tudor, Pickering, Holt, a smaller energy-focused platform providing equity research, underwriting, and sales services. Revenue is almost entirely fee-based and recognized at deal close, making it lumpy and hard to predict quarter-to-quarter. Compensation is the dominant cost, running around 68% of revenue. PWP's growth strategy centers on adding senior bankers — each of whom brings a client network and generates revenue over a 1-3 year ramp — and expanding into new product capabilities like private funds advisory that can be leveraged across the existing partner base immediately.