Prager & Co., LLC ("Prager" or the "Firm") was established in 1987 and has grown into a 35-person national firm that provides investment banking, underwriting, financial advisory, and strategic consulting services to municipalities, government agencies, higher education institutions, not-for-profit organizations, foundations, and social service agencies.
Prager was founded in San Francisco as a higher education underwriting firm with the encouragement and assistance of two prominent California private higher education institutions. In early 1991, the Firm expanded its dedicated capital market operation to New York in order to ensure that the Firm could provide the best trade execution and market intelligence for its clients.
By 1998, the Firm had developed a distinct financial advisory practice, seizing upon the opportunity to fill a void in the world of higher education finance. Today, Prager combines the broad public finance experience of its professionals, an analytical client-focused approach and superior market intelligence to deliver full service investment banking, financial advisory, and bond-trading services to our clients.
We have enormous pride in our work and we are committed to achieving excellence in everything we undertake. Our people maintain the highest level of integrity and ethics—values we believe to be at the heart of our business. Since the Firm's inception, we have never wavered from our commitment to the municipal finance sector. While other firms have withdrawn from certain aspects of public finance or exited the business altogether, Prager has remained committed to our clients and the industry.
Prager is organized as a limited liability company with offices in both New York and San Francisco. As a private company, the Firm is able to remain committed to its core business—public finance—independent of short-term market and shareholder pressures.
Comprised of two director members, three founding limited investment members, and a number of employee members, Prager is not a subsidiary or affiliate of a larger organization, although its limited investment members also have holdings in other financial service firms.
The Firm maintains three primary business areas including underwriting services, financial advisory and capital market operations. Each of these business areas draws upon the expertise of seasoned professionals with an average of 14 years of experience in public finance.
What Makes Prager Different?
- Commitment: We provide high quality, client-focused service—we are not transaction-driven.
- Focus: The Firm's business areas, people and capital are exclusively focused on our clients in the public finance sector.
- Approach: We believe a comprehensive analytical approach is the best foundation for disciplined decision-making.
- Market Expertise: We provide superior market intelligence, a dedicated underwriting desk and more than 24 years of experience and service to issuers and buyers.
- People: A dedicated, client-focused team of professionals with broad experience in every aspect of public finance.
Investment Banking Expertise
Today's municipal market is constantly evolving and has become far more complex as regulation and market pressures increase. The Firm is an active underwriter, placement agent and financial advisor in public finance. Our team has on-going exposure to market conditions, rating agency perspectives, capital structure alternatives and market pricing levels; and, we focus on identifying those financial and strategic best practices that will enable our clients to meet the challenges and opportunities they face. Prager's investment banking team draws upon a broad experience that spans nearly every sector of public finance including:
- higher education
- charter schools and k-12 education
- not-for-profit and social service agencies
- general obligations
- pension obligations
- public power
- water and sewer
- resource recovery and solid waste disposal
- housing and redevelopment
Prager takes a relationship-driven approach coupled with an analytical discipline towards capital structure decisions. As such, we have worked with our clients to access the capital markets in order to address the critical options facing many borrowers including:
- restructuring debt portfolios to meet strategic or budgetary objectives;
- replacing or refinancing debt supported by third party credit;
- implementing direct purchase structures; and
- managing existing derivative portfolios.