A small investment bank that specializes in specific investment banking services and activities. It focuses in its business on particular segments. In other words, a boutique investment bank specializes in specific activities of investment banking. Usually it involves itself in smaller deals, which are worth less than a billion dollars or so (i.e., mid-market deals). It also provides financial advice on mergers and acquisitions deals, private placements, and initial public offerings. Typically, boutique investment banks have one or two offices and may focus on providing advisory services for specific geographic regions. They usually have their activities concentrated on the sell side.