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Evercore
Seconded
EVR, PJT, LAZ
thoughts on JEF PCA team?
I'm not in secondaries, just regular UMM PE but all my friends at secondaries funds say Jefferies can't run PCA GP-led processes properly...apparently they have to often build a syndicate and then don't manage expectations and lots of groups get cut out from deals despite doing tons of work. I think their experience is more LP-led and they are scrambling to figure out the GP-led dynamic.
As someone who knows secondaries — when syndicates are cut out of a GP led deal it means it’s oversubscribed (I.e, demand for the deal is too high). This is definitely the better end of blowing a process where the client is left with the bag when you under capitalize. Secondary buyers that drag their feet doing M&A level diligence for a GP led SACF only have themselves to blame. Too many shops are trying to break in with traditional PE folks that send 100 DD questions for a $5M allocation on a $750M deal and then get $3M and complain (if they aren’t cut out entirely). Have seen many deals where leads send 60-70 requests and come in with a 100M+ check.
Any insight on GHL?
The primaries team (at least domestically) got canned with the Mizuho merger (believe they landed at HL) and the secondaries team is now part of Capstone - unclear if it sits within Greenhill or Mizuho.
Secondaries team stays under Greenhill, and Capstone is the standalone primaries team. Not that there is much of a secondaries team left there since the Jefferies exodus, just two small teams in Europe/Asia and one guy in the US. Pretty much just LP-led deals and the occasional GP-led and barely any revenue.
“Canned” is not an accurate description but yeah the primaries team is gone
Honestly have not been very impressed by any PCA group although Evercore and PJT are solid. Everyone else is pretty much just figuring out how to pitch GP-led deals. We often get shown the most nonsensical GP-led deals where I just scratch my head at how tf that portfolio got constructed. Clear thesis drift and just two of the assets are viable while the other 5-6 (30% of nav or less) are complete dogshit. The last GP-led we did was pitched to us by the manager. The advisor was chosen as a favor and had minimal involvement.
We do a lot more direct secondaries than GP-led but very rarely get pitched good direct deals that are within our mandate. I think the rest of the PCA groups will continue to improve as secondaries mature but currently not super helpful and we do more of our own deal sourcing to get what we really want.
As a PCA banker, I don’t want to come off as defensive cuz I agree with this point. Past two years I feel like the most common thing I’ve heard from buyers is that GP-led deal flow is crap.
Think this is due to 1. Arms race between banks - if one bank doesn’t pick up a deal another one will so everyone is throwing shit at the wall and 2. Sponsor education on what works and what doesn’t.
It’s extremely frustrating when clients simply don’t take our advice so we are forced to try and manufacture an attractive deal. Any GP-led is a matter of threading a needle with respect to valuation, but I do think sponsors are starting to get it.
What about on the LP-led secondaries side for the PCA, Any good players there?
EVR
What size is your fund?
EVR. Roth in London
Devon Park Partners (Miami)
Almost SB’d for funny
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