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From what I have been told, most rx shops will get you a shot at distressed funds. Seconding QdjustedEBITDAD's question as would love to hear perspectives from people who have worked at these shops.
Bump — anyone know if exits to standard corporate MF PE (BX, KKR, APO, etc) are still available from RX at these shops as well or would you get overlooked for a T1 kid? I’ve seen conflicting advice about how HC at either of these shops (very strong at both) might have stronger exits than RX. Could be BS though
CVP operates on a generalist model at the analyst level, but traditionally analysts who have spent their time mostly focusing on RX have exited quite well (historical exits include Crestview, Centerbridge, Blackstone TacOpps). PWP's RX group is probably their strongest group in terms of exits and place well (historical exits include Apollo, KKR, Blackstone, Diameter, Oaktree)
PWP has been on fire recently as well. Have friends that work there and echoing the user above they've exited to all of those in recent years plus Carlyle. Obviously if you have a PJT offer on the table you're taking it.
Do you have any idea if they can keep it up?/is their RX team on the up and up? Haven’t heard much about them since the Kramer incident
This is a pretty tired point. Kramer and his team left 7 years ago. They have rebuilt and have a smaller team compared to PJT/HL/EVR and are more selective with mandates they pick up for this reason (pursue high fee). That’s a firm wide theme as well with M&A. They had the largest bankruptcy in 2019 with iHeart and now the largest in recent history with FTX. TPH offered them a lot of O&G opportunities and you’ll see them in healthcare a lot due to the strength of that team at the firm. Also I believe on bed bath creditor side and Celsius at the moment.
The Kramer situation is long in the past. They are the debtor side for FTX, Clovis, 1L Advisors for Endo and Valaris, and Celsius/Cineworld UCC... These are the ones that immediately come to mind. They were also creditor side for participating lenders on Mitel's Uptier, the creditor side with BBBY(I think they are still creditor side for the BK).
Unfortunately, many RX transactions just aren't going to be public knowledge. But they are a good team. The biggest differentiator between PJT/EVR/HL/MOE/LAZ relative to PWP/CVP type shops is the volume of transactions. PWP/CVP just don't have the same volume relative to the other groups.
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