Hi all - incoming SA at a BB with a relatively weak C&R group. I'm very focused on the C&R space (lots of demonstrated interest, prior experience is all C&R-focused), and am interested in potentially re-recruiting FT for a stronger C&R bank. Would love to hear any insight about the C&R groups at the EBs.
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PWP, Lazard, and CVP are all very strong across Food & Bev, Beauty & Personal Care, and (especially PWP) Tobacco & Cannabis. Moelis and PJT are very strong in the media & entertainment as well as travel & leisure (more REGL) side of C&R. Evercore C&R is solid and is still somewhat more focused on alcohol & restaurants, although coverage is broadening.
Work at Evercore and C&R is pretty different from what you describe.
The big hitting partner is Food/CPG focused and has the most consistent deal flow. The partner handling alcohol is a whale hunter, doing less deals but with some high fee successes (just sold a business for Jay Z for example but don’t remember the last alcohol deal before that). Retail is the weakest and can’t even remember any recent restaurant deal they’ve done. Most of the Retail team’s success has been in apparel rather than restaurants
I think the whale hunting partner is thought of as a beverage guy because he quite literally owns a whiskey company that is worth hundreds of millions of dollars (BDT is a investor)
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How's Moelis's Cannabis team? Understand it's pretty small and new.
Poster above provided a solid overview of the EB space. Used to be a C&R banker and can add more color to the cultures at each group. CVP's generalist at the junior level (might not be the best choice if you're dead set on C&R and only C&R) but everyone I know there is intense (as in hours can be tough) but down-to-earth and very smart. Lazard C&R has a stuffier culture. PWP C&R has a really good culture, people there are very chill. People at Evercore C&R are super friendly but there are some intense personalities there at the more senior level and hours can be tough. Moelis gaming/cannabis has probably the best culture at Moelis NY, Moelis C&R itself is a small team and is middle-of-the-road in terms of both culture and hours at the office. PJT is also generalist if my memory is correct, and overall the people at the firm are smart and affable but also are quite intense in a way.
How does staffing work at CVP and PJT? Can you "preference" an industry and always ask for staffings in that industry?
Current first year in the generalist pool. Class size has grown and the program isn’t what it used to be, but it’s still strong and reasonably self-directed. Basically it goes like this- 90% of the time your first staffing is completely random and your second staffing is also pretty random. Some may get their preference- a friend was interested in an industry and got to close an XX billion deal in their first year. Others go nearly a year without any exposure to industries of preference. Usually once you work in an industry and do well, you can be selective with staffings and load up on the accounts you can wiggle into. Would say the 2nd and more so 3rd year are pretty self directed in terms of intensity, etc
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