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PJT and Evercore seem to be increasingly more competitive
I would say that in boutiques you will generally find better culture but the deals will be smaller and overall the exits are weaker (let’s be real) compared to all the bulge brackets. Some will disagree with this but that’s the reality. On the positive things across the boutiques is that the work is more interesting and often you see more bespoke situations that you would at a BB. PJT is strong but mainly on restructuring, PWP is quite vanilla overall. Evercore is OK, you see some good exits and they have some good deals. Lazard is quite UK heavy and most teams are weaker than their competitors. Exits can vary. Rothschild could be the best option amongst them.
“EB” doesn’t really exist in London. It’s just banks without a balance sheet. Some good, some bad - varies by sector and team. Brand name probably below the best bulge brackets, with the best ones being on par with maybe something like Citi, DB or BofA etc. The best ones are probably Roths (uk mid market mostly) and Lazard (a lot of corporate work), followed maybe by Evercore (M&A), Houlihan, PJT (RX), PWP and Moelis - in no particular order. The issue is a bit that except for the first two they’re more fickle than the larger banks and can be quite dependent on specific people to bring in the deal flow - so if they walk you have more of an issue obviously.
These days it's PJT/EVR top. Stronger exits than laz roths etc already and will be even more so in 4 years (when incoming summers/analysts are looking to exit) given their stronger growth trajectories. Comments above about all BBs having stronger exits is plain wrong, this was the case 5+ years ago but not anymore. DB/Barc for example on a per capita basis clearly don't have better exits than top EBs. It's probably only the top 3 BBs who do (and the EB Rx teams are top for everything distressed/Credit related).
Some exits below:
PJT: Ares SS and PC, Apollo buyout, Sona, Oaktree global opps, Mudrick, Centerbridge, Angelo Gordon, SVP, Searchlight, BCC SS, Blantyre, Tresidor, CQS, Algebris, EQT, KKR Credit, Triton Debt, KKR buyout, KSL, Partners Group, Stellex, PSG, Norvestor, ASP, Blackrock, GIC, Arena, Ashgrove, Riverock, Roundshield, Softbank, Talis, Helios, Glendower, NB, Lakemore, Cross ocean
CVP: Aea Investors, All Seas Capital, Bell Rock, Burda Principal Investments, CapVest, Citadel, CVC, Entrepreneur First, G Square HC PE, General Atlantic, Kinnevik, Millennium, Silver Lake, SVPGlobal, TA Associates
PWP: Alberta (AIMCo), Alteri Investors, Apax, Apollo, Balyasny, Blackrock, Brookfield, Builders Union, Cambridge Innovation Capital, Carlyle (CIEP), Carlyle PE, Centerbridge, Cinven, Citadel, Coller Capital Corsair, CPP (European Credit), CVC, Fortress, G Square HC PE, GIC ,Global Holdings Management, HarbourVest (Direct Investments), KKR (Infra), KKR (PC, SI), Pamplona Capital, Permira, Providence, PSP, RTP Global, Saudi Public Investment Fund, Sixth Street, TA Associates, Tiger Infrastructure Partner, Triton, Warburg Pincus
EVR: Advent, CVC, Partners Group, Carlye, Oaktree, Permira, Silverlake, EQT, Ares, Mubadala
Don't have Laz/Roths info but isn't anything is good as above (Laz haven't had a MF exit in like 5 years), and as mentioned above the US EBs will continue to grow strongly.
finally - someone who did his / her research...
Is this Einn Ulfrs list?
Should also think about some of the secondary moves as well, i.e. where did people go after their first move. Just to add a few more recent moves/exit from the PJT that I’ve heard of: ExodusPoint, King Street, Elliott, Varde, Oak Hill, Arini, Advent, Blue Owl
You're right, thanks for the input. Attestor as well
evr has way more exits not mentioned - HIG, Balyasny, Vitol, BC, General Atlantic, Apax, etc.
Baly, millennium and other pod shops are not “exits” the same way PE firms are. Recruiters in MMHF land will not filter on perceived banking brands the same way PE will. Citadel has hired from BNP paribas, and P72 from Nomura/Macquarie etc.
It’s about the candidate and what the hiring PM cares about, not the bank’s specific pipeline.
Thoughts on how HL RX fits in here as compared to other EB / BB groups?
Bump also for HL's corporate finance groups. Are they somewhat comparable to lower EB's/BB's or far off?
HL is a MM bank, not an EB. Their Rx team is top notch, the M&A teams are just MM.
Personally, I don't believe in "lower EBs"... there aren't that many - you're either an EB (sometimes sector specific e.g. Qatalyst) or you're not one at all.
Top Rx team alongside PJT for Distressed/Special Sits exits.
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