For SS: HL/PJT RX vs MF PC (LONDON)
Hi monkeys,
What does everyone think of HL/PJT RX vs MF Corporate/Real Estate PC for a summer if end goal is to get into private/liquid SS/HF
Thanks!
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PJT without a doubt - its the best analyst gig for someone wanting to exit to SS/DD/Credit and the first place ss/dd funds look at when hiring (incl my fund)
I would also still go for HL RX vs the others you mentioned. You will get the actual skillset needed for a SS/DD role, and it’ll also help you make the decision if SS/DD is for you (imagining it from the outside is very different from how it is IRL). PC wont help you as much to break into these roles regardless if its a MF or not as skillset is not directly related. Havent seen people from PC across my friend group or at my fund
Read the in depth comment I just wrote about PJT/HL exits and how different funds recruit in London to further clarify: https://www.wallstreetoasis.com/forum/investment-banking/london-restruc…
Thanks for the reply - do you not think the brand name of a KKR/BX/APO PC would help a lot for SS? Or is the skillset too different
No it wouldn't matter. This isn't PE - no one at any HF cares about brand name unless you want to exit to Elliott (and even then they wouldn't let you into the interview process from the PC team). Think of it this way, why would I or any other SS/DD HF want to hire someone who wouldn't be able to walk me through a cap table or create a liquidity table, or seen the dynamics of any distressed deal? It would take a lot of time to teach said junior which no one has vs getting someone from PJT rssg/HL rx who has seen multiple debtor/creditor deals and can run through technical analysis like clock work
PC is more akin to PE than what you would do at a SS/DD HF. My opinion would've been different if this was the SS team at MF, then it would depend on the training and exposure you get there
You can see this in the exits of PJT followed by HL either in NYC or London in my comment above in the other thread - exits are the best in SS/DD/Credit
Guessing this is london and the MF seat is BCC. If so, that's one of the better exits you could get from PJT/HL...
Similar but what about if we’re talking real estate debt at a top MF?
Different ballgame even if it’s BREDS/Apollo. You’ll be pigeonholed into RE, and not even megafund equity but megafund debt ie lending against assets and portfolios. Go with PJT
PJT’s analyst program is now rotational, so you would only be able to spend 6 months in RSSG (of your first 18) unless you lateral as an An2 where you can recruit for RSSG specifically. HL is obviously well regarded in the space but people get treated like shit - look at the outflow of people from the team in the last year (from Analyst to VP level). As for the MF, if you’re taking about recruiting for BREDS then I’d look elsewhere.
Incoming PJT analyst here who just finished his internship in London. the new rotational model will be a sort of "super sector" which has a few diff teams and products, so you will still be a generalist in that case but with a more defined capacity allocation. This was done as the fluid staffing model in London was getting out of hand and was very difficult to staff people - people doing work for only the teams they like, ignoring the others etc. Analysts will still get a v broad exposure but without the staffing issues
PJT in London was never specific to any teams at the junior level - ie you couldnt work in rssg only. You would specialise at the aso level
6 months RX, 6 months in Pool 1, 6 months in Pool 2. Pools 1 and 2 are different sector teams combined. Read what I’m saying properly - I didn’t say anything contrary to what HR told you (and what you wrote).
Can I pm you
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