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Worked at a small secondary fund over the summer, and saw some of these names on some deals across my desk. Can rank what I know and provide some color.

  1. PJT
  1. Evercore
  1. Jeffries
  1. Lazard

PJT does a lot more complex secondary advisory and does a lot of GP lead work as well. Lot of deal flow not super super sweaty. Evercore secondary advisory is probably one of the most under the radar sweatshop groups on the street, apparently they can’t say no to a deal and analysts consistently pull late nights but still great group. Don’t know much about Jeffries but know a good chunk of the Greenhill practice left to Jeff. Don’t know anything about LAZ so left it last.

TLDR, EBs > BBs for secondaries advisory

 

No I don't think so. My friend who is an analyst in PCA said part of the issue is they always need a co-intermediary cause they can't sell back to Goldman's PE team. Kind of defeats the purpose if every deal you run you need to share fees. My guess is the MD either got fired cause he didn't bring in enough deal flow or he quit cause he probably saw GS couldn't compete against EVR, PJT, LAZ.

 
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