How's the top PCA/PCS firms compared in today's market
specially EVR (top), and the difference between PJT/LAZ/MOE/JEFF and how everything works in BB secondaries (gs, ms, bofa, jpm). curious to know any insights,
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It varies by the kind of work that the group is doing.
GP Led:
Evercore >> Lazard >>>> Jefferies >> Rest
LP Led:
Evercore >>> PJT > Jefferies >>> Rest
Groups like Lazard only have a GP led group, while PJT focuses mainly on the LP side. In terms of pay Evercore and PJT are going to pay the highest. Base will be the same for analyst (120-130k) and bonus will still be 60-100k. Associate pay starts to vary more. Evercore associates are paid extremely well. Likely the highest paid associates on the street. Evercore's group is known to be an extremely sweaty shop, while Lazard and PJT are not quite as intense. The numbers above vary a lot by group once again though, but that is what you can expect.
Evercore, Lazard, PJT are in New York, and Jefferies is based in Dallas. Moelis hired a lot of people this last year (40+), and are still continuing that trend. Evercore opened their Dallas office this year and are doing summer analyst classes starting 2027.
In terms of exits it also varies by GP and LP. GP-Led work is considered "M&A-lite" where you will run a very similar process that you could spin for pivoting to other EB/BB groups, and possibly UMM/MM PE (Although it would be more difficult). LP exits are mainly FoF, or LP-type investment shops. The work on the LP side is less M&A-adjacent. Evercore, Lazard and PJT are all respected firms, but getting your hands on GP - led work would be important if this is a priority. With PCA growing so quickly, there isn't a lot of history with the information above, but some quick linkedin searches show that it is true.
For the BB banks, it really depends. For now, the EB banks are the main players, although I would imagine BB would start building out more. There is more conflict of interest involved as expected.
Thanks, very insightful
but do GP-led teams have the same exit opportunities in terms of secondaries funds/fof?
Evercore is not >>> PJT on the LP side. If anything, PJT > EVR in that domain.
Not sure what geo you are referring to, maybe different, but Evercore dominates LP led by far, ~50% of what’s floated around in the market comes from them. Think I read their annual pres and they did close to like 100bn of LP transactions last year. Feel like their lead is common knowledge. Then probably Jeff then PJT then a smattering of the others some better some worse
Source: am on buyside
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