IB Secondaries Advisory

Hi Everyone,

Just wondering if anyone here knows much about exits for a secondaries advisory role for a bank? Is PE possible a move to a bigger bank? Bank is like Jefferies, HL etc….

Thanks

13 Comments
 

Yeah, I would definitely expect more secondaries-focused exits. In my opinion, it’s definitely a good industry to get into — super high growth and interesting industry trends. EVR is the gold standard and market leader here. PJT also has a good group, and Jefferies just made a couple of big hires to build out their competency. Don’t know anything about HL.

 
Most Helpful

There's a bit of nuance here. When thinking about secondaries are you interested in GP-led single asset (more like a sell-side M&A) or LP-led portfolio sales? Very different experiences and mixes across groups. EVR does lots of volume across both, LAZ is good for GP-led, Greenhill formerly ran the LP-led side. There's been a lot of recent movement so legacy history may matter less. If I were you, I would get a better understanding of the types of deals they work on, the size of these deals, and then re-evaluate.

 

Exits mostly Secondaries / FoF related, i.e. investors, IR, but stuff like Corp Dev / MM PE is also certainly possible.

Evercore and PJT are ruling the game atm. Lazard, Jefferies, CS, and HL are all good groups, but quite far behind.

All in all a really great option to have and, for many people, arguably more attractive from a WLB/Comp. standpoint than 95% of the exits ops this forum keeps talking about

 

do you think Jefferies PCA will become stronger than Lazard PCA if not already?

know they hired a bunch of Greenhill guys and a few ex Lazard guys

 

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