Is fundraising the hidden gem of banking?
Curious to hear people’s takes on private funds groups at EBs (LAZ PCA / PJT Park Hill / EVR).
Comp seems broadly in line with more popular groups (other than bonuses perhaps slightly slower), hours on average are definitely lower.
At top shops it seems you get lots of execution / reps, and you learn quickly. Similarly relationship-based to strategic advisory groups, but doesn’t develop a strong technical skillset in the same way. Seems to me that it’s a robust business, given the variety of GPs and how they perform across cycles (e.g. infra and private credit fundraising has performed well recently despite PE fundraising suffering).
Curious to hear people’s takes - investment banking lite or a hidden paradise?
I honestly think so. The real trade-off is you’re probably giving up the cleanest path to 7 figures in traditional PE. That said, a differentiated exit (investor relations at a top platform with equity, or a strategic role tied to a strong GP) can more than make up for it. Jef also has a decent group
Yeah exits definitely a huge consideration. Other than IR is there much else really available?
That said, perhaps the nicer hours compared to other areas of IB mean you can stick it out a bit longer so are less fussed about exiting.
PJT Park Hill is a total hidden gem in an industry filled with zero WLB and constant stress. Great people and great pay. Still will be busy but get to do cool work. Would say it’s hard to break in given tight knit group but if you do, great spot.
Couldn’t agree more
What's the main difference between PFG groups and PCM groups? Incoming SA at BB and both of these groups caught my eye, but not entirely sure what is the difference between the two.
PCM does equity private placements and other private company fundraising. PFG is like hiring IR advisors for LP/GP stakes or primary fundraising
brutal work hours at evercore, curious about the rest
How brutal have you heard? Similar to M&A?
Was at evercore recently and a colleague moved over from PFG - very frequent 2am-ers, quite a few 4am+.
The craziest part is the email traffic they have - would say 4-5x compared to standard M&A.
This is for EVR London.
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Sounds great - what do the hours look like in your team?
It ranges from 8+PM to 10PM+ with 9PM+ being the average
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No
I’m not sure if I’d call it a ‘hidden gem’ but it’s definitely a great way to break into a higher-paying Fundraising / IR seat if that’s your goal (if you don’t want to suffer through the ‘traditional’ IBD background to get in). I’ve found that working in-house at a reputable GP will pay far more in the longer-run (with potentially better WLB) vs at an investment bank.
You’ll typically get access to levered co-investment (fee/carry free), better benefits (dinner stipends, insurance, 401K, etc.) and more ‘prestige’ vs at a placement agent or bank. That’s just my two cents though.
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