Is secondaries (PCA) a good group to be in at the moment?
I’m starting full time at a PCA group in the next month and I was curious to know what the sentiment was for the industry. I know it’s growing but my plan was to lateral to a coverage group within the bank. Is it worth even doing? I’ve been seeing a bunch of MF opening their own secondaries funds so I’m a bit puzzled on what to do.
I do like the industry but ultimately I just want to do what’s better for my career.
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Unlikely to be an option unless it’s a great economy so it won’t really matter.
Lots of people try to get into top banks in less desirable groups and then move to coverage. Any time you try to lateral, you’re telling your current group you don’t want to be there which is always risky.
coverage skill set is also much more broad. Much easier to move to PCA vs the other way around.
At the moment is the wrong question to ask. ECM was ridiculously hot in 2020 and 2021. Look what happened to everyone who chased after the hot trend there.
PCA was great for those who joined 10 years ago when no one wanted to do it. You've already missed the boat there.
Bump really curious about this
I work at a secondaries investor. My sense is the sell side is overbanked at the moment. Very big drop off in quality after 3/4 names, and many of these teams are new.
That being said I don’t think PCA is a following a “trend,” nor is ECM.
Wholeheartedly second this. Outside of the well-established advisors (Campbell, Lazard, Evercore, Jefferies, and Park Hill) the quantity of new entries is wild. Goldman Sachs (although died though), William Blair, Guggenheim, and Houlihan Lokey all come to mind.
There are a lot of secular tailwinds in the space, but personally I would not feel safe if I were an analyst at one of these new entries.
Hi there. I am currently about to start full time at one of the establish firms that you mentioned. Given a 1-2 year timeline, could you possibly see a lateral internally or externally with serious networking to IB?
Would you be comfortable starting your career at evercore PCA for example?
I mean, if you don’t have any other options, yes. Would I choose it over a MM or lower tier BB coverage group? Definitely not
What about juniors in those 3/4 quality banks? Would it be possible to lateral after a year?
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