Mid-tier RX exits?
I was wondering if anyone could provide insight about the exits for mid-tier RX groups. For the purposes of this post, I will use restructuringinterviews(dot)com's guide which defines tiers as:
Tier 1: PJT, Evercore, Houlihan Lokey (HL), Lazard, Moelis Tier 2: Centerview, PWP, Ducera, Guggenheim, Rothschild Tier 3: Miller Buckfire, Greenhill, Piper Sandler, Jefferies Tier 4: GLC, Raymond James, PJ Solomon, Baird
So I'm looking for answers more so for Tier 2 and Tier 3
Well there’s a big discrepancy between CVP and PWP and the rest of that group in terms of experience at least. In terms of exits I’d say the same. You can easily find the PWP rx exits if you search it’s been talked about at length.
^ agreed. Also I hear Ducera is slowing down and focusing more on its VC business but if anyone has color pls lemme know
PJT lost its head of business dev for the RSSG group, last I checked he went to Jefferies RX. Tbh I have no idea how impactful that is for either since PJT still phenomenal
Roth lost the dude who made TRS, the reason they got on the Puerto Rico mandate a few years back, to Piper Sandler.
Banks are changing, and the area is niche. Everyone who works in the division will be fine exit wise. Especially right now.
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The tier 2 all exit pretty well. CVP and PWP exit the best out of them, possibly because of brand. Ducera exits well, but mainly to high quality credit shops (don’t know if that’s selection bias or what). Gug also places pretty well into credit but not sure about PE. No clue how Roth places in the US. It can get more difficult when you get to tier 3, maybe besides greenhill, but who knows what’s going on with them now.
I would say as long as your in tier 1 or 2 you’ll be solid for exits and even in tier 3 you’ll get some looks, as most of those are quality rx shops.
Also lateraling in is pretty easy, especially once it starts to pick up, since it is a small market and not many people have the training to hit the ground running as an analyst. So not a huge deal where you end up
Would say greenhill’s exits are equivalent if not better than some T2 firms. At PJT/EVR/HL NY and have friends there.
Yah I can see that argument and definitely agree for past classes. I mainly meant im not really sure what direction they are going the the acquisition and how that will impact their rx brand if at all.
if you're at CVP/PWP and you're soley interested in Distressed exits, would it be possible to land a top credit/DD HF? Or do you think it's better to work 6 months and lateral to a HL EVR PJT shop.
How do exits into distressed funds look across these banks?
Is it worth trying to lateral/recruit FT for a T1 shop coming from a T2 spot (PWP/CVP) if your end goal is MF PE?
What school do you go to? Bank plays a part but school is also a big factors for on-cycle
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Don't see why you would do Rx if you're goal is MF PE. Why not just go to an M&A group?
More optionality, stronger group, super interesting work, love the space
You love the space but want to leave after 2 years and do something completely different….
Would love to get some more info on Roths here
Good friend works there. Exit opps are definitely not strong in US….
Can you elaborate
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