PCA/Secondaries Rankings
#1 - Evercore PCA (hands down stand alone)
#2 - PJT Park Hill
#3 - Jefferies PCA
#4 - Lazard PCA
#5 - Moelis PCA
#6 - Campbell Lutyens
# 7 - PWP? Gugg?
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Depends on what you are ranking. Overall? GP? LP?
Evercore is the clear market leader. PJT does really well on the LP side, but not as much on the GP side. Jefferies has done historically well and we will see how they continue to do, but their best work is on the LP side. Lazard is the very clear second on the GP side. Moelis is growing very quickly and are mainly focusing on the GP side. Other middle market teams such William Blair, Piper Sandler and Raymond James are building out right now.
If you are going overall:
Evercore >>> Lazard > PJT >> Jefferies > Rest
Do you have any insight on what the culture / hours are like at PJT Park Hill / LAZ? I understand that EVR splits GP-leds and LP-leds into two distinct groups, with the latter having much better hours. Curious if PJT’s hours are lighter given LP-led focus versus LAZ.
Where do some of the bigger banks rank in this market? I know BBs are starting to build out their practices and poaching from market leaders in PCA
Curious how Jefferies sits with Matt Wesley leaving for Moelis and the trajectory of the Moelis team given the heavy buildout for the team
Someone from PJT wrote this, no one is calling them #2 from a quality standpoint.
They do very very few CVs and the LP stakes deals they win by being a large scale/low cost solution to handle easy portfolios.
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