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I would say PWP=RS>Moelis for PE with Moelis being quite good, maybe even better for HF

Moelis RX is quite good in EMEA but M&A is pretty underwhelming, barely do any deals at all. RS is a volume shop, so will have a lot of run-of-the-mill transactions. PWP, very few but really cool and complex deals. PWP has best exits into PE proportionally, RS always good and consistent but given the MM focus, those exits will be more obvious compared to PWP.

 

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