PFG/Placement Agency Landscape - 2025

Hey all,

I’m trying to get a better understanding of the current landscape for Private Funds Groups (PFG) – sometimes under the PCA or private placement umbrella as well – across different banks/firms. I’m currently based in London, but also curious to hear insights from New York or other geographies as well.

A few specific questions I’d appreciate any color on:

• Who are the main players in the PFG space today?
  I’m familiar with the boutiques like Campbell Lutyens and Rede Partners, but would be interested to know which BB/MM/EB banks currently have strong PFG teams. From what I’ve gathered, Evercore seems to be at the top of the street, and I’ve also heard PJT Park Hill has had some notable departures recently. Curious where others like Lazard, Greenhill, UBS, Jefferies etc.
• Nature of the work:
  How technical is the day-to-day? Are analysts/associates doing any modeling, or is the work primarily focused on managing LP processes, building marketing materials, and working closely with GPs (typically through their IR teams)?
• Hours and compensation:
  What do the hours look like compared to traditional M&A or coverage groups?
  And in terms of comp, is total base/bonus in line with other product/coverage teams, or are bonuses meaningfully lower?
• Exit opportunities:
  Where do people typically go afterward? Is it primarily into IR roles, or do people move into secondaries shops, family offices, LPs, or even into other banking teams?
• Macro fundraising environment:
  Given the drawdown in VC allocations from LPs, I’m wondering how that’s affected deal flow in PFG. Has there been a shift in focus toward infra, credit, or secondaries where LP appetite is more resilient?
• Lateral Prospects
  I currently have an offer from a small PFG boutique (no-name), but I’d ideally like to lateral to a larger platform down the line. Is that realistic? How feasible is lateral movement within the PFG world?

Any insight would be super helpful.

Thanks.