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Interested as well
Technically there hasn't really been a 1st PJT class since the exiting class joined while it was still BX (the only people that have been there while it was PJT were the summers, and I guess the 1st years now). Of the second years that exited, I know at least one each went to Carlyle and Apollo (out of advisory), but not sure of the rest.
If you're talking about the 1st years that started July / August 2015, and where they have offers, I have no clue.
Of the 2nd year analysts (started July / August 2015) , exits include 2 x Berkshire, Warburg, Madison Dearborn, American Securities, Och Ziff, and more.
Exits are still solid as of now. Big tell will be the class of first years that just started. Class is very strong and should place just as well if not better than last legacy BX analyst class.
Exits should be same moving forward - incoming first years and first class of summers are strong
Had a superday there recently—it sounds like Strategic Advisory (M&A), RSSG (RX), and Park Hill are completely separated from the BX M&A name and reputation, so doubt exits will be as good given the BX name was compensating for lackluster deal flow there.
Also think they're gearing towards the Centerview method of trying to keep analysts as long-term bankers now too, so might be limited buy-side support going forward.
You mean the superday on 8/18 -- any idea of results are out yet?
Yep, results have been out for a few people.
What makes you think that they want strategic advisory to stay? From what I heard, partners are willing to jump on the phone for you?
This is inaccurate - recruiting process will be the same as it was at BX and senior people will help you along the way. As for the BX reputation, the strength was in the alumni network and headhunter looks, which should be the same. As I said biggest tell will be this first class of purebred PJT analysts, which are strong all around.
The current 2nd year analysts' (started at PJT in 2015) exits from M&A range from Berkshire, Apollo and Warburg. Restructuring (RX or RSSG) 2nd year analysts' are leaving to the usual best exits on the street like Centerbridge, BX PE, Silver Point, etc. Exit opps recruiting has not dropped off at all.
Hm... Didn't know the RSSG exits were that good—I guess the statement stands mostly for Strategic Advisory then.
I'm only speaking to what I perceived during my superday. And to be honest - not many people seem to think of PJT as a translation Blackstone M&A as far as I can tell, more like a new firm. In fact, every time I tried to tell people (top HFs and some megafund PE) I was talking to PJT they'd immediately just refer to it as Blackstone. So what happens when people stop saying "formerly known as Blackstone" on their LinkedIns? (Although I guess they could do that forever...)
As for the specific M&A exits, riding the prior wave doesn't mean that wave won't die down soon.
RSSG has always had the best exits on the street and it seems like the exits are here to stay since they keep on hiring the smartest kids. It doesnt' t hurt that they crushed the league tables this year
RSSG has historically placed incredibly well in HF/distressed space (past analysts to Baupost, Silver Point, Eton, York, etc.) and decently well in PE, although most analysts preferred HF exits. Although perhaps not as strong as at BX, PJT exit opps will still be at the top of the street (perhaps a tad weaker in PE than GS TMT/MS M&A). The incoming first year class and 2016 summer class were very strong, with the majority of the class coming from H/W.
Does anyone know about the PJT Boston office and how that changes exit opportunities?
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