Can anyone shed some light on how firms like PJT / Lazard / Evercore comp associates - VPs on the fundraising / secondary advisory side of the business? Is it generally a slight discount to traditional IB or more material?
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I have heard the PCA group at Evercore pays more than the IB side given the higher revenue per head figures.
surely not
I find it wild to see people posting something like this when they obviously do not have the slightest idea of what they're talking about.
In my experience, EVR/LAZ PCA and PJT Park Hill professionals are generally compensated in line with the M&A/RX teams, with maybe a slight (10-15%) discount applied to the bonus. Especially in the Secondary teams, however, all-in comp can be even higher, which is unsurprising considering how the Secondaries space exploded in the past few years and how few people are actually experts in this space. Its an easy supply-demand equation.
Are there any tiers/differences between those three groups? Or are they all more-or-less competitive with each other.
The differences in terms of reputation between these groups are marginal. Based on what I've heard, juniors at EVR and LAZ PCA do both fund placements and Secondaries, whereas PJT is split into Secondary Advisory and Fundraising. If you primarily want to work on GP-led Secondaries, which are poised for some serious growth in the near future, PJT is probably the place to be.
Apart from these firms you also have Greenhill, which was one of the first EBs to invest in a dedicated Secondary practice and used to be the best in the business, but that group is currently being torn apart by other banks trying to force their way into the space (RTH, Jefferies). Independent firms like Cebile or Campbell Lutyens may also be worth checking out, though their brand does not carry as much weight outside of the Placement Agent/Secondary universe.
any thoughts on pjt park hill real estate?
thoughts on BBs with private funds groups? heard they do both primaries and secondaries?
Depends on the group. There is a bit of a talent war for secondaries professionals going on and you’ll see a lot of teams being traded around to different banks / asset managers. It will depend on the bank if you’ll work on both primaries and secondaries but more often than not I believe they separate the teams.
Bumping my own thread..
Can any mid level folks speak to their experience beginning to originate primary fundraise or secondary transaction mandates?
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