PJT Secondary Advisory in 2023
Does anyone have any info on the PJT Secondary Advisory team? Any info on comp, culture and exits would be appreciated. Also how do they compete for Evercore PCA for example?
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Comp: Historically slightly higher than M&A but this depends on which bucket you get and the year (bonus pool). Personally the pay differences (maybe 5-15k for analyst one) between secondary advisory and M&A is so minimal for analysts and associates I wouldn't factor it in.
Exits: Same as Evercore PCA. It is regarded as a top shop (big ones are Evercore/PJT/Jefferies) in the space and handles a lot of LP deals (if Evercore PCA is 50/50 GP/LP, PJT is 35/65 GP/LP). Although GP is growing faster and has a wider variety of deal types, LP is better for exits (this is debatable so let me explain). LP deals - like the CALSPERS 6 billion dollar deal led by PJT, provide exposure to the secondary PE deal teams which is where most analysts want to exit to. Additionally, LPs go through a very similar sell-side process to M&A, so when you transition to PE you are more prepared.
Leaders in the space are EVR/LAZ/PJT actually. They have been dominating the rankings by PEI
is there any potential to join a traditional buyout or tech growth equity firm, or are you basically siloed to secondaries PE?
bump
how are the hours
Sorry, but EVR is known for their weakness on the LP side. They certainly win big books from time to time but not even they would say they’re a 50/50 shop. Obviously splits will vary by what types of deal are in season, but PJT historically is the closest you’ll get to 50/50 on the secondary sell side.
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