PJT vs. GS M&A London
Hello,
Currently interning in London. Wanted to know your views on PJT vs GS London for exit opportunities, not necessarily PE, also including credit/special sits.
Thanks!
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Ranking exit opportunities is more of an American thing. There is no obsession with 'top groups' in London as headhunters care about it less. However, if you have any interest in credit and special sits then easily PJT. They win mandates on nearly all the high profile distressed situations with a good mix of debtor / senior creditor work
I know PJT London also send people to regular UMM PE/ MF's + some other interesting corp dev stuff so wouldn't limit you. GS obviously has top PE exits and it might make non-finance exits a bit easier given the name recognition.
Thank you for your answer, how about PJT vs Houlihan fort RX? I thought HL still have an edge on RX but is that true in London?
PJT is where you should be for RX in London. They're taking mandates away from the other players (especially Rothschild) and have a much better history with advising debtors (typically the most coveted of the parties), and HL are more creditor focused.
Why is the debtor side advisory more covered than creditor side? Is the work experience more relevant for the buy side?
Sort of, the work on both sides is similar but when you work for the debtor/company you can be more involved with modelling (e.g operational models, debt repayment models) that the creditors will use to advise the lenders.
It’s mostly more valuable to advise the debtor because there are often spin off/distressed M&A mandates that you can win off the back of the relationship you build with the debtor.
PJT for Rx, GS for M&A. As simple as that, go for what you are interested in.
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