Private Capital Markets / Private Placement Advisory (Not Fund Placement Agent Related!)

nuggets00

I work in private capital markets. I will do my best to help answer your questions, but as I learned ~6 months ago when I switched from one PCM team to another it is hard to find a lot of information about PCM teams online.

I work at a PCM team at a boutique bank. We focus on helping private companies raise equity or equity like capital for private companies. We may work on PIPEs, but it is pretty rare. We are our own independent team, and don't sit within ECM. We help industry team by modeling the returns, running investor outreach and doing a lot of the blocking and tackling work during the process.

PCM really varies across the street. Some teams sit within ECM, some within M&A, and some are their own independent groups. Some PCM teams will help on the modeling while other teams will just work on investor outreach and will be helpful because they know all of the investors across the street. Some PCM teams only do equity while some will work on subordinate debt or mezz debt as well. 

In my experience, the bugle brackets are pretty bad at the product. They want to use PCM as a way to land ECM mandates, so the product is not a focus. The bulge brackets are good at crossover rounds, but not great at the rest.

awesome - this is very helpful. I may PM you tomorrow if thats ok - as you flagged, finding relevant info is a pain in the arse

Otherwise a couple of quick follow up qns:

- I assume by companies it is financial sponsor Port Cos that you deal with primarily? Is there a particular sector focus or is it sector agnostic?
- By blocking and tackling, do you mean like term sheet negotiations / side by side feedback decks etc ie all the menial admin-style work?
- What is WLB like? is it M&A hours (ie a round the clock fisting) or is it more cap markets (ie in early and out early)? 
- What is the best way to practice returns modeling - what should I be looking for on youtube / online?

Would it be possible to break into M&A from a group like this? I'll be joining a similar group this summer. We sit more with lev fin, and have good exposure to coverage according to the associates, but am unsure what kind of exits exist from a group like this which is why I'm thinking M&A might be the move.

How's the modeling experience for juniors?

Can you DM me? Would love to ask some follow ups here! Thanks in advance!

Do you mind if I PM you? Many thanks!

Did you find out the answers for this?