Heard about this group briefly in the context of Moelis/Lazard, but couldn't find anything online. Does anyone know what this group is and what it does? Sounds like glorified pwm
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They raise capital for private equity groups and provide secondary advisory to funds
Thanks! What is secondary advising? Sounds like a sponsors group
It's generally not like a sponsors group. It's more like a placement agent. Specifically focused on raising private equity capital for buyout and or real estate funds. Generally the guys in this group have longstanding and deep relationships with institutional investors such as pensions and endowments. They also generally have good industry knowledge about alternative investments so they can market funds effectively. A PE firm hires them and pays them approximately 2% of the capital they raise as a fee. It can be very lucrative but it's also a highly cyclical business.
Thanks, that sounds interesting, but probably not something I'd want to do FT. Would it be possible to lateral a summer role in this to a more traditional ibd group full time?
It's possible but the skillset required for Private Funds is very different than Coverage IBD. Private Funds capital raising is more marketing and pitching to investors vs. heavy quantitative work in a coverage group with some pitching.
Private Fund Advisory Group (Originally Posted: 09/26/2007)
I have an interview with Lazard for their PFAG. I was wondering if anyone had worked in this division and could comment on the hours, pay, and culture. Overall I have heard great things about Lazard but I am unsure about this group. I would have gone to their info session but could not make it because of another interview at a PE firm. I expect the PFAG interview to be pretty similar to banking??
thanks
bump
Bump.
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