Private Funds Group
Have been seeing more banks expanding their Private Funds groups recently (ex. Piper Sandler's recent acquisition of Aviditi Advisors. Forgive my ignorance, but are these just private-markets-focused IB advisors? Do they act and function similarly to an FSG group?
I know Evercore have a considerable team but haven't seen much discussion about whether any other banks also offer this. Are there any other reputable names on the street to be aware of?
Would be keen to discuss this with anyone currently working in the group or from one of a similar nature.
Extremely different than FSG. FSG is basically a glorified PE coverage team that actually helps PE with their portcos as well as acquisitions, so they are essentially relationship managers with sponsors, just as other coverage groups are relationship managers with corps within their industry. PFG's job is things like selling LP or GP stakes, as well as primary placement for PE funds. Basically, FSG is coverage for PE deals whilst PFG is a group that supports the business dev of these PE firms. PFG is a huge growth area across the board particularly due to strong tailwinds in the secondary markets.
Same here, anyone have insights into what these groups actually do and exit opps?
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