PWP Exits / Experience

Based on the most helpful WSO content, PWP's Healthcare (HC) group is strong in both NYC and SF, but there are some distinctions to consider:

1. NYC Healthcare Group:

   • The NYC HC group is known for solid deal flow and strong exits. However, the culture is described as "insanely sweaty," which could impact work-life balance.
   • Exits from the NYC HC group are competitive, with analysts placing into private equity (PE) roles, particularly in devices and life sciences. However, the group has less presence in biopharma compared to other elite boutiques like Evercore, Lazard, or CVP.

2. SF Healthcare Group:

   • The SF HC group is highly specialized in biotech M&A, making it a top choice for those interested in the biotech space. They handle significant public company sell-sides and have a strong reputation in this niche.
   • Exits from the SF HC group are more healthcare-focused, often leading to roles in healthcare-focused buyside groups or corporate development within the healthcare industry. If you're not interested in healthcare long-term, this could limit your options.

3. Recent Exits:

   • Across both offices, PWP HC analysts have seen exits into upper middle market (UMM) and mega-fund (MF) private equity roles, though NYC seems to have a broader range of generalist PE exits.
   • SF exits are more tailored to healthcare-focused opportunities, reflecting the group's biotech specialization.

In summary, if you're looking for broader PE exits, NYC might be the better choice. However, if you're passionate about biotech and healthcare, SF offers unparalleled deal experience and exits in that niche.

Sources: [SA 2024] CVP SF vs PWP LA vs Moelis SF, PWP NY Groups, EBs NY vs SF offices, PWP RX culture/exits, ft JPM HC (NY) vs PWP (NY)