PWP NY Groups
Hey all! Incoming FT 2023 analyst @ PWP here who re-recruited (did SA at another firm). I figure that since I didn't go through the SA process, I'd probably have to grind a bit more for FT placement and might do a bit of light, targeted networking in November, but should probably inform myself about the groups a bit more before speaking to anyone at the firm. Can anyone here provide some insight into the groups at PWP NY?
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RX is good, solid deal flow and interesting work, and the strongest exits out of the group. Culture is solid, but the group is quite sweaty because of how lean it is at the junior level.
Healthcare is arguably in-line with RX in terms of exits, but has pretty rough culture and is insanely sweaty. Deal flow is really good, but it should be noted that PWP HC is strongest in devices and life sciences and doesn't have as much of a presence in biopharma, so the deal experience is different compared to some other EBs like Evercore/Lazard/CVP that are stronger in biopharma.
C&R has really good culture and hours aren't too bad. Deal flow is strong, especially in the F&B and Beauty verticals, and PWP does quite a bit in-house strategy work for a number of very large retainer clients (Estee Lauder, Altria, etc). Exits are solid but aren't at the level of RX/Healthcare, but C&R tends to have a lot of interesting non-PE exits as well.
Industrials has good culture and decent hours. Good deal flow. Exits are solid but like C&R, are below HC/RX. For the NY office, Industrials, while still good, is below C&R and HC in terms of deal flow, but London, Chicago, and LA are all very strong at industrials.
Tech is just OK. Tech's traditionally been PWP's weakest industry, but they've been working on improving their presence in the sector. The FinTech group is pretty good though, lots of growth capital raises as expected in the FinTech industry and their M&A deal flow is also pretty solid (know that they have a good relationship with PayPal). Culture is pretty good, and hours are solid (especially given the current market conditions for FinTech deal flow).
FIG is solid in terms of deal experience, but exits aren't the greatest given its FIG. Pretty good culture though.
Media & Telecom used to be a very strong group back when Woody Young was still around (got on a lot of mega-deals and held the AT&T relationship), but PWP gutted the team in 2021 as part of its strategic re-organization when Young retired.
Overall, if you're willing to sacrifice WLB for exits, I'd definitely recommend RX (although it can be pretty hard to place into RX as a FT given how lean it is and how a lot of SA's will likely be gunning for RX as well). C&R and Industrials are both groups with better WLB and still solid exits. Tech/FinTech is weaker than C&R and Industrials in terms of deal flow, but still gets solid exits. Personally would choose HC only if you're gunning for maximizing MF exits and aren't interested in RX, and FIG if you're interested in the industry.
Would you recommend PWP's FinTech group for people actually interested in FinTech compared to other FinTech groups/boutiques like FTP?
PWP's FinTech group is pretty good compared to other EB/BB FinTech practices, and while in terms of deal flow it's weaker than FTP, personally I'd probably take the deal flow trade off compared to FTP for the culture, as FinTech has really good culture (at least when I was still there). The FinTech group gives you good deal flow across M&A and cap raises, and the FinTech group also helps out providing coverage support to the RX team which gets some cool FinTech mandates (right now they're on the creditor side for Celsius and are advising FTX).
Does media & telecomm simply not exist anymore or will it be covered under tech now for the occasional M&T deal that does come in, essentially making tech a defacto TMT group?
Bump want to know where/if media is covered for them
PWP's Americans Media & Telecom is largely nonexistent (almost all partners covering the space were fired in late 2020) as part of a restructuring that happened as senior management decided that heavy industry consolidation + increasing antitrust concerns = not enough potential future high fee opportunities and large-cap deals to justify keeping around all the seniors + support staff. Most of the Americas Telecom + Media deals now are RX deals that are covered by the RX team, and the last major M&A deal PWP did in the US was Discovery + Warner Media back in 2021, which Woody Young brought in before he retired.
With that being said, PWP's Media + Telecom team in Europe is very strong and the coverage space has been part of PWP's core strategy in building out its European presence.
Tech group is definitely up and coming - deal flow for them has been accelerating and have added 2 partners the last 2 years.
How would the SF tech group compare?
How's the growth capital markets group?
Which Industrials verticals are covered in NY compared to Chicago/LA?
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