PWP P&U Build-out

Yes, PWP management recognized that creating a P&U practice in America is a top priority (PWP already has a pretty strong P&U practice in Europe with pretty close relationships with a lot of the large European Energy & Power giants). P&U as well as Infrastructure faces a lot of tailwinds in America with likely quite a bit of government and private capital pouring into the space to help modernize America's infrastructure as well as aid in energy transition, and TPH already has pretty solid relationships with both traditional energy companies in the process of energy transition as well as alternative power companies, and PWP recognized the synergies that could be created by leveraging TPH's existing relationships with a new P&U and Infrastructure practice (for example the new LA partner mentioned below and TPH Calgary worked together on the Westinghouse deal). They recently brought on a big shot in the P&U space from JPM in their LA office as well as another partner focusing on infrastructure and infra-related sponsor coverage from JPM sitting in NYC, and will likely be bringing in more seniors down the line.

It remains to be seen how the new group will be structured, given in the US, TPH has traditionally been responsible for Energy Transition and P&U while Industrials has been responsible for some P&U and Infrastructure. The LA office also does execution for the LA partner (so he doesn't just outsource execution to TPH). We'll see if the P&U/Infra practice remains this amalgamation of PWP and TPH partners creating synergies off of each others' relationships and expertise (imo most likely) or if PWP undergoes some bigger organizational restructuring, such as finally fully integrating TPH under the PWP name (imo more unlikely).