Can someone share insights on the analyst experience and culture/exits at RX shops that are considered in the "below EVR/PJT/HL/LAZ" category such as PWP RX NYC? There seems to be more info on this site on Greenhill/Gugg RX but not on PWP after the Kramer incident.
Thanks!
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Really solid group that has a specific strength within the energy and healthcare fields. One of the best groups at PWP alongside healthcare. In terms of exits, probably the best at PWP per analyst. Have seen MF as well has HF the last few years (Apollo, Blackstone, Diameter, Oaktree SS)
They recently got some cool/big name UCC mandates like Cineworld and Celsius
I mean yeah, but its also the UCC
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what's the kramer incident?
Ducera
RX banker at Evercore here, so I can provide some insight. I honestly think the PWP RX team is heavily underrated on WSO because of the Kramer incident over half a decade ago. They're a pretty lean group with ~6 partners I believe, and they do really well for themselves. They've traditionally been very strong in HC and Energy, although they also have solid deal flow in other industries as well. Because of PWP's business model/approach as well as the group's size, they do fewer RX deals than other larger groups, but their business model focusing on pursuing high-fee opportunities means they land quality debtor and creditor mandates on some of the most interesting or complex cases out there. Culture in the group is pretty sweaty but still better than PWP HC, and I know they get good exits. Based on what I know, I believe PWP RX places the best out of all groups at PWP per capita and even perhaps just outright for MFs.
Overall, I definitely don't consider PWP RX to be below us or Moelis, and I think they're equals in every way compared to us, and I'd argue the biggest differentiator between PWP and us compared to PJT/HL/Lazard is simply the size of the RX groups, as the RX teams at those three firms are simply much larger.
Yep, 100%. Alex Tracy has done an incredible job there and TPH has given them a ton of restructuring synergies. People who look down on that practice generally don't work in restructuring.
ok prospect
ex-RX banker in another bank's RX group. PWP RX is a great group, and I echoing above I would definitely still put them on the Moelis/Evercore tier. At the end of the day, the biggest difference between RX groups is size (and therefore volume). There's only so many RX mandates out there, and usually you'll find a similar list of advisors on each RX deal, with them rotating their clients between deals (all banks work on a fair share of creditor/debtor mandates. Some banks (like HL) do lean more towards Creditor, and some lean more towards debtor (Lazard), but at the end of the day the split is closer to 50/50 than 80/20 across all banks).
I'm curious for the CVP/PWP (that have smaller teams), wouldn't the experience be less of compared to the other volume shops? I also noticed that CVP/PWP don't really work on sponsor backed transactions(relative to HL/PJT).
Is TPH-related RX dealflow run out of NY?
Yes - O&G RX is covered out of NY.
Yes
Seniors split responsibilities but the junior teams are almost always run out of the RX group.
I've been through recruiting with PWP before. They don't have group specific recruiting. You go in as a generalist for the summer and then get placed into an M&A group or the RX group. I was never asked any RX technicals during my interviews so this leaves me wondering if the caliber of juniors going into the group may be lower than RX groups at other banks that have group specific recruiting and screen for RX interest and technicals.Culture wise, PWP is great. The nicest people I talked to out of all the banks during recruiting.
Their entire process is looking for cultural fits while displaying above average technical competence, been told this multiple times by peers at the firm. Group is on fire right now also, and yes I agree the people there are some of the nicest I've interacted with in the industry.
PWP RX still ends up getting most of the hardos because it's the hardos that choose and get RX for FT placement. That being said, PWP RX guys are definitely a bit more chill then some of the other RX people I've met across the street.
Can confirm that due to self-selection RX and HC usually get the hardos (still nice people though).
Is PWP RX only in NY and London?
Yes - RX bankers are only in NY and London.
HL has office in Texas
Technically yes - although 1 MD sits in Munich but is considered part of the London RX team.
How’s the European RX team? Noticed they’ve landed some big mandates (Uniper, Orpea, H2O, lots of Russian sanctions-related situations).
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