How is PWP RX's outlook for 2024? Would be great to hear some recent updates.
If you're an analyst looking at MF/UMM PE exits (vanilla buyout, not distressed), would you prefer PWP RX or a mid-BB coverage group that has consistently placed a few analysts each year into MF/UMM?
Know that they're a small team so not many data points. Did a quick Linkedin search on their PE exits and didn't seem to find anything relevant.
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This has already been discussed at length in recent months on the forum, but I'll bite.
Small group (although larger for PWP) with about 4 partners and 2 MDs, and an average analyst class around 5-6 per year. Found a niche within energy during the last cycle due to TPH strength, in recent years have covered crypto (FTX, Celsius), and other mandates on both sides of the table (mallinckrodt, iHeart, Cineworld, Sabre, Concordia, Twitter, Xplore etc).
One of the sweatier groups at Perella, but probably exits the best per capita (alongside HC). Recent exits include Apollo the last two cycles, Carlyle, Sycamore, Blackstone, Oaktree, along with other MMs and UMM.
They don't have the scale of a group like PJT, Evercore, or especially HL so you will not see them on the sheer amount of mandates as those firms, but they have had an impressive list of deals under the new regime post Ducera. The firm as a whole too does not have a desire to be a volume shop, focusing on selective high-fee opportunities. Overall, it's a great experience, and relative to other RX groups on the street pretty good culture as well.
Thank you! Are the APO/BX/Carlyle exits for the buyout teams or their distressed/credit teams?
If you want to exit into vanilla buyout at the MF/UMM level, would it be better to join a mid-BB coverage group (tech, M&T, industrials) instead?
Could be wrong, but I heard Apollo has almost exclusively gone to evercore/pjt for buyout.
Some helpful data points but I go to a target and some people this past summer tried to lateral from Citi/Barclays/BofA(excluding FSG) to PWP citing exits/comp as motivating factor. Another kid did MS SA to FT at PWP too.
Are they primarily looking to exit into buyout PE as the poster mentioned? Or are they also looking into distressed/credit exits, in which case PWP RX would be a more obvious choice.
If they're the former, and at a decent non-REGL/FIG/NR/O&G coverage group at BofA/Citi, then wouldn't the BB coverage group offer better potential exits into vanilla buyout PE? Barclays is a different story given all the recent senior exodus and subsequent limited deal flow, so wouldn't put them in the same bucket as Citi/BofA anymore, but don't think PWP RX has a track record of sending analysts into MF/UMM buyout? Self-selection might be a factor so open to hear any thoughts from people that know more.
Apollo buyout, Sycamore buyout, Blackstone buyout. Oaktree special sits, Carlyle credit.
Diameter, HPS, Davidson Kempner are also exits I know about
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