PWP Underperforming?
Heard mixed things about exits / dealflow recently, despite top comp. Any insiders can share info on the current state of the firm (on the M&A side)
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PWP (Perella Weinberg Partners) has faced mixed reviews in recent years, particularly regarding its M&A deal flow and exits. Here's a breakdown based on the most helpful WSO content:
Deal Flow:
Exits:
Culture and Compensation:
Market Position:
In summary, while PWP continues to offer top compensation and a solid culture, its M&A deal flow and exit opportunities have faced scrutiny. The firm's focus on smaller transactions and advisory work may be contributing to this perception. If you're considering PWP, it may be worth evaluating the specific team and office, as performance and opportunities can vary significantly within the firm.
Sources: Thoughts on PJT Partners?, The Truth About PWP, PWP culture, pay and exits, PWP NY Groups, PWP and GHL Updated Info
Bump, what happened to their C&R group?
they don't do any deals that's what happened
bump
Firm lacks clear leadership and direction. Teams are very siloed and it doesn't feel like there is a collaborative effort by senior MDs to get the better of the firm. Very JEFF like model. Wouldn't be surprised if the firm gets sold off or something like that, sooner rather than later
Why did it work for Jeff but not PWP
Better guaranteed comp structure for seniors. Comp has always been kind of a black box at PWP, that's why they have had a hard time retaining or attracting true rainemakers (compared to an EVR or CVP)
bump
Are healthcare exits still good?
they were never good my friend
Damn fr
No, but PWP shills will keep pumping the notion that PWP HC is top of the street on par with CVP or JPM HC lol
RX is doing fine more or less, but M&A teams are struggling. Surprised by how weak deal flow is
I was under the impression the Rx group was doing very well, would be curious what others have heard/know about this group
Sweaty, does a lot of volume.
Exits for 2024 Class that I know of: KKR PE, GTCR, THL, TA Associates, Thoma (Exited Early), BDT& MSD x2 (1 exited early), Sixth Street x2 (1 exited early), Searchlight PE , veritas (left early), L Catterton, GTCR Capital Solutions (exit early), some MM funds and growth.
Not close with the new analyst class but I heard a handful of people going to top MFs and UMM PE funds.
Damn ok thx for the insight, hope trend continues despite dealflow haha
dealflow is slow because they lack coverage in many of the busier sectors right now. If you work for a needy account in any coverage team you will still get worked to the bone.
It's not an underperforming firm if you look at how the firm has trended since being public. It's an account based model so unfortunately if you're clients really want to do M&A (2021), life is great, and if they don't no deals will be announced and you will still work on the clock on the most random work products lmao.
How are all of these folks leaving early?? This is an insane number of early starts for great funds
Comment was somewhat innacurate, included associates leaving as well. Also not all of those were flagship pe
Alot of these people were recruiting off cycle after their first years or did recruited On-Cyle as a 1st year and was offered to leave early.
half of those exits are not flagship PE though. That "KKR PE" is KKR impact investments...
PWP randomly waxes and wanes like this, i've seen this exact post before and it was followed a year or two later by "Is PWP on the rise?"
doesn't scream stability tbh
They are over indexed to large cap strategic m&a which comes and goes so it makes sense
I was just checking FactSet the other day and holy shit, their YTD M&A value is like 8bn.... Even MOE, GHL, and GUGG are all above PWP, let alone the heavy hitting EBs like EVR, LAZ, CVP, and PJT
Thought they had a momentum going for them in '24 but this just shows you how volatile the M&A advisory business is
Ehh I wouldn’t read into that much, for some reason they don’t care about the league tables being accurate. Their energy group alone has done over $10B YTD
TPH down in houston doing some heavy pulling
Weren't they in a hairy situation in '21 or '22? PWP has never established itself as a go-to advisor as some other EBs did in the past or nowadays. I never really understood what niche they want to specialize in
PWP had two record years then so not exactly. It’s just a very volatile space dependent on a few big deals a year in small EB M&A
Firm is doing exceptionally bad
Are they though? “Exceptionally bad” what lol
Lol ignore that comment. It’s not doing bad - it’s just that it’s very volatile - good years followed by bad years and so on
yes, they are
They obviously are lol firm is not doing much m&a deals
They literally doing so bad in the M&A front. Firm is definitely going through a bad year
Problem is that they don't have any area where they are considered tier 1 or even tier 2. In RX they are clearly below PJT, EVR, HL RX, and MOE. Even in HC, which is considered a strong practice at PWP, they aren't that much better than a GUGG and for sure they are miles behind the likes of CVP, JPM HC, etc
So are they basically like Jefferies or more like Solomon Partners?
Probably, but they rely on their historical tag as an "elite boutique", which might have been true 10-15 years ago, but nowadays they are an ok shop at best. Exits are also meh. Pay is good, though
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