Rx Analysts (Current / Former) How Did You Think About Exits?
Given that Rx Analysts at the top firms (PJT, HL, EVR, LAZ, MOE) have a plethora of options to choose from, how did you decide between MF/UMM Private Equity (Bx, Apollo, KKR, etc.), Credit (Oaktree, Centerbridge, etc.) Distressed HF's (Aurelius, Angelo Gordon, Silver Point, etc.), L/S Shops (Viking, Maverick, etc.), Special Situations (Apollo HV, Bx TacOps, Ares SpecOps)?
Would love to hear your rationale behind the decision as well and if you would've changed anything.
Bump, would be helpful to hear thinking
Current Rx analyst, what comes into mind when I think about "exits" relates to 3 topics. Pay, WLB, Work product. In an ideal world it would be best pay, best WLB with most interesting work. It really depends on where YOU want to be in regards to those 3 facets because it differs for every person. A L/S equity , MF buyout and Distressed credit seat are all extremely coveted and will be fruitful. To answer you questions it's about what you want to do. Do you want a family, do you want to try your hand in public markets, do you want to give your life for your job.
That being said, distressed credit seems to be the option I would be most interested in given the high pay, interesting work and better WLB it would bring.
Thank you for sharing!
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I’d focus on getting a return offer and learning what Rx is before you try to think about exits.
How much did your SA work effect how much seniors were willing to go to bat for you during on-cycle/HF recruiting?
Did you have a preference for more public HF or private opportunistic investing for distressed credit roles?
Currently an analyst at one of the banks mentioned above. I'm going to get a lot of MS for this but in RX you dont really get looks from MF's for their flagship funds ("normal PE"). Not saying there's no chance - but it is very difficult - you'll likely be steered towards their credit/ss arm. If you do RX make sure you really like credit/distressed and are not doing just because its "in" right now - it's a very tough space to be in when things are going really well from a macro perspective and the space is very crowded at the moment.
I would say L/S at the funds listed is the least common, followed by regular PE (some value types love restructuring tho), followed by distressed HF
You should get plenty of looks at credit, private credit, and special sit credit type roles. Those are most common
I would go a step further and say nearly impossible. For Viking you need MF PE exp and Maverick takes like 1-2 per year at best.
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