Secondaries?
Thoughts on secondary advisory? Does it have a similar career trajectory as IB? Is base pay higher or lower than IB? What are top firms for secondary advisory?
Thoughts on secondary advisory? Does it have a similar career trajectory as IB? Is base pay higher or lower than IB? What are top firms for secondary advisory?
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Career Resources
Whitehorse Liquidity Partners is pretty big in Toronto. Almost all their deals are with clients outside of Canada
I believe the base is similar to typical IBD roles (M&A/Coverage) at EBs, with slightly better hours on average (bonus obviously depends). Exit opportunity will naturally skew towards secondaries PE instead of traditional/direct PE, although never say never. Top firms include the likes of Evercore, Lazard, Jefferies (ex Greenhill), PJT, CS/UBS (some are stronger in GP-led while some are LP focused). There are also other non-bank players such as Campbell Lutyens and Eaton but I heard pay are lower there...
Seconding (pardon the pun) what has been said before.
More specialized skillset, potentially highly attractive upside considering the rapid growth of the industry.
Exits mostly to other Secondary Advisory shops, lateral to other IB products, Secondaries PE, UMM/MM direct PE, FoF, Investor Relations, have also seen people leave for Corp Dev roles.
Top players are Evercore,PJT, Jefferies, Lazard + independent players like Campbell Lutyens, in that order.
Goldman is currently also building its platform with other large banks basically guaranteed to follow in the next few years.
CS, UBS have teams but dealflow isn't great.
Pay at EBs is at (and sometimes above) M&A/RX level. Independents pay slightly less.
The whole industry is currently experiencing a massive war for junior talent, since not many graduates have discovered this industry as a potential career path yet, teams are growing very fast.
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