Secondaries Advisory
Thoughts on secondary advisory at places such as Evercore, Lazard, Campbell Lutyens, PJT? Want to know hours per week (roughly), comp and exit opps.
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Don't make the jump unless you're sure you like Secondary Advisory; it's hard to exit/pivot from the space once you're in. Broadly speaking similar on all fronts except exits are much more limited due to the lack of technical skills you acquire working the job on a day-to-day basis. Hope this helps
I see this type of comment all the time and I recently got my hands on an old JEF deck that listed our all the analysts and associates… it really doesn’t hold weight. Many ended up in corp dev, some at family offices buyside secondaries other secondary advisory shops. I’ve seen other people leave PCA for private credit.
I think if you’re doing GP-leds, this statement doesn’t hold weight at all. Sure 100% LP-leds is a different story.
But do you know the rough comp or hours worked? Do they work weekends?
Same as any IB job. Comp varies team-to-team based on dealflow. Hours roughly the same as M&A, especially at EVR (market leader). Yes, weekend work is definitely still a thing lol
I work at a GP-leds shop doing concentrated single-assets. I came from M&A hence the title. Its the same stuff man. Instead of marketing an asset / company to strategics + sponsors your marketing to sponsors (secondary buyers). Build model CIM run a sale process. Strategy comes in how you structure the deal + buyer universe relevant to size (leads vs syndicates and clubs). GP-leds are evolving too where it's essentially another recap trx for a sponsor and its economical for the GP. Honestly just needs more capital in the space.
Does anyone have a view on Greenhill's secondaries team in London?
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