Secondaries PCA Advisory Groups in NYC
I'm looking for insight on the top players in the secondaries advisory space, specifically at firms within NYC.
My understanding is that while some of the BB's have coverage here, the EBs (namely EVR, LAZ, PJT, Moelis and JEF) are leaders in secondaries advisory.
If anyone is comfortable sharing color on the hours or culture at any of these firms it would be much appreciated. I'm thinking through these firms as a lateral medium to long-term play and care less about exits.
Anecdotally I have heard that EVR is bifurcated into GP and LP-leds, with the latter having a much better culture / WLB. Have also heard that JEF, which is primarily focused on GP-leds, is a tough place to work.
For EVR PCA, the groups are GP-leds, LP-leds, and Structured Capital Solutions (SCS). The people who work there really enjoy the work and most don't consider exiting (this is where they want to be). Only downside is that the hours are rough because EVR PCA has insane deal flow.
JEFF PCA is based out of Dallas, so you would have to move there (but maybe that's not an issue for you). Their PCA group is bifurcated into GP and LP-leds.
Moelis' PCA group includes people who work on GP-leds and people who work on primary fund raises. Moelis doesn't have a separate Private Funds Group that exclusively works on primary fund raises. That said, most people at Moelis PCA are assigned to GP-led work because that's where the deal flow is. Also, Moelis doesn't do LP-leds. As for culture it's known to be rough (Wesley has been discussed on other threads), and they're growing a lot. Moelis just hired Reidy as the head of PCA for Private Credit Secondaries.
There are also a number of private placement agents that do this work, but I think comp is less than what you'd get at an EB. In exchange for lower comp at a placement agent, you get better hours (you're not expected to be available 24/7 like you are at an EB). Campbell Lutyens has historically been the strongest private placement agent in this space, providing secondaries advisory across a variety of asset classes (private equity, private credit, and infrastructure). But Campbell Lutyens was just acquired by Lazard. In general, there's been a lot of consolidation in this space with EBs acquiring private placement agents in an effort to build out their PCA platforms.
In full transparency, this is info I've gathered while networking with PCA/PFG bankers across EBs. I don't work at any of these places.
Thanks this is very helpful background. I want to stay on the secondaries side which gives me the optionality to move over to a secondaries fund down the line whereas going to the private placement side really limits you to IR roles.
In your search did you come across anyone at PJT or LAZ?
For PJT, no.
I was speaking with a girl from Lazard restructuring and was asking about different groups that people recruit directly into. After she listed a few, I asked about PCA and she said “oh yeah we also have a PCA group,” as if she forgot they existed. So I didn’t get the sense Lazard’s PCA group is big. I also was coffee chatting a guy from Campbell Lutyens, which I only mention because they’re merging with Lazard, and he seemed to really like how quickly they promote people. That said, I attended an info session and the vibe was tense. I got the sense that CL was not an enjoyable place culture wise. Everyone just seemed stiff, if that makes sense. CL has a secondaries advisory group (that’s bifurcated into GP and LP leds), a private funds group, and then a “General Partner Capital Advisory Group” that does M&A for asset managers (e.g. a PE firm wants to acquire a PC firm). If you’re primarily concerned about exits maybe Lazard isn’t the best place to go. Once the merger is complete the combined entity will be called “Lazard CL” and I’m not sure how headhunters will interpret that. Some may treat it as Lazard, while others may treat it as CL.
The only other thing I’ll add is that, for Moelis, you would know whether you’re applying for a GP-led role or a fundraising role, given that you’re not a summer analyst. Their PCA SA program is technically generalist across GP-leds and fund raises, but there’s a small team that handles all the fund raising work and based on what a PCA banker at Moelis told me they need people to work on GP leds, which is where the focus of the SA program lies. Also, the bonuses at Moelis are drawn from the same pool (regardless of group) so Moelis PCA bankers are making a similar amount to the guys in M&A/coverage.
Would say this is mostly accurate. One correction is JEF is also based in NYC.
Happy to answer any specific questions. Have been doing secondaries advisory for 4 years now and love it.
I know people at or have interviewed with all the shops you mentioned above.
Thanks for the correction. Wasn’t trying to spread misinformation haha. Do you know what EVR structured capital solutions does? It sounds similar to a capital markets group, but I’m not sure if it’s different. Also if it is similar to capital markets, why do they need SCS—EVR already has a private capital markets & debt advisory group & an ECM group.
Parkhill had a first mover advantage. What happened to them, they fell off completely
Shedding people by the day
delll
Any insight on what it will be like for incoming people at CL, now under Lazard CL? Change in culture/comp/exit opps?
i believe it would still be CL rep in the eyes of most ppl, including HHs so the exit ops/culture wont rlly change. comp might change or they might just honor contracts as is. if ur an incoming ft u should be alright, but for sa idk
What are typical PCA exits from shops like LAZ/CL/JEFF? or is it common that people stay?
bump
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