Thoughts on HL RX 2025
Rising sophomore at semi-target/target with an interest in RX. My university has historically sent a few students to HL RX. Wondering the caliber of HL compared to other shops (PJT, EVR, MOE, etc.). What are the exits like? Is there any shot at MF or is it really just opportunistic credit/SS exits? Can I get into top business school later down the line with it? I am also wondering how the group weighs versus strong BB/EB M&A groups.
Any help is appreciated!
Historically has been stronger, but still a tier 1/ tier 1.5 rx position. Would say below PJT/EVR and similar quality to Moe(although moe doesnt direct recruit rx so people would rather take the guaranteed rx spot at hl). Pretty comparable to EB M&A or top BB worse groups. People can exit from HL RX to a variety of UMM/MF funds, but there is more self selection on distressed funds bc you are likely getting more creditor exposure.
This holds true for NY and to a lesser extent LA/CHI but as you get to the regional offices it will fall off.
Well said man
Other EBs have caught up in North America but HL Rx still a fantastic offer. Wrt MFPE recruiting ppl have to realize that there are ~200 spots every class, which means ~2000-3000 candidates will be interviewed to fill those spots. HL Rx NY will definitely get you MFPE looks.
tier 1: pjt rx
tier 1.5: evr rx
tier 2: moe rx, hl rx, laz rx
I'd put PJT RX/EVR RX in the same tier, then MOE/HL RX, and then LAZ RX (has fallen off)
Depends on what you’re optimizing for. Purely mandates, maybe there’s some truth to this. Factoring exits, HL is at the bottom with next best MOE being a good bit above
LMAO based on exits HL RX is just as good if not better than MOE / LAZ
HL RX (NYC) exits are excellent. Only teams with better exits would be the tippy top groups like PJT RSSG, EVR RX/M&A, GS TMT, MS M&A etc. I highly doubt MOE or LAZ has better exits (probably the same)
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