Update on CVP RX?
As CVP (and other EB's) are moving away from their generalist (M&A/RX) programs and now having their analysts focus mainly on one or the other, I'm curious to hear people's opinions on CVP's RX group now, in terms of how prestigious it is compared to other top EB groups.
1) Do these analysts get the same exit opps as CVP analysts doing M&A?
2) Is being in CVP RX just as top tier as being in CVP's former generalist program?
3) How hard is it to break into CVP RX?
All insights are appreciated. thanks
CVP has used a “major/minor” system for the last several years where analysts choose to specialize in either M&A or RX. It’s primarily an internal designation though and externally people mostly just regarded as an analyst at Centerview. Also given size of group relative to M&A, RX majors get more of a generalist experience and are staffed on M&A deals too. Exit opps are broadly the same (actually know an RX major who went to VC and another who went to MF growth PE year before).
CVP’s RX platform is quite small (4-5 partners and full team of 15-20 “majors”). As a result of sheer size, won’t be as competitive in league tables relative to your usual suspects (HL’s RX group is ~250 people and basically half the size of the entire CVP organization). Despite this, they have some pretty impressive creds. Specialize more in complex situations and really been crushing it in the last 2 years or so. Led high profile company-side deals like SVB, Credit Suisse and Celsius Network during latest financial crisis and have developed a rep in liability management with one of the first “pari plus” LM deals and big roles in others precedent setting situations. In my experience, I’d say in terms of LMEs, it’s PJT and Evercore in top 2 and CVP as a pretty good 3rd. They have been on every Clearlake deal (them or PJT for company side), which is and will continue to be a gold mine of RX fees given how well Clearlake’s fund is doing.
All in all, probably tier 2 RX shop but with a unique angle, so not exactly apples-to-apples.
Re: breaking in, as far as I know it’s basically the same interview process as M&A (you interview with both RX and M&A majors) but will have extra interviews with RX partners.
This is extremely helpful. Thank you very much.
Del
Both posters above are right. You apply separately but the superday is the same, albeit with potentially a few RX partner interviews
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