What exactly are the direct-hire groups for Evercore?

Recently noticed that Evercore opened up applications for so called "direct hire" groups such as ECM/DCM/Private Capital Advisory etc. What exactly is the difference between these groups and M&A/RX which already recruited way earlier in terms of comp/exit opps etc. Also, why are the recruiting processes for these groups so apart from the other two?

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Those groups don't work on M&A directly; DCM might work on staple debt-financing for a sell-side engagement, and ECM will work on IPO advisory, but Evercore doesn't have the S&T arm that big banks have or the balance sheet capacity to pull off any capital markets execution work -- hence the advisory focus. Private capital advisory is capital raising for firms like PE funds. I imagine they recruit separately because they are 1. smaller and 2. have a largely different focus than traditional M&A or Rx

 

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