Will Centerview follow the likes of GS, Houlihan Lokey, Gugg, and William Blair in building out a PCA team over the next few years? It seems PCA is dominated by boutiques like Evercore, PJT, and Jefferies - likely due to the lack of need of a balance sheet - so it would make sense for advisory-focused firms like Centerview to enter the space.
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Most of the firms mentioned entered the PCA market by buying a firm boutique that was already in it, or a few people as a group to establish it. This isn't a one hire thing... any good candidates to be bought at this point that are still in the market?
Outside of Cogent getting bought by Greenhill, what are some of the firms which expanded through acquisitions? I thought that WB, HL, and GS were all original expansion but I'm not sure familiar with them. As for the big boys in the space, Evercore, PJT, Lazard I also don't know how they entered the space.
Any light could you shed would be very helpful
pretty easy google search
Evercore bought the PFG from Neuberger Berman in 2010 to start their business
PJT bought Park Hill along with the advisory business and restructuring group (3 separate entities) from Blackstone in 2015
can't find any reference to lazard and didnt look for HL.
Jefferies basically bought Greenhill by hiring all most of the team away from them.
lol, why did this randomly hit with 9 MS within a two hour period?
Wouldn't be surprised. PCA team would bolster any and all PE dialogue but given CV focus on large-cap corporates, may not align with their overall firm strategy.
So could be an augmentation to their existing platform (very hard to start a legitimate practice acquihiring vs buying given the legacy relationship dependency in this space) or just a nod-off to their competitors as it's not immediately accretive and synergistic to their top-line given their lack of sponsor activity. All depends on whether they want to bolster their position as a bona-fide advisor to not just large-cap sponsors, but also middle-market guys.
Not as easy as some make it sound. Other than PJT, almost all of those firms have equity research coverage as well that can support PCA. I know PJT will bring in their cap markets team for restructuring stuff like exit financings and DIPs, but Centerview's restructuring practice is much smaller, so really don't know how much synergies there would be there.
Biotech equity raises would be interesting, but Centerview has traditionally dominated sell sides in HC as opposed to cap markets, and that Biotech stuff is really hard to do without equity research and balance sheet.
Think you’re mixing up groups. PCA deals pretty much exclusively with private assets so ER is not really relevant.
Unlikely.
Relationships on LP / GP sides of the secondaries business are supported by primary fundraising groups that do distribution (i.e. cover LPs) and fundraising execution for GPs.
Since CVP does not have a built-out private funds team on the primary side, it would be relatively difficult to compete in the space.
Of course, they could always make opportunistic hires to form a small continuation fund team, but that platform would not be comparable to the incumbents in the space with primary coverage.
This might be true at some firms, but there are also firms where the secondary and primary fundraising groups operate largely independently. If they hire the right talent with existing relationships, don’t see why you need a primary team.
Agreed from an execution standpoint -- so at a junior level there could be a lot of separation between primary/secondary as the skillsets and deal processes are wildly different. At the senior level, where things actually matter and business is generated, primary teams are a very important catalyst to get discussions going with secondary teams.
For instance, if a manager is in the market with a new fund but the n-1 fund has not liquidated, a primary team already working with the manager would be in the pole position to suggest options like tender offers, continuation vehicles, etc. to help existing LPs realize liquidity that they can then re-deploy into the new fund.
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