Lazard Private Capital Advisory (PCA)

Based on the most helpful WSO content, Lazard's Private Capital Advisory (PCA) is the buy-side capital raising and secondary advisory arm, distinct from the old Lazard Middle Market (now rebranded as Private Market Advisory). While there isn't specific intel on the PCA team in London, general sentiment about Lazard's culture and performance varies.

For Lazard overall, the culture has been described as relatively impersonal and stuffy, with strong exits to middle-market PE, credit, and occasionally mega-funds for top performers. However, PCA's focus on buy-side capital raising and secondary advisory could offer a different dynamic compared to traditional IB teams. Evercore PCA, for instance, is noted for high pay and volume but also high stress and turnover, which might provide some parallels.

If you're considering Lazard PCA London, it would be worth exploring how the team operates, their deal flow, and the culture within that specific group, as it may differ from the broader firm reputation.

Sources: Barclays Menlo vs Lazard SF vs PWP SF, Lazard Clarification, NY Lazard vs PWP (SA 2024), Reflections at Lazard (London), What is Private Capital / Private Market Advisory?