Placement and advisory groups
Hi all,
I was wondering if someone would be able to give an insight into placement and advisory firms such as Campbell Lutyens, MVision, Athos Partners, Asante, Rede Partners, etc..
It would be great if someone can provide an insight into these type of firms; what the role/typical day to day would be as a junior and also as a senior (and how it differs to IBD); what the compensation would be throughout the career ladder at one of these places and whether it offers exit opportunities into direct PE?
Thank you
have worked with people in those firms but am not familiar with what they do.
but what is very obvious from my observations is that ... no this does not lead to direct pe. if you want to do direct pe, go for ib. people who leave those firms end up in secondary pe, investor relations, other fundraising firms etc. have not seen a single person head over to direct pe.
Placement: Juniors are usually in "project management", which involves drafting PPMs, answering DDQs, putting together update materials for PE fundraises, assisting distribution professionals with their roadshows (scheduling etc.) - very admin/processing/project management heavy work - you don't really learn much in the way of technical skills, except maybe calculating performance attribution for funds
Senior professionals then might move into a "distribution" role, where they go out and talk with different LPs every day, are constantly traveling, and are basically selling the placement agent's PE clients' funds as well as gathering market intel. Can be a very desirable job.
Secondary Advisory:
Similar to M&A in that you're running transactions, although with less modeling - very execution-heavy and can get tedious if you're working on a portfolio with many different funds (having to process transfer docs etc. for each fund). As you become more senior, you will eventually be expected to start sourcing deals. Very relationship-heavy and since the industry is small, you find that you reach out to the same buyers over and over again.
Compensation depends on the firm, but is high. At some of placement agent arms of the EBs (Lazard, Evercore, PJT), you would be paid the same as the M&A/Restructuring professionals (maybe even more). Firms such as MVision and Rede Partners might pay slightly less, but you definitely won't starve. Given that hours are long at placement agents but aren't as bad as IBD, it's definitely a solid choice.
Exit opportunities: Direct PE is out of the question unless you have prior experience in IBD/PE investing and just happened to go into a placement agent. The skillset is completely different from direct PE. People usually end up going into IR (carry, better lifestyle), LPs (usually paid less, better lifestyle), or other placement agents. Therefore, if you decided to enter this world, it will be very difficult to move into another
Overall, if you're interested in the industry, then definitely a great choice, but be sure to do your DD before you commit to one.
Great answer!
A 2025 update of it would be amazing :)
bump
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