Evercore Private Capital Advisory group
So during the summer Evercore announced that they were setting up a Private Capital Advisory group. I was just wondering if someone could shed some light on this - what do they do, FO/MO/BO, compensation etc.Thanks!
Overview of Private Capital Advisory Group at Evercore
Below is a description of Evercore's Private Capital Advisory Group from
The Capital Advisory Group provides independent advice and execution services to leading private equity sponsors and institutional investors on a variety of strategic transactions across the private capital spectrum including:
- sponsor driven private equity fund recapitalization/restructurings
- sales of portfolios of private assets
- seeded joint ventures, and management team spin-outs.
Private Capital Advisory groups client groups include private equity and hedge fund structures, financial institutions, asset managers, pension funds, endowments, foundations, and family offices seeking to utilize the secondary private equity market.
Jamoldo - Hedge Fund TraderThis is a fundraising role on the primary side (ie. raising capital for funds and taking a cut). Simple. Lots of ppt, no real modelling or anything technical. On the secondary side, its advising LPs on selling positions, trying to find out pricing and buyers. I'm not too familiar with the latter since I'm in the primary fund investing side.
The private equity secondary market is a space where the existing investment is private equity are bought and sold. The specialization of the private capital advisory comes from the lack of an established market for private investments.
Read More About This Topic on WSO
- Primer on the Private Equity Agency Business
- PE Interview Prep Course. Our course includes 2,447 questions across 203 private equity funds that have been crowdsourced from over 500,000 members. The WSO Private Equity Interview Prep Guide has everything you’ll ever need to land the most coveted jobs on Wall Street.
I have zero knowledge of this but it sounds like wealth management.
Lol according to the description it is nothing like wealth management...
secondary transaction for private equity interests.
check out the press release on July 10th on evercore's website: http://www.evercore.com/
2018 Evercore Private Capital Advisory Full-Time Analyst (Originally Posted: 11/27/2017)
Has anyone heard anything about the recruiting process for this? I came across the posting on their careers site a week ago, but not sure how far along they are in the process.
Read a few other threads about the group, but any other additional information is much appreciated.
This.
http://en.wikipedia.org/wiki/Private_equity_secondary_market
Hey HLdream, I think you deserve a response...heck, everyone does. We're listening, sorry about the delay ...my best guess at places on WSO that could help:
More suggestions...
I hope those threads give you a bit more insight.
Bump
Curious as well. Any info out there?
I could shed some light. Went through the summer process 2 years ago and know a couple people went through the process too. For summer, it was 2 phone rounds of phone screen, and a superday with 4 people. Questions weren't very technical, but definitely need to know the banking (LBO, DCF, accounting) and PE secondary basics and why PCA and the private cap industry.
Also interested BUMP
Listed under the private funds group in the investment bank at evercore. Also interested if anyone knows more.
like this:
http://www.blackstone.com/businesses/aam/strategic-partners
Bx recently acquired this business from CS. Think its pretty much the same line of business.
What exactly is it? It sounds like investment management/asset management to me..
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UBS also has something similar - called the PFG (Private Funds Group), which has a secondaries team as well. I spoke with a VP about an Analyst role there. PM me if you want/need more details
Do analysts work across both teams (private funds and the secondary advisory)?
I know this is an old thread but will chime in as well. PFG generally refers to secondaries advisory (advising an LP whether or not to sell their stakes in PE funds) and placement agent work (helping funds raise capital).
What's the difference between secondary advisory and the financial sponsors coverage group? It sounds like they both are advising on transactions.
Think of a sponsors group like any other coverage group. If you're in a healthcare group, you cover relationships with healthcare companies. If you're in a sponsors group, you cover relationships with private equity firms.
In a group that does secondary advisory work, the difference is that your client is typically the LP (investor) in the private equity fund, not the PE firm itself. For example, the NY City Teachers Pension might come to you and say hey, we've had a 50mm commitment to Fund XYZ for the last three years, this is the performance to date, we think we want to sell our stake, can you find a buyer?
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I can confirm you're correct on that. The upside is that they're looking to hire and build up their PFG. @Hugh Myron is right, their primary services are secondaries advisory and fundraising. Pretty decent size group. Nice department for someone who doesn't want to get into a very 'technical' role
Moelis just literally stole Greenhill's entire Private Funds Advisory group...so thats another option too
Some of the posters above have it right. This is a fundraising role on the primary side (ie. raising capital for funds and taking a cut). Simple. Lots of ppt, no real modelling or anything technical. On the secondary side, its advising LPs on selling positions, trying to find out pricing and buyers. I'm not too familiar with the latter since I'm in the primary fund investing side.
For more information look up things like "placement agent" in the search area of this forum.
Good Luck
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Anyone know what the secondaries side involves and whether it transfers well into a secondary fund (e.g. Adams Street etc.)?
Did you get an interview from them? I heard they are recruiting and I spoke with a couple people on the team.
hey have u interviewed with them already? For the summer or full time?
Thanks
Worked with them quite a bit at a past job. Very solid shop and one of the best on the street (alongside Lazard and CS I would say). Little modeling involved so take that into consideration when you recruit. Ask them what portion of their time is spent on GP-led transactions (aka fund restructurings, which are very interesting from an intellectual perspective) vs. LP trades. CS is hiring now as well so you could reach out to them too if interested. That being said, if you want to move to secondary PE, you are probably better off applying directly to a fund of funds.
Is secondary PE all that big a business? FoFs seem to be having a tough go of it these days.
Will probably be interviewing with these guys. Does anyone have insight into the process, what they ask, look for etc.? Also would be helpful if anyone had insight into comp... thanks in advance!
Did anyone get offer? For either FT or SA.
I just interviewed w this last thursday - final round. haven't heard back yet.
What sort of questions were you getting at the interviews?
could you expand more on what the interview was like? This was posted a few years ago but interviews are coming up for me so would really appreciate it, thanks
anyone who interviewed on their superday?
how technical was the interview ?
Although I'm going to be starting as an analyst in banking at an EB, I'm interested in private funds groups for future, post-associate opportunities. How does the comp and lifestyle at the VP and up level compare to IB?
Heard PCA is higher than M&A cuz business is doing well. Not sure about PFG.
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