Greenhill Restructuring 2021
Hey guys,
I was wondering if anyone could shed some light on the exits/experience and any other aspect of GHL RX. They seem to do a lot better now with Augustine but I wonder if that increased deal flow is sustainable given the current environment. Also they had some good exits like centerbridge/cerberus/sixth street. Are those just one offs or is the group likely to get good exits as they’ve been on the up.
Also, how likely is it that the group will continue to increase its penetration of mandates now that rx work has slowed down
thanks
Pretty strong group (but still below Lazard / HL / Moelis, Evercore in terms of overall prestige) due to hiring away rainmakers recently
If you want to exit to big shops like those it shouldn’t be an issue, according to someone I know exits will be pretty strong this summer as well
Mind sharing exits this summer?
Also heard from someone I know there analyst exits were phenomenal all top tier special sits/credit
fucking horrible
Would you classify centerbridge/cerberus/sixth street as MFs?
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Arent hours and culture shitty in the rx group
How's comp? Competitive with other RX groups on the street?
Bump
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Any thoughts on the M&A business? Are people saying GHL is on a decline largely referring to the M&A business. The earnings miss seems a bit concerning
Have some friends who did RX there. Sounds like a solid place to do restructuring. Def think it may be undervalued
Any thoughts on how it compares to gugg/roth/ducera interms of deal flow and exits?
Overall worse than Gugg and Ducera and better than Roth. A bit sector dependent - Gugg is #1 for sovereign debt for example, while dealflow at Ducera is heavily creditor-side focused.
Any thoughts on Jefferies RX?
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I’d think that HF exits are much more dependent on the person as opposed to pedigree though right?
If you believe the stock prices always reflect the company's fundamental, GHL's price has increased 176% from last year's low of $7.28 to the recent high of $20.09. Talking about turn around!
They’ve fallen off relative to their peers in recent years IMO.
I mean for rx they’ve been on the up since 2018 no? Agreed on mna tho
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This was good stuff ty
A bit confused why this is getting bananas... These graph relates to M&A, the discussion here is about RX where most time the deal size is not disclosed
Also, Moelis should pick better comps here, HL M&A is known to be MM so ofc you will see smaller transactions but this does not make Moelis better lmao
Would you guys say that for recruiting for top LS HFs like tiger cubs + pershing/third point and so on, would someone in Greenhill RX have mostly similar interviewing opportunities assuming he/she has the same skills/quality compared to someone in a top rx group like pjt/evr/hl as well as top mna like gs/ms/evr/moe?
Unequivocally, no. Those HFs usually hire from megafund PE, not banking, anyways.
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