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

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Comments (52)

  • Prospect in IB-M&A
Apr 25, 2021 - 8:23pm

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

  • Intern in IB - Gen
Nov 12, 2021 - 1:09pm

Also heard from someone I know there analyst exits were phenomenal all top tier special sits/credit 

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  • Intern in IB - Gen
Apr 26, 2021 - 3:36pm

the group was expanding quickly prior to the recession (hired former Rothschild head), but is now closer to stabilizing in terms of headcount. as with most restructuring shops this past year, dealflow was strong and the group was able to win reps on some notable cases (amc, ascena, revlon, etc.). while it may not be competive with pjt/laz/hl in "league tables", i'd say the group definitely punches above its weight given its relative smaller size of ~30ish people. analysts get a ton of responsibility (usually deal teams are 3-5 people) but culture is very good and hours have been more chill this year post-recession. as far as recruiting goes, seniors are very supportive during recruiting and would say that exits are competitive with the other rx shops outside of the absolute top shops (pjt/laz/hl). some other exits not mentioned include veritas, kps, owl creek, littlejohn, etc. looks from MF PE shops may be limited, but MM/UMM and most of the top distressed shops are all within reach. also, while traditionally most analysts have exited, the group has been much more supportive of A2A as of late so there isn't the pressure of most revolving door programs to leave.

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  • Intern in IB - Gen
Apr 26, 2021 - 4:30pm

no i don't consider any of them a mega fund. i don't think you should group them with traditional buyout given the different strategy/mandates of distressed-oriented funds.

  • Intern in IB - Gen
Apr 30, 2021 - 5:27pm

what else are you looking for? in terms of exits, the group has had less than 10 analysts exit so far. don't think any of the upcoming exits are MF PE. with regards to dealflow, any work in the near-term will likely be financing related and/or outside of bankruptcy as with most rx groups rn.

  • Anonymous Monkey's picture
  • Anonymous Monkey
  • Rank: Chimp
Apr 30, 2021 - 5:31pm

Have some friends who did RX there. Sounds like a solid place to do restructuring. Def think it may be undervalued 

  • Intern in IB - Gen
May 27, 2021 - 1:43pm

Sure if you look at the league tables they've fallen behind. However, as discussed many times on this forum Greenhill chose not to expand their headcount at the same rate as the other EBs so they can't compete on volume. Looking at the distribution of their deal sizes over the last two years, Greenhill is the laggard but most would say the shops are still fairly comparable:

deal sizes

  • Prospect in IB - Restr
May 30, 2021 - 1:49am

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?

  • Research Analyst in HF - EquityHedge
May 30, 2021 - 1:56am

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 too mna like gs/ms/evr/moe?

Unequivocally, no. Those HFs usually hire from megafund PE, not banking, anyways. 

  • Prospect in IB - Restr
May 30, 2021 - 2:01am

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  • Intern in IB - Restr
Nov 3, 2021 - 8:11pm

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