HELP! Perella SF vs. HL Restructuring LA vs. Citi LA

leigh's picture
Rank: Monkey | 45

I have offers for full-time positions at the following three banks:

Perella in San Francisco
Houlihan Lokey RX in LA
Citi M&A in LA

I come from a West Coast semi-target and I'm looking to get into PE on the West Coast after a couple of years (Oaktree, H&F, Silver Lake, etc).

Thanks

Comments (38)

Oct 6, 2012

tough choice. personally i would go with perella. they place very well into PE. SF is a nice city. Their SF office is focused on TMT. you can differentiate yourself from the BB crowd when it comes to buy-side recruiting.

Citi M&A would be a very close second.

Oct 6, 2012

hands down perella

Oct 6, 2012

Congrats! Definitely from USC :)

Take it as it comes
JJ

Oct 6, 2012

A lot of the HL guys from the FRG told me that they place very well into distressed PE and HFs.

Has there been past evidence that Perella or Citi places better?

Oct 6, 2012
leigh:

A lot of the HL guys from the FRG told me that they place very well into distressed PE and HFs.

Has there been past evidence that Perella or Citi places better?

are you interested in distressed PE/HF? if so, take HL FRG

if you are interested in PE/HF in general and want to cast a wider net, I would take PWP. they are strong in restructuring to and you will work on restructuring deals as well as M&A.

A simple search on linkedin shows that PWP places very well onto buy-side.

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Oct 6, 2012

i would probably rank them in the same order that you used to list them here

Oct 6, 2012

What makes you say Citi La is terrible?

Take it as it comes
JJ

Oct 6, 2012
lazardsoeurs:

What makes you say Citi La is terrible?

I'm wondering as well...

Oct 6, 2012

$40 for dinner... i need to switch banks

Oct 7, 2012

Haha they are all a bunch of USC kids.

Citi LA does have a track record of sending analysts/associates to good MBA programs - don't know if that impact your decision as well.

Citi LA worked on pretty good HC deals if I can recall, but recently an influential MD allegedly left for Citi HK.

Take it as it comes
JJ

Oct 7, 2012

anyone who has actually worked on the west coast can see right through the false information that is being spread above (presumably people still in school)

Oct 7, 2012

Wow, this got side-tracked pretty quick...

Does anyone care to really rationalized why they think Citi LA would be a bad experience?

Oct 7, 2012

You will get a chance to do both M&A and restructuring at PWP, I think that basically give you the most options post your 2 year analyst program.

Oct 7, 2012
humble_dude:

You will get a chance to do both M&A and restructuring at PWP, I think that basically give you the most options post your 2 year analyst program.

this.

Oct 7, 2012

I would not choose perella.

Oct 7, 2012

hl restructuring first, pwp sf close, and citi la a distant third

Oct 7, 2012

all three are good. go where you fit in the best.

Oct 7, 2012

You're absolutely insane if you choose any of those banks over PWP.

Oct 8, 2012

PWP SF wrapped up recruiting 2 weeks ago, and they gave out one offer

Oct 8, 2012

I thought PWP SF wrapped up recruiting 2 weeks ago, and they already gave out one offer

Oct 8, 2012

I agree with PWP choice. Top notch shop.

Oct 8, 2012

too many college kids on the site...

take hl frg and dont look back. solid shop, top notch rest practice. You will have opportunities into top notch distress pe/hf and also fundamental shops

pwp sf isn't that great, it's ex-lehman guys if i remember correctly...and lehman tech wasnt great to begin with. I didnt hear pwp to be on any of the big deals (except the failed seagate deal?) while I was in banking and they definitely dont place well into PE. In NYC, they discourage you from leaving, not sure if it's the same case in SF

Citi LA...they dont place anyone that well. They arent a bad shop but you just have 5-6 firms in the westcoast that already filled up all the spots so they are left with whatever they can get

Oct 9, 2012
Ricqles:

pwp sf isn't that great, it's ex-lehman guys if i remember correctly...and lehman tech wasnt great to begin with. I didnt hear pwp to be on any of the big deals (except the failed seagate deal?) while I was in banking and they definitely dont place well into PE. In NYC, they discourage you from leaving, not sure if it's the same case in SF

Has this always been true? The people I interviewed with told me they had several billion dollar deals currently in the pipeline.

Oct 10, 2012
leigh:
Ricqles:

pwp sf isn't that great, it's ex-lehman guys if i remember correctly...and lehman tech wasnt great to begin with. I didnt hear pwp to be on any of the big deals (except the failed seagate deal?) while I was in banking and they definitely dont place well into PE. In NYC, they discourage you from leaving, not sure if it's the same case in SF

Has this always been true? The people I interviewed with told me they had several billion dollar deals currently in the pipeline.

Keep in mind that perella gets a lot fairness opinion stuff, so they could be "technically" on the deal

Also, a lot firms have "multi billlion" deals in the pipieline but they might never close them. Being on the sellside of the transaction makes things easier but it is by no means a guarantee. In fact, I have seen those deals falling out when it was close to closing since the price tag was so heavy

tech is being dominated by qatalyst, MS and GS like some people have mentioned, while the rest are fighting are scraps. So it's hard to say which firm is better when they are competing for the 4th spot...

Oct 8, 2012

ricqles knows what he's talking about.

Oct 9, 2012

As an experienced banker in the West Coast for the past 6 years, I would definitely recommend you take Perella SF. It is a solid firm with great exit opportunities. I personally know a few people there and they have a great culture along with paying very well. After that I would say take Citi LA. They are a solid bulge doing execution out of the office which is some what rare in LA. HL FRG has a rough culture from people I have spoken with and restructuring deal flow is going to be dead for the next 3-5 years.

Take Perella SF and don't look back.

Oct 9, 2012
Salamati27:

restructuring deal flow is going to be dead for the next 3-5 years.

.

haha, you're funny

Oct 9, 2012

Perella!

Oct 9, 2012

Salamati, I also worked on the west coast but I respectfully disagree.

  • PWP SF - yes the origins of this office are two ex lehman tech bankers. I can't speak to their reputation but I know that a) I have not heard of any notable tech deals executed by them since inception b) let's be real -- tech m&a in SF is dominated by qatalyst, MS & GS and c) in terms of PE exit ops that the OP is referring too -- I can't say that it stands out or has much of a track record
  • Citi LA - last I heard Walravens was going to NY, which may be dated info (don't know if he actually got there). I knew multiple people that worked there over the last few years and have not heard anything particularly great. Yes it is a bulge bracket, yes it does west coast M&A, but in LA it is not one of the stronger offices, used to (not sure if still is) be in downtown LA, and again, with respect to OP's concern about PE -- not exactly notable placement
  • HL Restructuring -- top player in restructuring, HL is headquartered in LA (always great to work in HQ), restructuring is the top group in the firm, and provides great opportunities in the distressed space. This is all moot if you don't like restructuring, but provided you do, i don't see how this isn't the first choice out of the 3
Oct 15, 2012

Yup, Walraven's heading up Industrials in NYC. Great group.

Oct 10, 2012

All you need to do is do some linked in search.

Oct 10, 2012

grats on the sick offers

Oct 11, 2012

I have to let them know by tomorrow...

any last comments??

Oct 11, 2012

Go with HL

Oct 15, 2012
Comment
Oct 15, 2012