Anyone have any thoughts on Placement Agents / Capital Raising / Secondary Advisory?
Noticed a lot of folks that go into this industry have IB backgrounds; what are usual exit opps for a someone in this space? What kind of work is it mainly?
Any thoughts helpful, trying to wrap my head around it.
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Also interested in this - would love to hear any insight people may have!
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do you think there is a difference between a placement agent firm and a placement agent group at an EB (ie Evercore/Lazard/Houlihan Lokey) in regards to pay, work, or exit ops? Thanks!
ie Private Funds Groups
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Thanks for your thoughts, much appreciated. Have heard same thing re: exit opps from others. If a placement agent also does co-investments I would imagine that might make the role slightly more interesting assuming the role covers both general fund DD and co-investment work?
Spoke to a friend in the space. Points he made were - at a MM/EB/BB Private Funds Group, you have the potential to do more work and the Placement side of things is easier when reaching out to LP's because the funds you are pitching now have the "validity" of being represented by your name ie (Evercore, UBS, Houlihan). These places usually only take on the best and brightest emergent funds and advise on all things - including strategy, story, and eventually yes, the capital raising. He seemed to say that there is a niche of funds run by former top level PE people, that have gone solo or opened their own fund. Track record is there, but they run lean and don't have IR/strategy/Raising capabilities in house. That's where Placement Agents come in.
Hours 50-70 a week. More when closing a fund? Pay IBD-ish, less bonus. That's what i gathered ... any other insight welcome as I'd like to learn about this space.
So I spent my analyst years at a Private Funds Group at an EB/BB. Hours and pay are the same compared to other groups at ALL levels (this is mainly because we had no shortage of work) - real assets group.
We have seen a tremendous shift from large LP's reconstructing their portfolio to a more balanced public markets vs. private markets which translated into a higher demand of investments in the private markets. As such, more and more private funds have popped up over the recent years.
Some of the funds were very sophisticated so we really just act as a point of contact for them to the LP. However, some funds require significant handholding and we write the whole PPM for them as well as composing their strategy and modelling out all their waterfalls and carry structure for deals. We also structure all deal terms if need be.
Hours were brutal mainly because we did a shit load of writing. Not only did we have to do pitchbooks for some GP's to pitch to LP's, but sometimes we had to write the WHOLE PPM. Fml...so imagine your MD reading your 100 page novel and going through those edits. Fuck, sometimes the shit I wrote i felt embarrassed to read out loud. "irreplaceable asset in an emerging market that continues to see significant obstruction in barriers to entry".
My team members were absolute gems, if it wasn't for them I don't think I would've made it past my 3 years.
I work at a regional boutique with a capital raising arm and the guys that work in that group do a lot of "smile and dial" type work. Tons of return calculations and meetings similar to what you would expect from capital raising. We also have a private placement business that involves a lot of helping with pitches/trying to win business but does not include a ton of successes.
Just saw this after googling EB private funds group. Looks like cool work, (HL and Evercore making moves):
https://www.pehub.com/2019/03/ergon-wraps-up-fourth-fund/
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