Secondaries Advisory Pay
Hi there,Does anyone know what typical NYC secondaries advisory pay is for the likes of Jefferies, Evercore, Houlihan, PJT, at the VP and Principal level? Thx
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Commensurate with M&A pay at that bank
Thanks. That's really surprising. The work is a lot simpler.
Might be less if you focus on lower fee LP deals. GP deals have similar to M&A fees and process.
Yep that makes sense. I mean, for LP basket deals it's basically just project management: define the buyer list from an internal database, send those buyers to GPs for approval, reach out to smaller list of buyers to solicit interest and work NDAs, have an initial pitch/discussion on deal, send a dataroom invite, check in to see how their underwriting is going and if they're going to submit a first round bid, take in all bids and go back to groups that have BS LOIs to have them indicate line by line or vehicle by vehicle pricing, discuss pricing with your client, hold an additional round with fewer buyers, fast forward to binding offers, discuss offers with client and buyer to ensure they are real, send PSA and ask for comments, fwd comments to seller counsel, get tax info from GPs and ask about ECI and wht, project manage the execution until PSA is signed, ensure dataroom has updated cashflows as deal progresses, check in with both parties on closing date to ensure payment is made.
This isn't investment banking, it's project management and relationship management with a very rudimentary understanding of private equity. The fact this work commands pay even remotely close to m&a is beyond me, but that's why most shops are super hard on single asset and GP led deals cause the fees are significantly richer and you actually need to sell the deal and build monster decks and answer lots of buyer questions.
Exactly. You're 100% spot on. We'll probably see a bifurcation of groups between LP basket deals and GP deals groups at some point in the future. Either that or they'll be rolled into sponsors groups given the relationships.
It would be great for the broker who down voted my post to state why it isn't accurate :). I'm sure other people are interested in what a junior to mid level employee does at a shop that sells LP stakes in PE funds.
I can't tell from your comment if you are being sarcastic. If you are, I am with you. If not, what is it that you think investment bankers do? If you are on a sell-side for a strategic, you have just described 90% of what industry bankers do, the only difference being the different market players involved.
Evercore and PJT are generally in line with investment banking pay. I've even heard folks at PJT get pay raises after threatening to leave for competitors (with offer(s) in hand). I've never seen data for Jefferies but I would have to think they're also similar, having poached the an entire secondaries team probably needed to pay up for talent (that said, I think their focus is LP deals, so could be a bit less than EVR and PJT).
Houlihan out of those names you mentioned likely pays the least due to the Currycel leading the efforts there and his desire to have no Chad bankers around.
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