Private Capital Advisory: “M&A Lite” Or the Highest-Growth Area in Investment Banking?
Private Capital Advisory (PCA) groups, which specialize in secondary transactions for limited partners and continuation funds for general partners, have become one of the fastest‑growing segments of investment banking. Deal volume in private‑equity secondaries has risen about 20% CAGR from 2015 to 2025, driving demand for dedicated advisory teams. Elite boutique banks such as Evercore, PJT, Lazard and Jefferies dominate the space, while bulge‑bracket banks maintain smaller, less‑focused groups. Compensation mirrors traditional IB, but career trajectories differ, with exits typically toward PE secondaries, fund‑of‑funds or fundraising roles.
2026 Investment Banker Salary and Bonus Report: To the Senior Bankers Go the Spoils
The 2025‑2026 compensation update shows investment banking pay diverging by seniority. While total compensation rose modestly for analysts (≈5%) and associates (≈5‑10%), vice presidents and directors saw 10‑15% gains and managing directors enjoyed over 25% increases, often exceeding $1 million. Deal...
