Perella Weinberg Taps Goldman and JPMorgan to Lead IPO

(Bloomberg) -- Perella Weinberg Partners is working with Goldman Sachs Group Inc. and JPMorgan Chase & Co. on its initial public offering, which could be filed by the end of this year, according to people familiar with the matter.

Goldman and JPMorgan are joint bookrunners working toward an IPO that could value the New York-based firm at about $1.5 billion, or roughly three times its annual sales, said the people, who asked not to be identified because the matter isn’t public. The firm, founded by Joe Perella and Peter Weinberg, could price an offering early next year, they said.

No decision has been made and Perella Weinberg could decide to delay or forgo an IPO, depending on market conditions, according to the people.

Representatives for Perella Weinberg, JPMorgan and Goldman declined to comment.

Perella Weinberg, founded in 2006, acquired energy advisory boutique Tudor, Pickering Holt & Co. two years ago to diversify and expand before going public. Since then, the firm has opened offices in Paris and Chicago, and recruited new talent from rivals including Morgan Stanley and Citigroup Inc.

Perella Weinberg’s top ranks are filled with veterans of Goldman, well-positioning the bank to help lead its IPO. Peter Weinberg’s family led Goldman for almost a century, while senior Tudor Pickering executives Bobby Tudor and Maynard Holt also worked there.

Morgan Stanley

Missing from the initial lead banking lineup: Morgan Stanley, where Joe Perella hailed from and where Peter Weinberg began his career.

Ahead of the IPO, Perella Weinberg is preparing to separate its asset-management division, which oversees almost $15 billion in assets, people familiar with the matter said. The aim would be to improve its valuation.

Several of Perella Weinberg’s competitors have gone public since the financial crisis, including Moelis & Co. and PJT Partners Inc. Both are up sharply from their offering prices.

Many top dealmakers left big banks after the financial crisis to join boutiques, where they can make more money and focus on selling merger advice, rather than debt services and other products.

Perella Weinberg has advised on $37 billion of M&A deals this year, including EON SE on its pending $27 billion acquisition of rival energy provider Innogy SE, and American International Group Inc. on its $5.6 billion purchase of the insurer Validus Holdings Ltd., which was completed in July, according to data compiled by Bloomberg.

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