Hey All,
I'm a 2019 FT start at an EB (Evercore/Lazard/Moelis) in Houston. At the junior level I will likely gain heavy exposure to M&A and Restructuring, with the occasional cap markets/strategic advisory deal.
While I am interested in the energy and power industry overall and believe that it's a great industry for banking, I'm afraid of getting pigeonholed and unsure if I want to commit to it long-term. Unsurprisingly, the majority of exits are in-industry to O&G and Infra PE funds.
My questions are as follows:
1) If I wanted to break into a generalist buy-side role, what would be the best course of action? Kill it year 1 and lateral internally to another coverage group? If so, how would the new PE on-cycle recruitment timeline affect my process?
2) Has anyone successfully exited from O&G banking into a non O&G/Infra specific firm? Also, will the restructuring exposure help out at all?
3) What does O&G/Infra PE long term look like?
Appreciate the insight.
You are not pigeonholed, make it clear at the outset of recruiting that you want to target a specific type of firm (size/industry/location/etc). If for some reason you strike out, consider transferring groups then. It’s a long career.
Infrastructure is a fast growing asset class but can feel obscure or niche to some. It’s certainly understated and lacks the sexy factor of that matters to you.
Finally Oil and gas is maybe 25 percent of what most infra funds do and is decreasing over time. It gives you decent breadth. Could not say the same about going to an upstream shop for example where you are reading reserve reports and losing sleep over the price of one fickle commodity.
Thanks for the input!
Also interested.
Same position. Would eventually like to see NYC, even if it's lateraling internally. Is that common?
If you're in an O&G group, should try to see if you can work on OFS deals.
The modeling / valuation for OFS are more typical opposed to Upstream.
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