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I guess different banks do this in different ways but most true Financial Sponsors groups will do advisory for sponsor-backed transactions (this can vary a lot, but it usually involves either taking companies private, switching sponsor hands, or a sale / re-IPO). I believe at most places LevFin will do the financing for most of these deals.
Most banks cannot underwrite the full transaction on their own so there will typically be several (3 or 4+) financiers on a deal, but only one advisor on each side. Usually sponsor relationships work in a similar fashion to those with c-corps or strategics, where there are 'relationship banks' for each sponsor, and these sponsors prefer using these banks first for a transaction.
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