Goldman Sachs IRAF - anybody?
I am currently working at a European bank in PUI coverage. Work is great, honestly top coverage in Europe & Americas. Comp could be better.
I have an upcoming interview with Goldman IRAF team. From what I gathered, it's a new team with a fluid work flow. A buddy of mine who's a trader at Goldman didn't even know this team existed at all. If I'm being honest though, some of these JD lines sound like credit risk. They structure and model financing projects but there's little emphasis on coverage. I'm assuming this is a project financing group?
The guy who will interview me also has in his LinkedIn description "portfolio management" on top of structuring & execution.
Curious about this team and what it does. Is it regular project finance lending?
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I don’t know much about IRAF but just FYI - all credit groups must have a portfolio management function.
I worked at project finance advisory. One of the most important agreements between the lender and developers/sponsors was the SPV reporting to the lenders on cash, DSCR/LLCR, construction progress (which must be matched with drawdowns according to your loan agreement), and so on. Even after operations start you have to monitor positions of reserves if they have enough cash or you’re being paid for your LCs, plus any SCF changes, and biggest of all, refinancing negotiations. These are inherently a part of any lending group.
I know this team fairly well
Mainly financing of larger capex projects e.g. muni, bridges etc.
A lot of DB laterals came over as part of PF mandates as you mentioned
They work a lot with the other asset-backed financing desks as well
It isn't new per-se but it does have a fluid mandate, that's right.
Issue with the team is that GS doesn't have a balance sheet to lend from consistently, so its ability to win mandates is limited compared to e.g. Santander or DB.
Do you know what their comp is like for An1/2?
AN1 65k base
AN2 not sure, assume in line with standard comp
That's not bad at all!! Even if An2 is bumped just a little, still very decent for a lending role.
I understand they lend from the balance sheet, and there's no deadline to sell unlike LevFin. But do you know if they get any bonuses at all?
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