August 2024 SF Tech Banking Updated Ranking
As tech deal flow starts to pick up, below is an updated ranking of SF Tech Groups (feel free to add any thoughts):
Tier 1: Q, GS TMT, MS Menlo
Tier 1.5: JPM (picking up significant mandates but still behind the big 3), Evercore Menlo
Tier 2: Lazard (less deal flow than before although still great exits), Moelis (more deal flow after SVB acquisition), Citi (deal flow in M&A improving), Jefferies (very strong in sponsor mandates), CVP Palo Alto (not sure how good after losing top seniors)
Tier 2.5: BofA Palo Alto (group is lagging after losing top rainmakers), Barclays (lost top talent to UBS), William Blair, Piper Sandler (picked up pretty big sponsor mandates), LionTree (internet and B2C space is slower recently), Tidal (one major deal for Cisco)
Tier 3: Wells Fargo, UBS, Deustche Bank, Union Square Advisors, Mizuho, Nomura, JMP Securities
Feel free to add more thoughts and base your answers off of recent deals.
Curious about JPM - how have exits been and is it still super sweaty?
Sweaty as fuck, got some nightmare MD/EDs who make life miserable (source I’m in a JPM product group that works with them a lot)
super helpful, see that hasn't changed from older threads. any insights into how exits are? are MF/UMM placements common?
how would you split Cov vs. M&A?
You left out another tier 1 firm, FT Partners. 140k base btw.
Good catch
Anyone got any insight on Mizuho, Nomura, and JMP in SF?
Would move GS TMT a tier lower after the massive senior exodus they had. Still a strong brand but not on MS Menlo's level anymore in terms of deal pipeline and mandates.
Would move Lazard a tier lower as their deal flow has been weak since losing their key rainmakers. They haven't been a relevant player in tech banking for a while now and do a ton of pitching with little to no success. Can't comment on Moelis / CVP but haven't seen them on any notable transactions recently.
Citi is now a key player in software M&A as you noted, but that hasn't been the case for their other verticals (internet, semiconductors, IT services). They verticalized their TMT team down to the analyst level and the software team should be a tier higher, while the rest of the vertical teams a tier lower.
BofA and Barclays both suffered major senior losses and their deal flow have been non-existent at least within M&A, so agreed on the tiering.
Piper tech should not be in the same tier as William Blair. Jefferies should not be a tier above Blair.
WF / UBS / DB / Mizuho / Nomura are only on financing deals these days, while Union Square works on LMM sell-sides.
Overall, it's hard to group the BB/EB with the MM/LMM names as they compete across different parts of the market.
Where do y'all think Rothschild LA rank on this, heard they are having solid deal flow lately
Any info on PWP?
Would move tidal .5 tier higher - that’s basically old CVP
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