BAML LevFin

BAML LevFin is all execution and operates as an essentially self-contained banking group if you’re a part of the origination.

Come out w only real deal experience and well-rounded in whole process

Depends on the bank. BofA and JP essentially run LevFin in the United States and even if they are not leading a certain deal, having their name as a co-arranger or co-bookrunner is common unless its a smaller deal or Leverage is too high (@Jefferies). Other banks do some LevFin work, but they are limited and often have 1 LevFin team that is more capital markets (more pricing, less modeling etc). Not sure the structure at other banks, but at BofA USA they have three LevFin teams.

1. NYC LevFin Origination - this is the BAML/BofA LevFin everyone talks about. They are an IB group in the IB program. They work on deals ranging from LBO, M&A, Refi, Recap, Spin-off, etc. Good client mix of corporate vs. sponsor. They are modeling/technical heavy. On PE work, sometimes Sponsors runs the model, sometimes its LevFin, sometimes both. Massive deal flow and many exit to MF or MM PE, Top Direct Lending or Credit shops, or whatever interests them.
2. NYC LevFin Capital Markets - this is the team that deals with pricing, syndication, and is more markets facing.
3. Charlotte LevFin - I believe they do middle market LevFin?

CS also is a modeling heavy group from what I hear, which makes sense since they historically are heavy hitters when it comes to dealing with sponsor clients. But CS has just a fraction of the volume BofA/JP work with. However, JP does not model and much of "interesting" LevFin work is integrated in other groups.

The BAML NYC LevFin (origination) team is pretty respected and regarded. Exit ops are there, but it makes sense that not everyone from that group ends up in PE since interests vary and LevFin affords different sorts of exit ops as well.