Best Project Finance Groups on Wall St?
Which banks are the best for project finance?
By “best” I mean strong deal flow and strong exits to Infra PE kinda gigs.
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Definitely MS. Similar to lev fin, the role/responsibilities can vary widely across groups. MS’s project finance is top tier and does all in house modeling. Lots of great exits. Very traditional IBD feel.
I think Macquarie is good too? Not sure.
Seems like a lot of groups do in house modeling, is the reason you say MS is deal flow related? Genuinely curious
I was told not all project finance groups model, but that conflicts with the user below who said all groups model by definition. Not sure about other places, but the analysts really do run the model and crush it on modeling exams.
Have heard MS project finance has sick exits and it’s basically guaranteed analysts leave for buy side roles which is why they hire a lot of MBA associates. Also heard comp is “top of the street”.
Yes, the Asian banks lead in terms of deal size, but MS wins on its people and advisory, not it’s balance sheet which I think is particularly attractive. Plus the overall MS brand name compared to the Asians banks if you decide to leave finance.
MS? When is the last time they did a PF deal?
Best groups for analyst experience are GS and JPM, then Citi / MS.
All PF groups, by definition, do in-house modeling. The groups above are better than the BNPs / MUFGs of the world because they focus on infra advisory, M&A support, and bond underwriting. The French / Japanese banks are on top of the league tables but do almost exclusively TLAs (cheap cost of capital).
Source: Former PF analyst
Are exits exclusively to Infra PE and credit funds? Curious where most people end up
yes, haven't seen anyone go generalist without an intermediate step
Maquarie, DB (private credit), MS, GS, JPM all do very well in infra PE recruiting.
You still get looks if you're at a French/Japanese bank, but usually only at the analyst level and not the same level of interest vs the tier above. If you're an associate stuck at one of these PF shops, it becomes much harder to make the move as by then you're considered too old and on career track for PF banking.
If you already have PF experience at a French/Japanese bank but missed out on infra pe recruiting, then going MBA route might improve your chances. With that said, I think most infra funds don't actively recruit MBAs so you'll need to hustle and network.
Op, just curious what draws you to project finance in particular?
Curious too
OP here: I am joining a BB that is well known for project finance and has great exits, and I think it could offer an interesting alternative from the usual coverage/M&A -> MF buyout to project finance -> MF Infra. Honestly, Infra PE is very interesting to me and from what I’ve read online you still get strong pay (less than typical PE) but you work less hours and still get carry. Seems like a good gig to me.
Any Infra PE people can confirm/deny my claims just regurgitating what I’ve read.
You will get crushed at top infra pe funds no different than traditional MF PE. Ask the folks at GIP, Carlyle, and Stonepeak how their WLB is.
MUFG actually has a very strong project finance group. Their best group by far and is one of the leaders in deal volume + deal size.
Probably any big bal sheet bank
Yeah excluding the BBs I'd say MUFG has the best PF group.
From my experience it might be best to just figure it out with whomever gives you the opportunity. The hardest part about PF is just getting in, it is super easy to move around between banks and the headhunters are always in a frenzy. Anyone who is consistently high in the league tables is a good start.
This is the most realistic advice
What are project finance bonuses like? I know one person at a BB who said their group pulled in “top of the street”
Interested
Anyone know how easy is it to lateral from public finance to project finance. Will be interning with a BB in the public finance team in 2023, interested in doing FT for project finance, is this possible to lateral from intern public finance to FT project finance at same BB?
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