Dallas IBD/PE Opportunities
Hi everyone! I'm currently a rising freshman at a Texas target school (UT, Rice) and I'm really interested in breaking into high finance through Dallas. Not only would I strongly prefer to live in Dallas due to familial ties, I also know that there is a lot more generalist focus rather than O&G, which seems to have a relatively unstable long-term career outlook. I know GS has a RE IB and an SSG branch (SLG specifically) and JPM has a MM IB branch, but I'm unsure of their exits/hours/comp. Any insight would be appreciated on either those firms or any other notable opportunities there are to start out a career in Dallas in high finance. Thank you for your time!
Currently recruiting for dallas opps so can comment.
There is GS IBD Financing and SLG, JPM MM, Stephens, Deloitte IBD, Houlihan M&A and RX from what I know.
I'm familiar with the Dallas IB scene. It's a small market so I wouldn't necessarily just tie yourself to IB in Dallas only and would keep your options open. As said already, GS has some RE IBD and I think a small MM group. JPM has a MM group but no juniors for that team and they have a couple Consumer analysts (they take like 1 intern a year who converts to full time and that's pretty much it). HL & Stephens have the biggest offices in Dallas for IBD. HL probably around 40 professionals on the corp finance side and like 10-15 RX guys (I believe the RX guys have a heavy O&G focus since they're in Texas but they will work on stuff outside of O&G when default rates are low I believe). HL coverage has Consumer (I think around 3-4 analysts usually), healthcare (more like 2-3 analysts I think) and industrials (a small OFS focused team not sure on size but the smallest coverage group in Dallas for sure). I've heard very bad things about the HL healthcare team in terms of hours/culture (they seem to have a ton of turnover at the analyst/associate level). Stephens has an office about 60 or so IBD professionals consisting of DCM, RX, industrials, TMT, Energy and financial services (with energy being the biggest group). Stephens program is generalist so you should work across those groups as a junior analyst. Deloitte has a small corp finance team as well (would be legacy McColl Partners which Deloitte acquired) focusing on LMM deals. Greenhill has a small team but believe its like secondary fund advisory or something so not your traditional IB your looking for. RJ has a few energy guys in Dallas but I want to say the juniors are all in Houston. Lincoln International has one banker that works on education tech in Dallas (I think like 1 analyst or maybe 2 in Dallas for him). MHT Partners is a boutique I've come across started by ex DLJ guys and focuses on LMM-MM deals (8-12 analysts or so I believe). Again the groups are small so tough to get a foot in the door especially with SMU so close a lot of the analysts come from there but I do see a good amount of UT-Austin people (don't come across many Rice people, I feel like they mostly stay to the Houston groups). All the big banks have corporate banking groups in Dallas as well if that's a backup you're fine with
Also Evercore has 1 banker in Dallas as well. He was at GS for a long time and leading their regional coverage out of Dallas but he moved to Evercore a couple years ago I believe. All his support is out of NY
Just adding to this, RBC has their RE IB group in Dallas as well
Very good overall summary. I would only add that due to market size, it's easy to rank these by exit ops and experience.
HL
Stephens
MHT
Greenhill is indeed secondaries, its the former Cogent guys. All the other groups are pretty small and your chances of landing in them are pretty small.
Agree with that order in terms of deal reps/exits. Might add Deloitte CF slightly below MHT but that's the order I would prioritize them. Again I think it's important to broaden your horizon to include Dallas and other cities given the small intern/analyst classes for these groups. Not saying it's not worth putting some time in to network with people in Dallas and explore that option but I wouldn't solely focus on Dallas given limited opportunities and the potential for not getting an offer because of that. Best of luck
Any insight on GS SLG comp/hours? Additionally, would HL and Stephens provide comparable exit opps to the top BB/EB's? Thank you!
HL does very well with the local MM PE scene (Insight, Peak Rock, Trive etc.). Don’t think Stephens is quite as strong but I think their analysts will get looks too.
Agree with the above. Stephens guys also tend to stay on board and make a career out of banking more than other shops in my experience with them
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