Just judging by the conversations I’ve had recently, it seems like deal flow is picking up. Is this actually the case, and (at the risk of sounding like a tool), does it mean banks will take more kids for SA25 ?
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Too early to call it… can call this 1st wave of assets that absolutely need to be sold.. for liquidity or otherwise
Yes seeing lots of deal activity, feels like I’m working a lot later this month compared to before
I don’t think true dealflow is picking back up, but more so deal anxiety or call it deal anticipation is. What this means is that companies are testing the waters of the capital markets, but nobody expects the IPO market to truly open up until the backend of 2024. Or companies and sponsors are starting to show more interest in M&A, but deals are just dropping off the face of the earth / true interest in getting the thing across the finish line doesn’t seem to be there.
Good companies that have any real value (ie have a runway > 2 years) are holding off on raising cash or selling because they know valuation multiples will be depressed as long as interest rates are this high. Nobody wants a down round or less than 5x exit (at least in tech).
What this means for hiring is that I wouldn’t expect any surge in class headcount for SA’s, but busy groups do have a demand for extra full-time analyst talent. FWIW, projected deal volume for this year is depressed, similar to last year - so nobody is hiring an extra 10 interns for pitch / account management work.
good to know, thanks +SB
Would this have any affect on the incoming SA 24 class?
Nope nope nope
potentially better return offer rates for 2024SA's compared to 2023SA but thats about it
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