Hi,
Confused prospect about to start at an American BB in London. How do groups affect what exit opportunities you can access? For example, will someone from M&A/ECM/DCM or a non-relevant coverage group (i.e. TMT) be recruitable by RE/Infrastructure PE investors, or will that be reserved for those within RE/Infrastructure coverage groups?
Thanks
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Based on the most helpful WSO content, your group can significantly influence your exit opportunities, but it doesn't entirely limit them. Here's a breakdown:
M&A Groups: These are generally the most versatile for exit opportunities. M&A experience is highly valued across Private Equity (PE), including RE/Infrastructure PE, because of the heavy modeling and deal execution exposure.
ECM/DCM Groups: These groups are more product-focused and less modeling-intensive compared to M&A. While ECM/DCM analysts can exit to corporate finance roles or strategy positions in companies, their skill set is less aligned with traditional PE roles. RE/Infrastructure PE investors may not prioritize candidates from ECM/DCM unless they have specific relevant experience.
Coverage Groups: If you're in a non-relevant coverage group (e.g., TMT), it might be harder to break into RE/Infrastructure PE. However, it's not impossible. Your ability to pivot depends on how transferable your deal experience is and how well you can network and position yourself during the recruiting process.
Relevant Coverage Groups (e.g., RE/Infrastructure): These groups provide direct exposure to the sector, making you a more natural fit for RE/Infrastructure PE roles. Recruiters in these areas often value candidates with sector-specific knowledge and deal experience.
Ultimately, while your group can shape your trajectory, networking, deal experience, and how you market your skills will play a crucial role in determining your exit opportunities. If you're aiming for a specific sector like RE/Infrastructure PE, try to gain relevant exposure or lateral into a group that aligns with your goals.
Sources: Investment Banking vs. Capital Markets - How different are they?, Citi or CS?, Going from IB to ECM or DCM? Anyone made this move?, A Few Observations on Investment Banking Exit Opportunities, Accept mid-tier BB Offer or continue recruiting?
bump
Most recruitment at the PE shops takes place at the junior (AN and junior AS) levels, by which stage your arent particularly specialised, however:
1) Some groups are seen as less applicable. If your goal is PE, I'd avoid DCM / ECM / Structured Products if you can
2) Some groups are quite voactional - for example Infrastructure, Restructuring, Real Estate are particularly unique in their approach to valuation and returns - specifically choose these if you want to move to the relevant PE fund (e.g. Infrastructure for Infrastructure funds)
3) NatRes and FIG are quite specialised, so on the MARGIN avoid those if you want to move to generic PE
4) Outside of that, M&A and the coverage teams (TMT, Consumer, HC, etc.) are more or less equivalent. You should apply with the expectation that you remain in that team - nothing is guaranteed.
What would you choose between FIG at a top 3 BB vs a generalist sector at a low BB?
Generalist because I don't enjoy FIG personally. But in terms of PE recruitment I mean don't overthink things
A lot of MFs invest in FIG.
Would working in Real Estate IB mean that you can't get in to generalist PE? Have you seen anyone manage to make this move or do they always end up in REPE?
The reputation of the group matters much more. GS FIG will likely have better exits than Citi M&A despite how niche FIG is and how generalist and technical M&A is. PJT/EVR Rx all end up in MFPE and a few even in tiger cubs but you will not see the same for HL Rx.
Obv would avoid the capital markets groups in any bank.
Sir was the lettuce you consumed for dinner of the 'Devil variant', or have you just not noticed you are on the UK forum?
Tiger Cubs? In London? aha
PJT/EVR RX -> MFPE? In London? aha
EVR RX is not even a top 3 RX house in London so not even in the conversation in this case.
PJT RX in Europe is still excellent. All end up in MFPE? Absolutely not - not even the top 5%. MFPC/Special Sits/Distressed Debt? Most certainly. A good few make that move but definitely not close to all.
GS FIG vs Citi M&A is a toss-up when it comes to exits. Sure if you are deadset on FIG PE, then it's an absolute no-brainer that GS FIG is superior. Harder sector to like than others ofc. I hate FIG but would pick GS FIG. The brand of GS + A respected group at GS would make it fairly easy to lateral to another bank of a similar tier in a different group and worst-case scenario would be taking a title downgrade and moving to a lower-tier BB. That's because of my risk appetite and the structure of London PE recruiting, where we have a lot of time to decide before making the move to PE. Of course if you are more risk-averse and don't want to risk wasting any time, then a Citi M&A would be the most logical option.
Would your insights be similar for IBD -> HF too?
You absolute cornball
Oops did that see which forum. I do still think the concept of individual group reputation mattering more still stands in the UK tho. I just don’t know what the actual ranking is.
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