Evercore Menlo Tech vs. Moelis LA vs. Lazard SF Tech vs. JPM NY

Got offers from two of these groups for Summer 2023 and superdays in the other two and need help deciding.

End goal is VC / GE / Tech-related PE (whether in Bay Area or NYC)

What do you think?

16 Comments
 

not the analyst above but agree broadly with what they said. I would rank Moelis LA > EVR Menlo > JPM NYC > Laz SF. Moelis LA is likely the strongest of the 4 teams. You also get to live in LA and get strong M&T experience. Evercore MP Tech is very strong and exits into PE/GE/VC and corp dev are top-notch. Very easy story to tell especially since the founder of the office, Brian Roberts, left to join Walmart to lead their e-commerce initiatives and then became CFO of Lyft and OpenSea. JPM NYC is the most structured and most conventional opportunity plus you get to live in NYC. Laz SF is mostly software and not even a top 5 SF firm for M&A experience + exits (would put Q, GS, and MS above w/o a doubt and prob EVR MP and JPM SF). Your decision at the end of the day of the 2 you actually got offers from (plus we don't know your geographic preferences)

Edit: wanted to add Laz SF office will be doing a lot more capital raises on a going forward basis so that is something to be mindful of. I discount that experience significantly. 

 

Moelis LA probably best but do consider the WLB factor, Evercore Menlo could be better its a solid tech group. JPM will be solid as long as you are confident getting placed in a good group that supports recruiting. 

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Going to tech-focused MF PE in a few months. Moelis LA has strong exits especially to traditional MF, but most of my friends went to generalist groups / found it harder to place in Tech specific MFs post-analyst stint. Knew three people at JPM NY, only one of which placed in MM generalist PE (the other two simply weren't prepared / did not have the technical skills to get through because they weren't in modelling heavy groups).

In my opinion, based on what you want to do, it should be between EVR and LAZ. Both firms now pay analysts roughly the same, both do a ton of cap raises (which are great processes to be a part of contrary to what the poster above said and shorter than typical sell sides so you can close more deals). EVR has a stronger sell-side practice while Laz is stronger on the buyside (Google, IBM yada yada)

Evercore Menlo placed lights out in last cycle: TPG Growth, GA, Thoma Bravo Growth - mostly UMM/MF tech: consistent exits to well-known VC shops as well, the current analyst class placements are still in flux this cycle 

Lazard SF analyst classes the past two cycles: Silverlake (x2), 6th Street, Thoma Bravo, Clearlake, CVC + great MM shops like Siris - pretty much UMM/MF tech for every analyst that wants it in both NY and SF. They've placed well in the current cycle as well (Silverlake + other 50bn+ funds)

I have good friends at both of these places and think the culture is great in their own way - think about which conversations you liked more, Menlo vs SF, and whether you want your work experience to lean more sell-side or buy-side (caveat is that both teams are great on both sides). While both shops place well into GE/PE, EVR has recently sent more people to VC while Lazard has had a few people leave for strong corp dev / industry tech roles. Having been in the tech banking universe for three years, I can confidently say that Lazard and Evercore outplace Qatalyst at the analyst level into GE/PE almost every cycle.

 

Personally, I'd choose between Moelis LA and JPM NY, but that's because I think living in Menlo Park sucks ass and I much prefer LA over SF. However, if you are definitely sure about your end goal into VC/GE/Tech PE, I'd probably go with Evercore Menlo Tech. While Moelis LA is top dog on the West Coast, most of the great exits are generalist/non-tech specific. And while NYC's tech scene is great, there's nothing like the Bay Area when it comes to true tech culture. 

 

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