I know it’s a fast growing space and it’s pretty broad and variable in terms of product. Which banks have the best fund finance groups that do more than just straight cap calls (like wells)?
Also, what are thoughts overall on this space as far as exits assuming you’re doing more esoteric stuff?
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I work at one of the MFs with a dedicated cap markets team that does this internally. Honestly the gig looks super sweet for seniors but pretty boring for juniors, even on the new stuff like CFOs/portfolio financing. Exits are pretty rare, mostly people just shuffle around between the managers with a FF team or go from FF IB to the cap markets functions. It's "growing fast" sure but don't mistake that for you being able to take on additional responsibility/move up faster given how much of it is a relationship biz.
For banks that do more than sublines, MS/JPM have a good amount; I'd say BNP/MUFG/Natixis show up a decent amount too, besides those I'm not super familiar. GS also has a FF team that structures but doesnt lend I believe
Going into a CFO team can I PM
What makes it boring? Seems like pretty interesting / new structuring stuff
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my bad, they havent worked much with us so wasn't sure. On the CFO stuff- the structuring is pretty interesting but I would say that the IB FF groups are not dealing with the interesting side. Our team is in the midst of raising a CFO so can explain a bit more here: our own investment team/cap mkts team structured it and sent out the composition to WF. WF reached out to a bunch of HFs/credit investment firms to place the CFO pref/parts of the equity as well as handled alot of the NDAs/VDR diligence. WF would send us updates every once in a while on leads + any additional firms to reach out to. Their function here is much more as a fundraising group than in participating in the complexity.
Got it. So as the “structuring agent”, and given that HFs are on the buyside of this deal, would it be reasonable to assume that’s a viable exit?
Sorry for all the questions - but this is very helpful, ty.
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