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Based on the most helpful WSO content, the Natural Resources (NR) team at Goldman Sachs in London is generally well-regarded, but there are some nuances to consider:

  1. Hours: Like most teams at GS, the hours can be demanding. However, the workload and intensity often depend on the specific verticals and deal flow at the time. NR teams, especially those focused on energy, mining, and power, tend to have periods of high intensity due to the nature of the industry.

  2. Culture: GS has a reputation for being competitive and intense, but the culture can vary by team. The NR team in London is likely to reflect the firm's broader culture, which is known for its high standards and focus on excellence. However, some WSO threads suggest that GS teams in London can be more stressed and detail-oriented compared to other firms.

  3. Exits: The NR team provides strong exit opportunities, not only to infrastructure-focused funds but also to traditional buyout private equity (PE) roles. The GS brand name and deal exposure are significant advantages when pursuing exits. However, some caution is advised as there is a risk of being pigeonholed into the natural resources or infrastructure space, depending on the deals you work on.

  4. Deal Exposure: GS NR teams are known for working on high-quality, large-scale corporate M&A deals. While the deal flow might not be as high in volume as some other groups, the deals are often significant in size and complexity, providing excellent experience for analysts and associates.

If you're considering this team, it’s a strong choice for someone interested in natural resources or infrastructure, but it also offers flexibility for broader PE exits.

Sources: London IBD Cultural Differentiators between GS/MS/JPM, GS NY Natural Resources, BAML M&A London - Exit opps? Hours? Reputation?, Top Power/Utilities/Renewables Coverage Groups, Technology IB Coverage Group - Exits, Interview Preparation, etc.

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