Healthcare IB in SF
What are the best HC IB practices in SF? Seen a lot on this forum about tech but curious as to HC.
Also, how do these groups compare to HC groups in NYC??
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Hard to rank but a number that stand out (in no particular order below). - JPM is the HC shop for BBs. Do both financings and M&A although from what I can see its mostly equity raises, debt, etc. in SF - Centerview kills it in the biotech space (seems to churn out public co sell sides) butis pretty non-existent in devices, services, tools, etc. - PWP has a great model set up where SF juniors work closely with NY / London doing all sorts of transactions across all verticals. Buddies in their HC group have mentioned exits to Carlyle, Linden / other top HC focused shops - Lazard seems to cover certain clients in biotech out in SF. Heard its a pretty tough culture though (could be wrong) - Evercore in MP does mostly cap raises in HC
Any context on MS/GS?
Also, how does PWP/Laz compare with the traditional top HC groups (ie JPM)?
Thanks for the context! Thinking about recruiting for the aforementioned and this is really helpful.
GS covers HC in their west coast coverage group (consumer, HC, etc.). TMT obviously the main focus in SF for them though and have heard this group is weaker (although GS is a great if not one of the best brands to have). Had a buddy there who only closed one HC M&A deal though in his time there...not sure how representative that is. Not too familiar with MS but think their SF office covers public finance / hospitals / services (someone correct me).
Think it's hard to compare PWP/Laz with BBs. You'll definitely see more volume at BBs but keep in mind a lot of that volume will be financings and not pure M&A. My buddies mentioned PWP's senior team is entirely made up of ex-JPM MDs (a number of them were head of HC while at JPM). So overall, PWP/Laz do very well pound for pound. In the verticals they cover, they have a number of repeat clients (Laz with Gilead, PWP with BD, Medtronic, etc.). I don't think you can go wrong with either.
can Evercore Menlo keep up with the rest? i heard HC is great at EVR but what's the difference between their NY and SF offices?
Clarify: Evercore HC is amazing, at the NY office
Avoid the other one
Have friends in MS HC/GS WRA who placed into top UMMs/MFs (TPG/Advent/KKR etc) so their exits are definitely strong as well
Can confirm, recent MS HC west coast landed KKR
H
If you were most interested in prestigious exit ops to non-HC roles, would you take a PWP/LAZ HC over a MM generalist?
Yes, PWP/LAZ HC are both top-notch and the majority of exits are to non-HC specific buy-side roles. Firm name is important in PE recruiting, and PWP/LAZ brand will help significantly.
Thx man, insanely helpful!
They said healthcare in SF. I'm pretty sure, correct me if I'm wrong, Lazard SF is exclusively biopharma. I don't think that exits into PE.
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