Was wondering what does deal flow and exit opps look like for large MM banks like BNP, Keybanc CM, HSBC, and ING in the U.S. specifically from a lending perspective (e.g,, DCM, LevFin, Corp Lending, etc)?
Thanks!
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Based on the most helpful WSO content, deal flow at MM banks can sometimes be challenging. Some MM banks may not be getting as many deals, which doesn't necessarily mean less work, but it might involve more pitchbooks and fewer live deals. This could potentially impact your deal experience.
As for exit opportunities, it's important to note that many analysts at MM banks view the MM banking path as a career rather than just a stepping stone to get to PE. There are many good MM and UMM PE shops that place well into M7 business schools if that's your ultimate goal.
However, it's also worth noting that there are a number of factors that can influence the movement between large and small funds. For instance, there are simply more MM funds than large funds out there, and folks who work at the larger funds generally have better academic credentials.
In conclusion, it's crucial to evaluate where in the PE market you want to participate and pursue those opportunities. There are some very good threads on WSO discussing the differences among the different market segments.
Sources: https://www.wallstreetoasis.com/forum/private-equity/then-and-now-compbanker?customgpt=1, Middle Market Banking Exit Ops, what do they look like?, 5 Reasons to Avoid Working in MM Investment Banking (Other than Prestige/Exit-Ops), What Field Are You And in What Broad Region?
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