How Good is Jefferies SF Tech?
How does Jefferies SF Tech compare to Evercore, Lazard, BofA, CS, Barclays? Know they do a good amount of sponsors deals
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BB bay area tech M&A banker here, so I can add some insight. Jefferies SF is overall a very good group, but it depends on what you judge them by.
Deal flow wise, they're very solid across M&A, ECM, and LevFin. ECM practice was insane last year, and they do a fair amount of sponsors deals based on their LevFin practice, but their M&A practice is also very good. They have good M&A dealflow variety, a lot of sponsors sell-sides and buy-sides, a fair share of SPAC deals, and also good strategic deal flow as well. As an analyst, you'll be able to get your reps in and will overall have a good experience. Comparing M&A deal flow to the above banks, Jefferies is roughly between Barclays and CS (they came just below CS in official Tech league tables last year, but they do far more volume and do a lot of sponsor deals with undisclosed values, and once those are factored in they are closer to Barclays than CS in deal volume based on what I know about the undisclosed deals they did). Evercore is better for M&A deal flow, and Lazard is worse despite their relationship with several blue-chip tech companies (a lot more retainer work).
Culture wise, its somewhat mixed. The seniors are mostly chill, a lot of ex-CS guys who jumped over 2016/17, and the juniors are quite collegial together, but the mid-level bankers are a bit mixed, and spoil the culture a bit. A number of the mid-level bankers just come off as insecure hardos and make things a bit harder, but otherwise, culture seems to be not too bad based on what I've heard.
Exits-wise, Jefferies SF is surprisingly very solid. I'm not the most tuned in to exits, but over the past few years I know of Jefferies exits to Francisco, TB, Permira, Marlin, Accel-KKR, GTCR, Onex, Clearlake. Overall Evercore, BofA, and Barclays probably beat out Jefferies for MF growth and buyout exits, but Jefferies SF can hold their own against mid-tier SF BB groups for UMM and MM exits.
Most accurate, can confirm.
How possible is MF out of this group? Thanks for the in depth write up.
While Lazard SF doesn’t have the best deal flow, they actually have the best per-capita exits out of these - out of 4 analysts that exited last year, 2 went to MF (Thoma & Silver Lake)
How does BofA PA compare with those mentioned above in m&a deal flow?
Also at BB in Bay Area, generally agree with the above from what I've seen. Not super familiar with how Jefferies in particular splits up banking, but if it's the usual coverage / capital markets model then the below is worth considering -
One caveat is that ECM being insane (as in, on a lot of IPOs / follow-ons / etc.) IMO isn't a plus for folks in coverage (and actually might be a minus for junior non-career bankers). Jefferies isn't lead left (or right, or third position) on any major deals (can think of 1 or 2 in the last few years), so a lot of the work the coverage bankers do is internal memos and the like. Not saying that's bad - you still get reps analyzing these companies - but when you hear "oh Jefferies was on [pick your hot tech IPO]", they're not the ones writing the S-1 / prepping management for roadshow meetings / etc. Their ECM team is moving shares and the coverage team is mostly doing internal memos and baking off for 4th+ bookrunner. This business model works because it's relatively easy / very high ROI fees for seniors, but it makes the junior experience a bit painful.
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