IB in LA's Exit Ops
Hey all,
So I am on board to start a a top LA IB office(Moelis/CS/GS) this summer, and I am wondering what the exit opportunity recruiting scene looks like in LA. I know most banks here only have 5-6 analysts per class, so there should theoretically be a much smaller pool of analysts shooting for the exit opps, but then again, LA isn't exactly a finance hotspot...
So does anyone know much about the PE/Hedge Fund recruiting scene outta LA?
Moelis has very good exit opps. They help their analysts a lot though in preparing for PE interviews and giving referrals. I know all of the 2nd year analysts have offers to start at very good PE firms starting this fall. CS only had 1 or 2 of 4 or 5 SAs return to full time this year so I don't know what is going on there.
CS has SERIOUSLY cut their LA office down. They just laid off their COO and a few Directors. The analyst classes have decreased over the years from 7-9 to 4-5. They only gave out 2 FT offers to SAs in 2011 for 2012. Tough times kids, tough times. Hate to say it but consider choosing either a different city or a different career path because if financial advisory (IB speaking, not PB) doesn't pick up in the next few quarters, interviewing for 2013 will be equally bad.
CS LA gave out more than 2 FT offers but its just that most were not accepted. They have a pretty brutal office and a lot of kids declined their offers.
The exit ops out of LA are very competitive. I know out of CS and GS, Analysts look to either head across the street to Ares or Imperial Capital. I know a couple of Analysts that have gone the RE P/E route to Colony Capital in Santa Monica as well, but overall it's limited and competitive. Top shops being the ones I just mentioned and maybe Oaktree.
Other options are making a move to SF where the VC/PE/HF game is better.
Gores, Platinum, GRP, Clarity and Aurora are a few additional PE shops in LA. There are also some corp dev opportunities with companies in the media space. Being on the ground out there should make it easier to get in front of the local shops for exit ops.
oaktree is another option. Howard Marks distressed fund
All of CS LA's summers were given offers, none of them except for one accepted. I've talked to a couple ex-CSLA analysts, sounds like a terrible place to me.
GS will get typical exit opps - good access to top MMs and MFs, nothing out of the ordinary.
Moelis LA is absolutely disgusting. consistent 100% placement into TPG, Silver Lake, etc. lots of support from senior people when it comes to recruiting.
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