Incoming SA in public finance - potential exits?
Signed a public finance offer at a BB, but now concerned. Can I break into PE infrastructure or private credit? Or is it possible to lateral to coverage for FT?
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Based on previous WSO threads, here are some potential exit opportunities and strategies for someone starting as a Summer Analyst (SA) in public finance at a bulge bracket (BB) bank:
Potential Exits:
Private Equity Infrastructure:
Private Credit:
Lateral to Coverage for Full-Time:
Additional Tips:
By strategically leveraging your current role and building a strong network, you can position yourself for a successful transition to PE infrastructure, private credit, or a coverage group.
Sources: https://www.wallstreetoasis.com/forum/private-equity/just-broke-into-ib-as-a-lateral-how-do-plan-my-move-to-pe?customgpt=1, https://www.wallstreetoasis.com/forum/investment-banking/breaking-into-private-equity-from-banking?customgpt=1, Breaking into Private Equity from Banking, ECM -> Coverage -> MM PE?, How to break into Real Estate Private Equity (w/ 0 RE Knowledge)
Short answer, yes. Long answer it depends.
I'm at a BB in Public Finance on one of the Infra/Project Finance/P3 teams and I've seen plenty of my predecessors move to other areas of IB (Power, Industrials, O&G, Nat Resources, etc.), Infra PE, Private Credit, and HY Muni AM. I've also seen the NFP HC PubFin juniors move to IB, MM PE, and PC all in the HC space. If you're not on the Infra or HC teams it will be difficult to make a buyside move that is away from Munis.
If you're curious about the Infra/ProjFin/P3 work in particular you can read up about the below recent deals led by Muni teams. A lot of the renewable energy deals are done via the private placement / direct lending markets and aren't public so the below is just scratching the surface:
This is so great brother thank you so much. I’ve also heard that infra and HC are the two best groups in terms of career growth, but how do you recommend choosing one or the other? Are they both pretty evenly matched, and whichever I’m interested in would be better?
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