Infrastructure IB
I recently received a solid MM 2023 SA offer, and without getting too specific, it will be a generalist M&A internship in NYC. I am also under the impression that most analysts will return full-time as generalists, at least for the first year, with the opportunity to get more sector-focused after that. I think its a solid shop, but with the apparent boom across the infrastructure space, I've become very interested in pursuing a role on a dedicated infra team for my FT analyst stint, and the bank I'll be joining doesn't really cover the sector at all from what I can tell. Assuming I get an offer after this summer to leverage for FT recruiting, what are some infrastructure-specific banks / groups I should be targeting? I understand there are several European banks (SocGen, HSBC, MUFG) that cover the space very well, but how would these compare to the EBs and BBs (NYC offices only)? M&A focus is also very important to me, so would also like to clarify if any of the European infra banks play heavily in US M&A or if they are mostly geared towards financing. On the EB side, it seems like Rothschild, Evercore, Lazard, PJ Solomon, and Guggenheim all have dedicated infrastructure teams, but does anyone know if these groups hire analysts, or if they just pull from the generalist pool at that level?
Do you want to do Infra m&a or infra financing (project finance)? These are very different things and the banks like MUFG you mentioned are only really active on the financing side.
For m&a banks often have it under Power & Utilities. I would add Macquarie to your list of big infra coverage banks.
Definitely have a preference for M&A given the optionality this would provide in terms of exits. Will look into Macquarie as well - are they strong in M&A or more akin to the infra banks focusing on financing? With regard to the Power & Utility point, where would the transportation side fall of the infrastructure equation fall?
Macquarie has a dedicated Infra M&A advisory team which they're mostly known for based on a couple calls I've had with them. Especially since Macquarie's PE division, MIRA, is one the biggest infrastructure investment firms in the worldAnd it depends, I would say if a bank has an infra team it would be under there, but otherwise I've heard that Industrials covers transportation sometimes. Don't cite me though as I’m only really familiar with my BB and a couple other firms
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