Infrastructure IB Group Rankings

Based on the most helpful WSO content, here’s a breakdown of Infrastructure IB group rankings and insights:

Top Infrastructure IB Groups

1. Macquarie

   • Known as a dominant player in infrastructure investment banking globally.
   • Offers an exceptional learning experience, though compensation is often considered subpar compared to peers.
   • Highly respected in both NY and LDN markets.

2. Evercore

   • A well-regarded boutique with strong infrastructure deal flow.
   • Frequently mentioned as a top choice for infrastructure-focused professionals.

3. RBC

   • A strong contender in the infrastructure space, particularly in Canada and Europe.
   • Offers solid deal flow and exit opportunities into infrastructure private equity.

4. French and Japanese Banks

   • These banks, such as BNP Paribas and SMBC, are often noted for their infrastructure focus, particularly in project finance and public-private partnerships (P3s).

5. Boutiques like DC Advisory

   • In Europe, DC Advisory is highlighted as a strong player in infrastructure, often competing with larger banks.

BBs and EBs with Infrastructure Coverage

• Goldman Sachs (GS): Infrastructure coverage is mixed across industrials, power, and energy.
• Morgan Stanley (MS): Transportation-focused, covering airlines, auto, and other infrastructure-related sectors.
• JPMorgan (JPM): Diversified Industrials (DI) group often handles infrastructure-related deals.
• Barclays: Strong in Power & Utilities, which overlaps with infrastructure.
• Rothschild: Infrastructure Power & Renewables (IPR) group is growing but still proving consistency in deal flow.

Key Insights

• Many banks do not have dedicated "Infrastructure" groups. Instead, infrastructure is often lumped into broader sectors like Power & Utilities, Natural Resources, or Industrials.
• For infrastructure private equity exits, working in Power & Utilities (P&U) or Natural Resources groups is often the most direct path.
• Infrastructure banking is niche, and deal flow can vary significantly by region and bank.

If you're targeting NY or LDN, Macquarie, Evercore, and RBC are standout names, while boutiques like DC Advisory are strong in Europe. BBs like GS, MS, and JPM also provide solid exposure, albeit with infrastructure often integrated into broader coverage groups.

Sources: Q&A - Infrastructure PE & IBD, https://www.wallstreetoasis.com/forum/investment-banking/ib-pu-vs-infra-project-finance-teams-for-infra-pe-recruiting?customgpt=1, Best Groups at BBs, Best Banks for certain Groups Ranking, Q&A - Infrastructure PE & IBD, Rothschild NYC Groups