Intrepid Investment Bankers LA
Could anyone provide insight on Intrepid Investment Bankers in LA? A few topics of interest are listed below.
1. Deal flow and size: Roughly how many closes per year? Approximate standard deal size? Ratio of pitching to live deal work?
2. Team: Any good senior bankers/rainmakers who came from BBs/EBs?
3. Technicals: What is the benchmark for technicals? How robust are the modeling practices? Quality of work product?
4. Interview: What to expect at the associate level?
5. Perception: How known/obscure are these guys? Do they have a strong standing in LA? Any exit opps or looks from buy-side recruiters? Possibility of lateraling from Intrepid to a brand-name bank?
Based on the most helpful WSO content, here's what you need to know about Intrepid Investment Bankers in LA:
Deal Flow and Size: Intrepid is known as a lower middle-market sell-side group. They focus on sponsor-related deals and have a fair amount of activity in this space. While specific numbers on annual closes or deal sizes aren't detailed, their focus on the lower MM suggests deal sizes are typically smaller compared to larger banks. The ratio of pitching to live deal work isn't explicitly mentioned, but as a boutique, you can expect a mix of both.
Team: Intrepid was purchased by MUFG, which may have influenced its structure and resources. However, there isn't specific information on senior bankers or rainmakers coming from BBs/EBs. The team is likely smaller, given their boutique nature, which could mean more exposure to senior bankers for junior staff.
Technicals: As a boutique, the technical expectations might not be as rigorous as those at larger BBs or EBs. However, given their focus on sell-side M&A, you should expect solid modeling practices and a decent quality of work product. Robustness in technicals may vary depending on the deal and team.
Interview: For associate-level interviews, you can expect a mix of technical and behavioral questions. Given their focus on sell-side M&A, you should be prepared to discuss valuation techniques, deal processes, and possibly walk through a DCF or LBO model. Networking and cultural fit are also likely to play a significant role.
Perception and Exit Opportunities: Intrepid is not as well-known as larger boutiques or BBs, but they do have a presence in the LA market, particularly in the lower MM space. Exit opportunities to the buy-side or lateraling to a brand-name bank might be more challenging compared to top-tier firms, but not impossible. Networking and demonstrating strong deal experience will be key.
For more detailed insights, you can explore the WSO thread on LA IB here: https://www.wallstreetoasis.com/forum/investment-banking/ib-in-los-ange…</a">Intrepid Investment Bankers - WSO.
Sources: IB in Los Angeles - banks, groups, culture?, Los Angeles IB SA Recruiting Mini-Guide, Guide to LA IB Scene (2023 Edition), IB in Los Angeles - banks, groups, culture?, Los Angeles IB
Worked with an MD at a sweatshop that came from there. He had no idea what he was doing. That's all I know.
lol can you please elaborate out of curiosity - was s/he incompetent?
very
if u lateral as an asso, you may not even want to lateral again given their points system with deals. can make a lot of money there, starting as an asso
Currently an analyst, aiming to position myself as ready for an associate role. Is this very uncommon? Might there be some latitude on the qualification requirements given that it’s not exactly a top shop?
From my understanding, comp is a share of fees in cash, correct? With no equity piece and the associated vesting period, how is their retention rate so high? Almost all lifers on LI.
Best culture I’ve come across, big part of recruiting process as well (fitting in)
I talk to two of their MDs there a fair bit. One in particular - nice guy and reasonably intelligent.
I think they are really hungry for business. I was at a dinner with a few other founders and someone brought up bankers, then everyone laughed b/c they had been pitched by the same guy there. Not in a bad way, just funny he had pitched us all.
Did my SA stint there. Honestly really enjoyed it. Super great culture!
Had Super Day with them in LA office. Very nice team and nice office. Got the sense of great culture. Comp structure can be very lucrative at associate and beyond. They are owned by MUFG which owns 25% of Morgan Stanley, so they occasionally work with both of those groups. Got the sense they are growing very fast and looking to hire a decent sized analyst class. Could see them being a solid player in 5+ years in the MM. Best teams are C&R, Healthcare, and beauty. Super Day was very long (8 hours ): lunch, 4 hours of interviews, networking with team, and dinner after. Very fit based: Why MM IB, Why LA, Why Intrepid over BB/EB, and a lot of conversations. Very simple technicals.
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