IP M&A / "IP Investment Banking"

What’s up everyone,

I feel like this sub spends 99% of its time obsessing over BB/EB IB or mega-fund PE, but I’ve been looking into the IP (Intellectual Property) M&A and valuation space lately. Firms like Ocean Tomo, Houlihan Lokey’s Tech+IP group, and some of the specialized boutiques seem to be doing some interesting work, especially with the AI boom.

One thing that’s been bugging me: I see people at places like Ocean Tomo labeling themselves as "Intellectual Property Investment Banking." Let's be real, is that even a thing? It feels like a stretch to call it "IB" when a lot of the work seems like specialized valuation or litigation support. Is it actually deal-side M&A, or is it just a fancy title for technical consulting?

A few things I’m curious about:

  1. The "IP IB" Label: Is this just marketing fluff, or are these guys actually running M&A processes that compete with TMT groups?
  2. Deal Flow/Outlook: With AI and deep tech becoming the main drivers of M&A, do you guys see this niche exploding, or is it always going to be the "supporting cast"?
  3. Exit Opps: If you start at a firm like this, are you pigeonholed into valuation/expert witness work, or can you actually pivot into tech-focused PE or Corp Dev?
  4. The Vibe: Is the WLB actually better than traditional IB, or are you still grinding 80-hour weeks for "intangible assets"?

Would love to hear from anyone who’s worked in this space or has seen these guys across the table. Is this a smart contrarian play for a career, or is it too niche for its own good?

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