Hey guys, just a quick question on the exit opps at JP Morgan's LevFin group. From what I've learned on here, some people believe the group doesn't do much modeling and doesn't place too well in PE, while others say it's one of the best groups at the bank. Does anyone have any insight on this? If someone who has worked at the bank, especially within LevFin, can help out, that would be huge. thanks guys!
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Did you talk to anyone in LevFin? Curious about the hours and what the interns do.
I have also heard that LevFin might not be the best for exit opps.
there's LevFin teams that do a lot of heavy lifting, and there are LevFin teams that are purely execution focused. Depending on which levfin team you're speaking to, exit opps will vary.
Can't comment on exit opps but in terms of "heavy lifting" - at JPM, any M&A / LBO deal will almost always be led by the respective coverage / sponsors group, with LevFin playing more of a support/execution role. The only times that the LevFin group does the heavy lifting is when they're dealing with a straight refi / repricing / dividend recap / incremental / add-on offering.
The experiences that most buy-side firms are looking for are mainly in the M&A/LBO deals, where at JPM, coverage are the ones who hold the pen there. So if you're in JPM LevFin and aiming buyside roles, you'll have to take the time to self-review the discussion materials / model that coverage made (presumably you'll understand the term sheet without having to self-review much at this point) for that particular M&A/LBO deal. The extent that you can talk about this (as if you ran the model), will determine how successful you are in recruiting buy-side roles as a JPM LevFin analyst. This is why it's a bit tough coming from JPM LevFin because you'd have to go out of your way to review the materials/model that coverage made, whereas the coverage kids do that stuff day-in and day-out while you're mostly just building cap tables and reading through credit docs / indentures to spread covenants all day.
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