Leveraged Finance in Elite Boutiques (London)?
I know that EBs don't underwrite like BBs do but most of them have a Debt Advisory team where there is advisory across the capital structure including leveraged issuers and restructuring.
I've heard anecdotally that the role involves helping the company size up different loan terms from various banks and that you do actually do a fair bit of debt modelling.
Was curious how the work and exit opps compare to BB LevFin teams that underwrite the loans? Especially with regards to exits to private credit/special situations etc.?
Thanks!
Elite Boutiques (EBs) in London typically do not underwrite loans like Bulge Brackets (BBs) but instead focus on debt advisory. Their Debt Advisory teams provide guidance across the capital structure, including leveraged issuers and restructuring scenarios. Here's how the work and exit opportunities compare to BB Leveraged Finance (LevFin) teams:
Work at EBs:
Comparison to BB LevFin Teams:
Exit Opportunities:
In summary, while BB LevFin teams provide underwriting experience and exposure to a high volume of deals, EBs offer a more advisory-focused role with significant debt modelling and restructuring exposure. Both paths can lead to strong exits, but the choice depends on your career goals—whether you prefer underwriting-heavy roles or advisory and restructuring expertise.
Sources: David and Goliath: The Boutique and The Bulge Bracket, David and Goliath: The Boutique and The Bulge Bracket, Elite Boutiques and Bulge Brackets, https://www.wallstreetoasis.com/forum/investment-banking/why-go-from-elite-boutique-to-bulge-bracket?customgpt=1, Debt and Structured Finance Brokerage Exit Opps
Lol, EB DA is LevFin from Temu. Go to where you take risk by putting money to work and syndicating concurrently.
Thanks! If I’m going to an EB for FT what’s the best way to break into PC then? Join the best group and try and prep technicals myself?
Not very useful at all. Either you can underwrite or not. If we take an EB for M&A we’ll effectively always take a BB for financing on top
Thanks - makes sense. What are the usual exit opps for EB Debt Advisory then?
I think private credit (or credit investing in general) is doable from Debt Advisory positions, but most likely at smaller/ less prestigious firms. MF will usually target BB LevFin/ EB Restructuring candidates.
These comments are wrong. Have seen EB DA from EVR and Roths land the top PC funds (Brookfield, GIP etc)
Why should a serious PC in London hire H/V comps and Cap Table Merchant with underwriting skills below those at Corporate Banking.
Brookfield not in top 10 so irrelevant
I am in the States but work with all the major DA teams at the EBs in New York and London. Usual exits are PC funds or buyside capital markets. You dont underwrite, but deal a lot with the Private Credit asset class. I have to admit, it is frustrating working with some of these teams because they will win the mandate (either through RX or M&A engagements) and then tell PC funds to give them a leverage read, structure and terms. We would ask for comps or pricing or structure guidance but we always get the "we are still very early on in the process." You would be better off at a BB LF platform where you do take on risk and underwrite.
Thank you for the informative response. Is there any material disadvantage in the recruiting process for PC funds/MF Cap Markets coming from a DA background? Besides the fact that there is no underwriting experience.
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