LMM FT Group Selection - Coverage vs. Boutique-size M&A
Will soon be going through FT group placement at a MM/LMM firm in a regional east coast city. Openings exist in various coverage groups as well as a new M&A group that only deals with smaller, private companies (coverage groups generally handle larger M&A deals). Being interested in PE/GE, I've heard M&A experience is paramount. I would get more of that in the M&A group (across a couple industries as well). However, I'm worried that only working with small/private companies might be a disadvantage. I would get M&A experience with larger/public companies in the coverage groups, but would also be dealing with lots of debt/equity work.
Any thoughts on what might be seen as more valuable?
Most MM/LMM PE targets are private. Which group has better culture? Newer groups are always a bit of a question mark, they may not have processes built out, there may not be the same level of resources (templates, etc.). If you like the coverage group and know what sector you like go for it, if not go M&A.
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I doubt it pigeon holes you. Unless the modeling is substantially different e.g. depository FIG, natural resources, it doesn’t matter. Most LMM funds are generalists.
What are the seniors like in M&A? They’ll be driving the culture.
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Then take M&A, it seems like a better fit.
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