LMM PE vs. Pure-play MM M&A IB (SA 2025)

I’m currently wrapping up recruiting for SA 25, and am torn between a couple shops:
LMM PE:
- very small teams
- focus on a few industries
- apparently don’t spend time sourcing; interested in getting most reps so could be a plus
MM M&A IB:
- pure-play; single industry focus (could help down the line for PE recruiting or rising up ranks w niched industry knowledge)
- larger teams
- senior members coming from BBs
- mostly M&A with some sporadic cases of restructuring and capital raise work mixed in

Let me know if you all have any advice or takes.

 

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