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Minneapolis is a pretty stacked city when it comes to MM and LMM. Piper has a good presence, other well known MM banks include: Lazard MM, BMO, Harris Williams, and Houlihan Lokey RX. You also have smaller banks like Hennepin partners, northborne, Craig Hallum etc. Another odball I would add is triple tree. They have a similar sized presence to Hennepin partners, but their mandates are solid MM / UMM. In addition to banking, there’s a fair number of corp-Dev teams and lending focused funds - mezzanine capital, distressed, hedge fund etc. Hope this helps!
Do you have more info on the lending focused funds?
Which ones? Mezz or distressed?
I'd be curious to hear insight into both if possible. I've heard of NMP, Varde, GMB, and Northstar.
Varde doesn't really do distressed lending (or at least not that I am aware of), but does a lot of distressed investing or trading of public or large private credits. Castlelake used to do direct distressed investing and I believe does a lot of aircraft lending/leasing and other unique debt deals.
Prudential - largest non-bank lender in town. Does a lot of mezz, but also large slugs of senior for middle market and large cap companies.
On the debt side, most these days are Mezz-oriented.
Yukon is the largest mezz fund in the area and works on some highly leveraged deals with good sponsors. Good people, good deal flow and pretty good training.
Northstar - probably the second-largest fund. Great people and culture, do some good deals with solid sponsors. Seems to be trending in the right direction.
NMP recently moved out of Wells. Seems to be a solid group, but time will tell how it and NEP do given they didn't have to fundraise routinely before. Only raising $400 after a $1.2B fund isn't a great sign.
GMB - similar to Northstar, quality people, but slightly smaller checks on average. Long track record and should be around a while.
Northcoast - newer fund, spin out of Spell Mezz. Lower middle market, sponsor deals. Pretty good group and aggressively deploying capital.
Medallion - small mezz firm, seems to be active, but does very small deals, relative to others.
Convergent - similar to Medallion, but does a lot of non-sponsored deals too. Not sure how active they are, but pretty good people.
What about UnitedHC Corp Dev?
If you want to work banking hours with a banking culture and 1/3 of the pay - UHG is the place for you!
The analyst above said it well, but I'll try and get more specific.
Craig Hallum - never hear or see them on the M&A side. Capital markets heavy shop that focuses on smaller companies and shitty follow-on offerings.
There are a few smaller shops that do lower MM deals too (Madeira, Cherry Tree, Franklin) and the rest are mostly business brokers (True North/Sunbelt, Quazar, Sealed Bid, Calhoun, Aethlon, Tamarack).
This guy definitely works at Piper and is insecure hence why he shits on just about every other bank in town on all of his posts. MN has a variety of other banks that do quality deals. There are a bunch of inaccuracies in his comments.
How do you read this and think I am shitting on these banks? I was pretty complimentary of most.
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