MM Lev Fin groups - Exits, Experience?

How do MM Lev Fin groups like Jefferies or William Blair usually place? Do these groups model or is that done by coverage/FSG?
 

Additionally, how does an MM group differ from that of a BB leveraged finance group? From my understanding they work with direct lenders more often?

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Jefferies has a balance sheet and operates in a similar manner to the BBs from a LF perspective. Probably in the top 3-4 banks for LF on the street for US LBOs. Was #1 last year. This year LevFin has gotten completely destroyed. Worst the loan market has been in maybe greater than 5 years. 
 

all the other MMs don’t have true levfin practices where they underwrite and actually commit to acquisition financings because they don’t have a balance sheet to commit off of. They are all best efforts, very small private placement deals. Basically they will get a best efforts mandate from a sponsor and sell the credit to direct lenders. Extremely different than broadly syndicated, committed, LBO financing at CS, BofA, JEF, DB, UBS, RBC, etc 

 

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