Currently an analyst at a non-balance sheet MM bank doing levfin (advisory focused) and was trying to guage how competitive I would be if I applied for coverage/M&A IB lateral opportunities at BB/EB/UMM banks. Will my deal experience focused on MM LBOs/recaps/refis scenarios align with what coverage/M&A groups would be looking for in a lateral candidate?
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Transitioning from MM LevFin to Coverage or M&A at BB/EB/UMM banks is definitely possible, but your competitiveness will depend on a few key factors:
Deal Experience: Your experience with MM LBOs, recaps, and refis is relevant, but M&A and coverage groups typically value direct exposure to buy-side or sell-side M&A processes. If your LevFin role involved significant interaction with sponsors, structuring deals, or working on staple financing for M&A transactions, you can position this as transferable experience. Highlight any exposure to broader deal processes, such as due diligence or valuation work.
Skill Set Alignment: Coverage and M&A groups prioritize skills like financial modeling, valuation, and transaction execution. If your current role has allowed you to develop these skills, emphasize them in your applications. If not, consider upskilling through resources like WSO's Financial Modeling or M&A Prep courses to bridge any gaps.
Networking: Lateral hiring is competitive, especially at BB/EB/UMM banks. Networking will be critical to stand out. Reach out to alumni or professionals in your target groups to understand their expectations and get referrals.
Positioning Your Background: Frame your LevFin experience as complementary to M&A/coverage work. For example, emphasize your understanding of capital structures, financing strategies, and sponsor dynamics, which are valuable in M&A and coverage roles.
Timing: Lateral opportunities are often driven by group needs. Keep an eye on openings and be ready to move quickly when opportunities arise.
In summary, your MM LevFin background can align with what M&A/coverage groups are looking for, but you'll need to clearly articulate how your experience translates to their needs. Focus on deal experience, skill alignment, and networking to maximize your chances.
Sources: Q&A: 3rd Year PE Associate ($10bn+ AUM, MBO/LBO, equity, mezz, distressed debt), https://www.wallstreetoasis.com/forum/private-equity/going-from-mm-investment-bank-to-mega-fund?customgpt=1, Q&A: woman in growth equity, I'm a VP in MM PE, ask me anything, LevFin in London
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