Nomura Greentech in 2025?`
I am an incoming intern in the group and would love to get some insight into how the group is in terms of flow, culture, and exit opportunities. I understand Nomura is not a strong franchise here in the US and is nowhere near the top ~30 or so banks in the USA, but I am wondering how Greentech specifically ranks within its broader space. I am wondering if PE is still possible from the group/bank in 2025, even after the decline in ESG focus. Ultimately, I am trying to see if I should attempt to lateral or stick to where I am for FT and try to recruit from PE there.
Nomura Greentech, even in 2025, remains a strong player in the renewable energy and clean tech advisory space. Here's what you need to know based on the most helpful WSO content:
Deal Flow and Group Strength:
Culture:
Exit Opportunities:
Lateral vs. Staying:
In summary, while Nomura as a whole may not rank among the top banks in the U.S., Nomura Greentech holds a strong position within its niche. If you're interested in renewable energy and infrastructure, the group offers excellent exposure and solid exit opportunities. However, if your focus is on broader PE roles or mega-funds, exploring lateral options could be worth considering.
Sources: Opinion on Greentech Capital Advisors after recent merger with Nomura, Nomura Greentech Exit Opps, Insights regarding Nomura/Nomura Greentech, PE long-term attractivity: Is the trodden path "broken"? Quo vadis gen Y?, Jefferies 2022 Outlook
Bump please.
Would think Infra PE exits are possible. Nomura Greentech is a pretty sought after brand in renewables/power space.
Not true - they haven’t had good deal flow since 2019
When Covid hit and all the other banks made ESG and renewables groups - these guys lost a ton of deal flow
Bump
Pure financing group, no notable M&A for years now. The BBs that started covering renewables and the transition have taken over all market share. Nomura Greentech, just like the rest of Nomura, does essentially no M&A outside of very small deals and only does financings. The bank is nowhere near competitive in the Americas in 2025 in any vertical period. There's a reason they are not even a top 30-40 bank in the region, it's just a very week platform. Afaik, Nomura has a pretty decent S&T franchise though, their IB just sucks massively in the America's.
It was good for a bit due to the first-mover advantage but has drastically fallen off from, I would say, pre-~2020 flow. The franchise has only gotten weaker and weaker over the years as the stronger banks have just took their entire market share.
Top Franchise in EMEA with 20+ sizable M&A deals annually and regular exits to UMM PE (GIC, Antin, Macquarie, etc.) — particularly strong in digital infrastructure and renewable assets. As stated in other comments they are quite poor in the US though given harsh competition and weaker MDs there
Heard return offer rate is not so good for nyc
Do you have data on this? Return offer rate last year?
I’ll take the opposite view here. These guys have been around since the Great Recession and are great at what they do. Don’t take my word for it, just look at their website where they disclose their deals and confirm it for yourself. 2 out of the last 3 disclosed deals are $1bn plus and there’s a bunch of heavy hitter infra funds on the deals they transact (blackstone, KKR, Stonepeak, EQT, Macquarie, Brookfield…).
I’d assume you’d have a shot at recruiting for most of these. Maybe not all through the standard path but simply by interacting with the teams on transactions you’ll find opportunities.
Not to suck the Greentech dick too hard but it’s a solid shop where you’ll get real deal reps.
Almost all of their M&A activity is the EU or UK as per the website you are citing (which btw is promotional material so of course it's meant to look good), everything in the US (what the region tag is for this) is non-M&A or very small (not to mention extremely rare). On the US stuff, most are non-M&A, and they are not leads on anything, suggesting they are only on things b/c of bank balance sheets or in a supporting role. I have interacted with the team in the Americas tons over the year's; always pitching and losing, haven't seen them win a notable lead deal or a M&A advisor credit in quite a while. Just not a good franchise in the region.
Interesting, I know them to be strong in my space. Bookrunner roles aside, looking at their advisory transaction list reinforces that belief.
I also don’t know them to have much of a balance sheet so I find it unlikely they are getting hired for their lending capabilities.
Greentech most definitely does not have a balance sheet. We sent something their way under that mistaken belief. Client was told the parent doesn’t make much use of it in the US, and def not within greentech. Their capital raise activity is all advisory.
I was a prior analyst in the US there. Left on good terms so take what I say with a grain of salt. Their energy technology, environmental services and water groups are strong. What they call low carbon power was historically the top group and is not as dominant as it used to be. As others have commented probably a combination of more competition, some MD attrition in that coverage group, and general softer market for renewables atm, although I would still not call it a “very weak group” by any means.
Sweaty as hell and the reason I left. I joined a smaller fund but more so because I vibed with the team and didn’t want the MF/ infra lifestyle. I didn’t pursue it but can think of some peers that ended up UMM / infra (at risk of doxxing myself / my class I won’t share but see LinkedIn).
Comp was essentially street at the analyst level. I unfortunately don’t have good insight into aso and above level.
I guess your definition of strong is way off from mine. The bank is below t40 or so for LTM in M&A, it's just not a competitive franchise in any group or anywhere. Just a pitch and financing machine. It's a strong EMEA franchise but just not good in the US. I again cannot speak to exits, but will say it's likely to keep getting worse as headhunters and other banks are more aware of how much the franchise has declined.
To put into context, how bad not top 40 in league tables is: DB is continuously shit on in this forum and their LTM EV is around $55Bn in the US with a roughly 2.8% market share, once you get to the ~35 range those banks have ~.5% market shares with EV's around ~10Bn and Nomura is way below that. Nomura is simply not a respectable franchise in the US.
Can I PM you? Have some q’s about nomura vs other shops
Both SF and NYC are super sweaty. Would agree that Water and Environmental Services is strong with $1b+ deals every 6 months or so. Energy Technology and Services is also strong - well connected MDs in the SF office and work-horses in the NYC office. I also left, cause the culture was not great and joined another bank where the vibes were a lot better. Would say that most of my class was ClimateTech first, banking second, while the bank itself felt shockingly banking first, ClimateTech second.
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