What are the exits like in a sponsors group that’s purely relationship management? Can you still exit to buy side (PE/GE/VC) given relationships with sponsors?
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Based on the most helpful WSO content, exits from a sponsors group that's focused on relationship management can vary. The easiest exit opportunities often include Investor Relations (IR) and business development roles, both within Private Equity (PE) firms and Fortune 500 companies. There's also the possibility of transitioning back into banking.
Exiting to buy-side roles such as PE, Growth Equity (GE), or Venture Capital (VC) is also possible, but it might be more challenging. This is because these roles often require a deep understanding of the market and the asset class, as well as strong technical skills. However, your relationships with sponsors could potentially be a valuable asset in this transition.
Remember, the job in a sponsors group is light on technical skills compared to an industry coverage banker, but your soft skills and personality will be tested. Understanding the structure of a Private Placement Memorandum (PPM) and how to evaluate a General Partner (GP) manager is also important. The more technical aspects of the job, such as the waterfall of Limited Partner (LP) and GP cash flow, are things you'll learn as you go along.
So, while it might be a bit of a jungle out there, with the right skills and relationships, you can swing to the buy-side. Just remember, every monkey has to start somewhere!
Sources: Breakdown of Post-IB Exit Opportunities, Private Funds Group (CS/UBS etc), Why do PE firms hire buy-side advisors?
Jeff and WF are almost purely non-modelling. They are a pure relationship group with a lot of MDs and not many analysts. The analysts are just there to make up more marketing material.
What do exits look like for those guys? Do people tend to stay since it’s a cushy role, or can you still exit to PE/ge despite lack of modeling experience?
Not 100% sure as I am not in one of those groups. However, I would personally think people would stay given the pay-hours difference. I am pulling 60-65 hours at a BB that has sponsors do modeling and I imagine those folks have even fewer hours and so would be even more inclined to stay. I am sure you can exit to PE/GE from sponsors at those banks as I doubt headhunters are too aware of the intricacies between banks.
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