Made a thread similar to this a few years ago but was more IB-focused. Going to NYC and will do my thing up there for a few years but ultimately want to come back and root myself in Philadelphia. What does the Finance scene look like here? I know Janney is the biggest IB, with SSG, Griffin, Baker Tilly, etc out this way. PE it's pretty much LLR, Graham Partners, Susquehanna GE, and a few LMMs. Then there's Hamilton Lane, FS Investments, Morgan Stanley. What about the HF scene? Niche strategies like secondaries, GP Stakes, Infra, etc? Of course nothing huge which is the point of this thread to uncover the smaller opportunities? Just trying to get a lay of the land.
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Based on the most helpful WSO content, here's a breakdown of the finance scene in Philadelphia:
Investment Banking (IB): - Janney Montgomery Scott: The largest IB in Philly, with a full-service platform. Strong in PWM and capital markets, closing a handful of M&A deals. They have ~25-30 bankers in Philly and some in Baltimore and Atlanta. - Stifel: A legacy office from the Legg Mason acquisition, with only a few senior bankers and no juniors. - Mufson Howe Hunter: A boutique with ~10 bankers, focusing on business services, tech, manufacturing, and C&R. - Marks Baughan: Suburbs-based, tech-focused, with a UK presence and ~10-12 bankers. - Bryant Park Capital: Suburbs-based, small shop, specializing in specialty financing. - Falcon Capital: Suburbs-based, ~10-15 bankers, working on tech and business services. - Capstone Headwaters: Suburbs-based, with a few senior bankers, possibly a legacy MSSB office. - PNC: Some DCM work, though the size of the team is unclear. - RBC and Piper Sandler: Both have some muni finance presence in Philly.
Private Equity (PE): - LLR Partners: A well-known name in the Philly PE scene. - Graham Partners: Another prominent PE firm. - Susquehanna Growth Equity (SGE): Focused on growth equity. - First Round Capital: Extremely well-known on the seed/VC side. - A few lower middle market (LMM) firms also operate in the area.
Hedge Funds (HF): - The HF scene in Philly is relatively niche and not as prominent as NYC or other major cities. Specific names or strategies aren't widely discussed, but opportunities may exist in smaller, specialized funds.
Other Finance Opportunities: - Hamilton Lane: A major player in private markets. - FS Investments: Focused on alternative investments. - Morgan Stanley: Likely a PWM or smaller presence in the area.
Niche Strategies: - While the HF scene isn't huge, there may be opportunities in niche strategies like secondaries, GP stakes, and infrastructure. However, these are likely limited and would require deeper networking to uncover.
Philadelphia's finance scene is smaller and more boutique-focused compared to NYC, but it offers a range of opportunities across IB, PE, and other specialized finance roles. Networking and leveraging connections will be key to uncovering these smaller, less-publicized opportunities.
Sources: Job Landscape/Opportunities in the Philadelphia Area, Secondaries Comp / Culture in 2023, What does the HF scene in Dallas look like?, Credit Hedge Fund opportunities, Breakdown of Post-IB Exit Opportunities
Couple others off the top of my head, more allocator / secondaries / niche groups
How is HL?
Bump
Outside of the firms mentioned, finance is pretty non existent in Philadelphia.. its cold like nyc, there’s more crime than nyc, there’s nothing abt philly that outshines imho
Agree - mostly if not all dead end jobs with below market comp
Price
Most of the main firms were mentioned (and sounds like you know the bigger groups not explicitly named), but since you’re looking for nichey-er stuff as well, Argosy has a small secondaries team. Believe it’s still active. There’s also a group called LL Funds doing ABS and spec fin, but I know very little about them. Aqualine opened a small office in Conshy last year. CHOP Endowment has a small PE team that I think is all primaries, and there are a few other endowment/foundations. Glenmede has a PE team.
But most importantly: go birds.
Adding one more group that I think is interesting and never hear discussed: Saothair Capital. Very small right now (~$125mm fund, raised like a year ago) but the founders are ex-KPS so definitely a place to keep an eye on.
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