Power & Utilities at EBs
For seasoned bankers / investors currently covering P&U / broader infrastructure verticals, which EBs (if any) are competitive in the space given 0 lending capabilities and non-existent balance sheets? I'm specifically referring to independents like EVR / PJT / CVP / MOE / LAZ / PWP.
Would you still get good looks from large-cap / MF infra PE funds coming from an EB P&U / infrastructure background?
Can attest that all the firms listed will get good looks. Particularly, HL and LAZ in the space you mentioned.
Correct me if I’m wrong but the lack of a balance sheet doesn’t stop shops from competing in the P&U space - think it’s no different to regular coverage where the balance sheet can help on the financing piece (if advising on buy-side) but the pure M&A advisory shops won’t have much more difficulty in competing
I think traditionally outside of transportation / classic infra, BB’s are typically bigger in P&U which may be why you have concerns? My view on this is (1) P&U clients on the large-cap side are smaller in number and you don’t typically get mid/small cap P&U, unless (2) we’re talking about renewables / broader definitions of P&U in which case a lot of boutiques crush it in the space (e.g. Greentech)
Regardless I wouldn’t fret as any of the shops you’ve listed would get you great looks as long as you work on semi-relevant deals that can craft your story
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