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? 

Comments (3)

Dec 16, 2021 - 10:24am
ECM GUY, what's your opinion? Comment below:

Can attest that all the firms listed will get good looks. Particularly, HL and LAZ in the space you mentioned.

  • Analyst 1 in IB - Cov
Dec 16, 2021 - 11:13am

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

  • Analyst 1 in IB - Gen
Dec 16, 2021 - 12:48pm

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