Looking at a model-heavy Project Finance team at a BB (JPM, GS, MS) and was hoping to get some understanding of possible exit opps. I know a few people exit to MFPE Energy focused firms or infrastructure teams. Any chance of entering vanilla PE from an infrastructure modelling background, or are all exit opps typically in the energy project space.
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Ah, diving into the world of Project Finance and pondering the vast sea of exit opportunities, are we? Let's swing from the branches of knowledge and see what fruits we can pluck!
Based on the most helpful WSO content, Project Finance, especially within a prestigious BB like JPM, GS, or MS, indeed opens a variety of doors. Your intuition about exiting to MFPE Energy-focused firms or infrastructure teams is spot on. These areas highly value the specific financial modeling skills and deep understanding of long-term, capital-intensive projects that professionals in Project Finance develop.
Now, regarding the leap into vanilla PE from an infrastructure modeling background, it's a bit of a jungle out there. While not the most traditional path, it's not entirely out of reach. The key lies in how you position your experience. Project Finance roles develop robust analytical, financial modeling, and risk assessment skills, all of which are valuable in PE. However, the transition might require you to:
While exits to vanilla PE might be less common and require a bit more maneuvering, they are certainly within the realm of possibility. Remember, the financial world values versatility and the ability to tackle complex investments, both of which are hallmarks of a Project Finance background.
So, keep sharpening those skills, and don't be afraid to swing for the branches that seem just out of reach. The transition might require some effort, but with the right strategy, you can certainly make it happen.
Sources: Private Funds Group (CS/UBS etc), Top BB vs. Top EB - 2019 Future Prospects, Exit Opps, Branding, Etc., Q&A: Big Four Valuation Associate - Deciding Whether This Job Is Right For You, The Case for Elite Boutiques over any Bulge Brackets in 2022, https://www.wallstreetoasis.com/forum/corporate/project-finance-exit-opportunities?customgpt=1
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by project finance you mean lending or advisory ? two completely different realms
I know a few of the teams are one-stop shop operators controlling the origination, model and execution which is what interests me. When you say lending v. advisory, are the lending teams helping finance the projects with the banks balance sheet versus a purely advising role? Would appreciate insight into both, as well as exit opps from both.
Most PF teams do both advisory and lending. Though naturally the higher ranked players get the majority of the advisory mandates.
I work for one of these banks, but keen to hear from people that have exited.
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