There’s been several posts about the bulge brackets and elite boutiques but not too much detail on the middle markets. Could someone provide an overview of the middle market investment banks (tech groups) in San Francisco?
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Based on deal flow or exits? The two aren’t very correlated in this instance
Even if they’re not correlated, would like to know deal flow, exits, and culture. Any info would be appreciated
Also interested, culture being the priority for me
The top SF MMs are William Blair and Jefferies, which both play in the MM-UMM space and also occasionally compete for larger mandates. I believe the William Blair Tech group in SF is around 40-50 bankers, and from what I've heard it's a great group to be in. They're very good in the MM space and also do very well in winning UMM sponsor sell-sides. I've heard the wlb can be pretty sweaty, as per usual among SF tech groups with good deal flow, but the culture is top-notch. William Blair still largely retains their Midwest culture in the SF office, and there are few sharp elbows in the SF office. Exits are great as well, West Coast MM and UMM PE are doable, and placements into VC and Growth Equity are pretty good as well.
Jefferies SF tech focuses more on software and tech-enabled services than their counterparts in NY, and deal flow there is great as well, focusing mainly on MM-UMM and also not-uncommonly pitching against the EBs and BBs for larger mandates (average deal size definitely larger than William Blair, but that's mainly just in accordance with their strategy of "playing up" from a MM and also dipping their toes into the large-cap space). From what I've noticed WLB is sweaty, and I've heard the culture can be pretty rough. Exits are great, perhaps slightly better than William Blair, with MM-UMM PE doable and also the occasional MF PE placement, as well as Growth Equity and VC.
Overall, you can't go wrong with either group in my opinion. For deal flow and exits, I'd say Jefferies > William Blair, but William Blair's culture is top notch and IMO culture-wise William Blair >> Jefferies in SF.
Any other banks besides those two? Lol I know USA, etc all play active roles and any insight would be appreciated
The LMM-MM space for SF tech is very crowded, with MMs, EBs, BBs, and all other banks highly active in the space and I'd argue no real standout. However, in terms of culture I've definitely heard GCA (soon to be HL) is a great place. My friends over at GCA absolutely LOVE the place and it's one of the most collegial offices I know of, and everyone there seems like a real A+ guy/gal. Their deal flow is also very good for a MM boutique, and they have some heavy hitter seniors from BBs over there.
I know Lincoln has an office in SF, would like to hear more about this group if possible.
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