Sponsors vs. M&A for PE Exits
How do analysts generally place coming from Sponsors vs. M&A? How does the experience and skillset differ? Looking to potentially change groups at my BB.
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Very bank dependent. some FSG are know for elitism and nepotism (very hard to get into). And Barclays doesn't have M&A while their FSG in LA does great.
Generally M&A is better for broader buy-side exits while FSG often guarantee you a PE offer (more likely MM PE). Anecdotally, FSG is also the best for IB associates looking for PE.
Curious as what makes FSG better than other groups for IB Associates looking to get into PE?
It's definitely case by case for every bank and I wouldn't really view it as a comparison between FSG vs M&A unless those are your two best groups at the bank. For some banks, the best group for PE exits is an industry group. If your options are either FSG or M&A, then it will likely depend on who holds the model. At my bank, M&A holds the model and it wouldn't really be a question between FSG and M&A. The LevFin team can be another strong group choice for PE, although your skillset could be a little too narrow versus M&A where you will probably get the most broad exposure to PE exits.
Without context on the bank I can't really tell you how the experience and skillset will differ. For my bank, FSG focuses more on managing the client and the relationships while M&A does the technical work. If your bank is similar then I would recommend M&A. Having close communication with the PE sponsors is interesting but I don't think it'll make as much of a difference as actually getting the technical skillset down.
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