I'm an incoming first year analyst. I'll be working as a coverage analyst. A large majority of the deals that I was exposed to throughout the course of my summer internship pertained to financial sponsors work. Obviously, as a SA, my deal exposure was typically only skin deep. Nonetheless, I kept hearing a lot of talk surrounding "trees" - could someone please explain this concept to me?
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If you are covering sponsors, you might have a number of them all bidding on the same business. Each sponsor would send their proposal during the bidding period. Each proposal would be a "tree". A coverage team could be privy to each one of these "trees" and usually has protocols in place make sure everything is fair and anonymous during this process.
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