Top Groups at Evercore M&A
What are the rankings for top industry groups in Evercore M&A to work for (not hours but experience and prestige, etc.)?
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Healthcare
Heard healthcare is a strong group at Evercore. I also heard Tech / Telecom / Media are strong. How is there industrials team? Also, how are the TMT teams?
Healthcare
They don’t even have a TMT group. It’s either Media & Communications or Tech.
Factually incorrect. JPMC has M&C and tech group. Evercore divides them into separate verticals.
Yes, that’s correct thank you. I heard they divide TMT into three groups. Tech / Media / Telecom. What are these groups like compared to groups mentioned like energy or healthcare?
Echoing above, we view their Healthcare group to be a strong group of candidates. Also heard that the Menlo tech group is strong firsthand but have seen mixed reviews on this forum
I've heard that the Menlo park tech group is a lot of growth-stage capital raises - I might be wrong though
Maybe so but I know their Menlo office worked on the Dell listing, apo/expedia and a few other advisory engagements of similar nature
Could you maybe share a little more insights on Menlo tech? How would you compare it to NYC Tech?
How good is Evercore's Transportation and Infrastructure group?
They source some good infra deals thanks to the Macquarie connections (former Mac guys). They brought in the IFM/Buckeye beast earlier this year.
I'm not going to knock the Healthcare group's deal flow, because it is very good. However, their exits have historically been somewhat mediocre, and it is hardly the most coveted industry group within M&A there.
So what is then?
The answer is it depends. It depends on what attributes you personally value and are trying to optimize for, so its hard to give you a singular answer that will fit your individual preferences.
For example, if the only thing you cared about was dealflow and getting to work with large cap clients (with no thought to lifestyle, exits, etc.) , then a group like Evercore Healthcare is great. However, there are going to be other groups that are better for lifestyle, exits, etc. with perhaps lesser dealflow, so its about finding the group that aligns the best with the factors you care most about.
At the end of the day there are no golden gooses, where you work on only $10bn+ live deals, every analyst exits to a megafund, and you only work 35 hours a week. I'm being facetious, but you get my point; you're going to have to make inherent trade-offs on some of those dimensions.
Thoughts on Energy group? Exits to PE/HF, B-School, etc.
Interviewed with and have a few friends in the Houston Energy group. Easily regarded as a top shop across the street with comp. higher than NYC and very strong exits (MF in NYC, MM in HTX, etc). It is quite a sweat shop and one of the hardest interview processes on the street.
Very well regarded in industry circles; arguably the top EB in that coverage area
Energy
How is their sponsors group?
They don’t have a sponsors group.
I got dinged on a phone screen for saying I was interested in sponsors when asked about my group interests. Got a cold reply that they don’t have a sponsors group and don’t work with any companies small enough to have a sponsor as a buyer. He told me maybe I should go on their website and see what groups they actually have before attempting to speak to someone at the firm again
I know for a fact they have a sponsors group. I've networked with people in the group. If you google Evercore financial sponsors on the Evercore website there will be profiles of MDs in the group.
He may have meant sell-side if they don't work with companies small enough to be bought, and then they'd do buy-side deals buying said companies. The guy you spoke to sounds like an asshole though
Whoever you spoke to sounds retarded. Even if you spoke exclusively with fortune 50 companies (which Evercore clearly does not), the largest companies in the world still regularly sell subs, which sponsors purchase.
Did this actually happen or is there some exaggeration? If reality it's completely unacceptable
The firm actually has two sponsors groups.
The first / original group is not what you would think of as a traditional sponsors group, it specializes in selling and/or restructuring general parternship stakes within Private Equity firms, and is run by Saul Goodman (no pun intended).
The second / newer group is the more traditional financial sponsors coverage group akin to what a lot of bulge brackets have, in terms of centralizing the management and coverage of relationships with financial sponsor firms, and is being run by George Ackert who used to co-head the firm's Transportation group.
It seems as if you have solid information. What are your thoughts on the Industrials group?
How is the Media Group?
At the analyst level, probably one of the more desired groups. I think they're historically one of the better (if not best) group for megafund placements, but I think that's partially due to self-selection (since people super gung-ho about getting into MFs may just gravitate to the group and until recently when they changed how group placements work, people that did on-cycle got offers before or right as they were transitioning from generalist to industry groups so don't think group placement really mattered that much for buyside recruiting in NY).
Can't speak to culture or WLB.
For NYC office and in no order within tiers:
Tier 1a: Fintech, Media and Telecom
Tier 1b: Tech, Sponsors ("Alternative Asset Managers" / GP-Stakes) and Consumer
Tier 2: Healthcare, Transpo/Infra and Insurance
Would probably agree Media and FinTech are Tier 1. The rest is just wrong.
Didn't mean for what I set out to be taken as fact - just what I observed going through the ranking process alongside my peers. Would be interested to hear what your rankings would be if you disagree
How would you reorder it then?
Any further insight on Insurance?
Any updates on this? and/or current groups with good cultures?
What’re general thoughts on the implications of EVR segmenting by industry vs traditional generalist M&A (CVP, MOE, PJT etc)?
I thought CVP siloed into industries when you get the FT job but not as an SA
No they are generalist all the way through VP even. A few start to specialize at that point but there are no groups.
How prestigious is Evercore PCA
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Any insight on industry teams in London?
curious how people think about exits for their SF groups - healthcare and tech
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Is there any point to networking with different groups before starting the internship? Would knowing people in certain groups impact where you get staffed throughout the summer?
As someone who has done the EVR internship, I would avoid networking with groups prior to the internship but encourage it once the internship has begun. It can help to get staffings in industries that you are interested in if they request you for the staffing but it seems overboard to begin before the start of the internship. Most people are staffed on at least a couple projects in the industry/industries that they prefer.
As a caveat, this advice applies best to in-person internship. No idea how the virtual will work out but still think networking prior is overboard unless school alum etc.
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Any groups to avoid? Or any updated opinions on groups in general?
Does anybody know anything about Evercore's teams in London? Are the best groups FIG and Healthcare over there?
Anyone have insight about Evercore Menlo? Both healthcare and tech groups there?
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I've heard Menlo Tech is very sweaty, but no idea about culture.
Networked with a couple juniors in the healthcare group, they were quite easygoing and it sounded like the culture/wlb was very good
how big is the menlo hc group? do they work on deals with nyc?
Any insight into the Power & Utilties team in the NYC office?
The former head of Evercore's P&U group (Laurie Coben) left / was fired last year so the P&U team was absorbed into the Infrastructure team. Think the team is called Infrastructure, Utilities, and Renewables now (with more of an infra focus obviously).
I've heard the legacy P&U team had one of the better cultures at Evercore, but the infrastructure team was / is known to be sweatier and have generally worse culture (I've heard they lean a lot more on hiring laterals due to issues attracting MBA associates / analysts to join the group). Dunno how the group is now post-combo, but I can imagine the infra culture dominating given it was the surviving group, and there has been a lot of junior turnover in that group recently so take that as you will.
Interesting - thanks so much for the insight! Any idea what exits have been like from the Infra / IUR group?
Are Tech and FinTech still separated? Heard that top FinTech MD left so it got absorbed into Tech apparently - that true?
FinTech is now part of tech. Head of the group along with like half of the VPs and up left for a client
How was the culture of the FinTech group before this massive shift?
New here but what are "groups"?
most desired group purely from an exit opp perspective is still media although you could realistically go MF from any group. most underrated is insurance. will echo the above, ny tech is by far the sweatiest and most toxic group - the exodus of analysts has only exacerbated this. best advice: emphasize fit - the marginal prestige from media or tech is irrelevant and will not be the reason you land a MF gig
What do you mean by toxic? Is it just treating analysts like shit?
Its VPs, Associates, and Analysts all getting treated like shit.
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