Top Houston Bank for Exits
I think there are already countless ranking threads - albeit everchanging - on Houston (JEFF leading the boutiques regarding dealflow / pay and BBs like GS/MS relying on their branding to whale hunt large corporate transactions). However, the point on exits is a bit more ambiguous. If you want HOU PE, would analyst stints at energy specialists like JEFF/TPH be better? And if you want something like MF PE in energy, would the branding of top BBs or EBs be better? Would be nice to know which bank offers the most possibilities as I am currently at a Texas target and want to do energy banking but unsure if this will translate to PE.
There is another thread going around with this exact same discussion so would look there but below summary:
Conventional thought has been that JPM is among top dog both in energy AND “top BB” branding for alternative exits so win win. Huge lender to the space too
GS whale hunts but is more consistent in OFS/cleantech stuff. Obviously unmatched brand for other
As far as less sexy names that are good in energy: rbc, Jeff, tph
MS is great branding and had a good year by getting on big ones, but most don’t think of them as a top energy bank and they have historically been hit or miss with less than consistent flow. Know a friend who had no deals to show after 2 years. That is extremely unlikely to happen at JPM/GS or the boutiques mentioned
Evercore obviously great brand too, had some great years, had some mediocre years too. Boutiques will be less consistent especially in this space
Dk if you’re the same guy from the other thread, but thoughts on Moelis?
You seem like you know your shit.
Thanks in advance!
People have indicated Moelis analysts have had solid exits, but candidly the group is in flux and it’s hard to know how many of those exits were during prime restructuring times where the group benefitted from those deals
They are not a major player in the energy space, certainly not equal to their general reputation. They did just bring over a ton of seniors from Gugg which definitely signals a desire to grow, but remains to be seen if / how long it would take to generate significant flow
Those same seniors did not see the success at Gugg that they had at Citi. Lenders to the space are typically rewarded and boutiques have had a somewhat tougher time here (obviously some exceptions)
That isn’t intended to be negative about the group, but I think it’s useful to know. If you’re looking at league tables for example they simply won’t be in the top 10
Either way—great brand overall and looking to grow, but not currently a super relevant group
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