Top P&U/Infra/Renewables Groups on the Street?
What are the top-performing Power & Utilities, Infrastructure, Renewables/Green Energy groups on the street? Would appreciate updated takes from 2019-2020+
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Macquarie, Barclays, and Greentech (Nomura) are some of the best ones.
following
KeyBanc has a really solid renewables group. They do a lot of financings, but also do a decent amount of M&A
We are talking about top here, not mediocre at best or better than average MM, no?
Elaborate please
Elaborate please
Following
Nomura Greentech, Lazard's P&U group and Citi/Barclays P&U.
You also have shops like Marathon and Cohnreznick but they mainly do asset sales, whereas the bigger bulges like Citi typically only do platforms
How does Macquarie’s Infra/Energy team compare against those names? Also curious about the Canadians (RBC, Scotia).
RBC P&U group is very strong and arguably top 1 or 2 in the bank. Arguably top 5 on the street. Competes with tier 1 banks on mandates
There’s 2 rainmakers that generate most of the deal flow, one in NY and one in Houston (Apparently this guy is the co-head and BSD of the group) There’s a infra MD that’s good but is mediocre compared to rest of the street
They added a co-head in NY from MS P&U but hear he’s the lowest performer in the group
Very VP heavy with few being super duchy and hard to work with
Most of the associates in the group are clueless and take a back seat to the analyst, they’re few who are really good that get most of the live deal work
Pros:
MDs and Ds are very down to earth and approachable
As an analyst you gain very good technical skill set since modeling is done within the group
Good exit ops to infra funds
Very good deal flow and most of the juniors work on live deals
Cons:
Hours in this group are the worse in the bank given deal flow
If you get staffed with a bad associate, you’re both analyst and associate (Can be a good thing sometimes)
Understaffed with analyst given most leave for infra funds
If you’re an analyst or intern considering group placement, go to this group get a deal under your belt from one of the rainmakers and go recruit.
What do you think of exit ops of RBC P&U vs RBC M&A (both NY)? I know they're both top groups in the bank but seems P&U has a good reputation across the street. RBC M&A idk much about other than the fact they're one of the best groups in the bank. Think they'd have similar exit ops?
What about CIBC and their Infra and Power group in NYC?
Also curious
Not sure how they rank on the street, but I work with them frequently because I'm on the developer/sponsor side of infra and they are one of my favorite banks to do business with.
Morgan Stanley, Barclays, Citi
In industry, see all of the following a fair amount in no particular order:
Scotia
Citi
Barclays
Credit Suisse
Goldman
Morgan Stanley
Greentech
OnPeak (new)
Cohn Reznick
Guggenheim
PJ Solomon
RBC (more midstream)
TD Securities
BMO
What about Green Giraffe?
I had not heard of them until your comment. But may simply be because they advise on deals with check sizes smaller than our mandate.
Fairly active within renewables in Europe, seen them a few times
Where are you guys getting this info from?
Yeah I have no idea where people are getting this data from. I work at a BB Power group. You see the same couple names on all the league tables from the last 3 years: BofA, MS, GS, RBC, BarCap. Looking at S&P right now, ranked by total M&A deal value last year it's BofA #1, JPM #2, RBC #3, Evercore/GS tied #4.
Another WSO head scratcher lol
Are you really an Analyst 2? This is the level of comment I would expect from an intern or maybe an Analyst 1
1a. league tables for power/infra (especially by deal size) are absolutely not indicative of deal flow or a good IB experience pre-buy side, the main reason being that asset sales are very frequent and re subsequently often undisclosed
1b. Fee card for asset sales typically trade at a discount to corporate so for that reason, bigger BBs who have the ability to flex financing options via LevFin or providing LCs, etc, often choose to focus on winning larger platform or portfolio deals
1c. Bigger is certainly not better in regards to platform or asset sales, in fact if you want to move to the buy side (obvious portals would be infra or energy-focused funds), these funds are largely MM and single-asset focused (MF infra/energy investing strategies are often MM-sized pockets of capital); only the very largest groups like GIP/MIRA for Riverstone/ECP have the funds and return thresholds requisite for big platforms - you will never see banks like Scotia for instance on the top for league tables but they have a lot of deal flow with smaller asset sales. In fact many PE buyers frequently don't even participate / see-through auctions as they are often priced out
2. the OP also asked for renewables, and there are very few assets of scale in this sector on the market - I have never seen a BB or Evercore advise on a noteworthy renewables asset deal (similarly, there are some banks that are renewables-focused like Marathon, and it would be extremely misleading to singularly qualify M&A group quality broadly with league tables via deal size where conventional energy plays have historically been larger)
3. If you take some time and go to Sparkspread and go through deals you feel are interesting, you'll probably see a recurring pattern of banks. Or if you're like me or likely some of the other posters here, and you've been working for a while, you know the banks in the space you compete against, and have a winning/losing record vs
would love to know more about Barclays power
Anybody have information on Barclays Project Finance/Infrastructure group? Is it housed in the Public Finance division or M&A?
Bump
Housed in the financial sponsors group
Housed in public finance, but work very closely with sponsors.
Following
Boutiques Marathon and CohnReznick they get some good mandates for renewables.
Canadians it's the usual suspects but CIBC has gotten most of the large sell side mandates of late for renewables.
Macq you're looking at doing a lot of stuff with MIRA which may or may not be interesting that's obviously a massive platform.
Other than that tend to see Barclays play more in the P3 space.
What is p3?
Public Private Partnerships (conventional infrastructure roads, bridges, hospitals etc.)
What about the french banks? Credit Agricole and Societe Generale? They seem to be heavy in the energy/esg sector for a while now
RBC
What have they done recently?
I know recently they advised Whiting on the Whiting / Oasis merger. $5bn deal. Their Houston energy group probably did this. Citi was on the other end.
Not sure about the US but the London team has been doing very well. Lead advisors on EQT / InstaVolt and Macquarie / National Grid recently. Most deals I've seen them do is on the sponsor side though.
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