Just curious as to which banks have the best TMT/tech divisions or which tech focused banks like Qatalyst in terms of PE Exits and how they rank amongst each other in terms of deal flow. Any clarification is greatly appreciated.
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The classics
GS TMT
MS Menlo
SVB Leerink
Allen
Evercore
Moelis
.
OP mentioned Q in his opening question
Bro tried to sneak in Nebraska
There are several threads about this. You could take the opportunity to get networking and ask your contacts this question
GS / MS / Q
CS NY / LAZ / JEF / JPM / EVR / BoFA
Allen
Where would you place MOE on this?
Where would u put Centerview?
CVP just poached 3 senior M.D from BofA including head of tech and head of IB so should be doing well, starting to see results in their recent transactions
No shot CS NY is here after everyone left
Solomon Partners, still building out the TMT practice with some heavy hitting rainmakers, but in a few years time we will have a top TMT group rivaling all the firms mentioned in this thread
Barclays Tech NY is supposedly very good as well
According to whom? The analyst you coffee chatted earlier today lol. Hate to be rude but come on now. Small banks like Q and LionTree do multiples in deal value per year of what Barclays TMT do and those firms often don’t even cover the full breadth of TMT.
Mull on that. These fellas be operating out of a space the size of your local dennys with 25 dudes and a coffee machine. If you’re getting beat out on a magnitude of several X, and are a multinational global bank, you have zero business calling yourself a top group. Just my 2 cents.
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Worked at JPM TMT. Top TMT groups are GS/MS/Q/LionTree/Guggenheim (for M&T). JPM/EVR after but considerably behind. Rest are a joke/don't win as much.
What about Allen & co?
Allen is one of the strongest boutiques out there
What are the best in terms of exit opps? For example Liontree is often mentioned as a strong tech group but their exits don’t seem to match
GS and MS. At the end of the day, from a headhunters standpoint, they want ease of execution. A lot easier to blast out to the entirety of the GS TMT team and pull resumes from there than sit on LinkedIn scouring for diamonds in the rough. Just a brutal reality of buyside recruitment. It’s why for so long people (myself included) have been ok with taking a discount to join a BB group with good placement.
LionTree is really strong in Media and Telecoms, not so much in tech. From my understanding, LT exits historically "haven't matched" a ton with their rep bc they've hired tons of internationals who have a hard time landing solid PE gigs due to Visa issues. Non-international analysts have regularly exited to MM and UMM PE (e.g. Stonepeak, Brookfield, Court Square) and various HF (e.g., D1, Surveyor). Others have left finance altogether to work at corporates (e.g., Endeavor, Spotify).
As far as which TMT groups are best for exits ops, GS TMT is probably the best with MS, Q, LT not far behind
Work at a good MM tech group so do a lot of the $1B range and - surprise surprise - we’re competing with BBs a lot.
Here’s how I’d classify.
Important caveat is this is purely from a sell-side M&A perspective. Public market and debt stuff is a different ball game that I’m not knowledgeable about. I also don’t see $50B deals so let’s consider this a $200-$5B analysis.
Top: Q/GS/MS: Would argue Q is actually far above the rest here. I’ve only seen Q on a pitch once and it was a $5B deal. You’d be shocked how often GS and MS are competing with my bank on a $400M mandate. Q just doesn’t do that.
Sort of in order but not really: Evercore, Lazard, JEF, WB, CS, RJ, HW, SVB.
Before all the Barclays/other BB kids get mad, those banks just don’t sell a lot of tech companies. They do a lot of co-advisor roles where they’re basically just there for financing, and tons of ECM. Not saying that’s better or worse, but different.
I can guarantee you will see more tech sell-sides at JEF, WB, or RayJ for most BBs. The market is run by PE firms and these MMs have great relationships.
Do you see SVB doing a lot of M&A in the tech MM space?
We’ve pitched against them a few times, just think they haven’t been around long enough to make a good judgement. The few pitches I’ve heard of them on were all on the smaller side but not sure if that’s just a limited sample or indicative of where they play in market
Great info. Have a similar background and noticed the same market dynamics described above.
What's the difference between GS TMT NY v GS TMT SF?
GS TMT NY: Tech, Media, Entertainment, Sports & Telecom
GS TMT SF: Tech with mostly software
May not be helpful here, but I quickly spread some custom league tables over LTM (04-March-21 to 04-March-2022)... Filtered for Tech in North America
M&A
EDIT: I'm just going to show M&A. Let's leave cap markets alone. In my absolute most humble opinion, it would seem to me that Q (which you mentioned), GS, and MS are all pretty solid choices and likely have good exit ops. This does not imply that others wouldn't offer you similar exit ops, those just may be the usual suspects folks that are 'known' widely in the tech space.
Sorry I can't be more helpful here.
Great to compare using empirical evidence. I'd make sure to note that some balance sheet banks on this table may have inflated standings as they count their financing deals to advisory credits at times.
Thoughts on Moelis SF?
Perella is decent
lol ur entire post history is about pwp, are you their designated wso analyst?
Thoughts on JF SF team?
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