What are everyone’s thoughts on the top tech groups? I’m a freshman and trying to learn more about the landscape of the industry in the Bay Area. The info on the forum seems a little out of date but based on the research I have done already it appears that GS, MS, Q, and EVR are the top groups in terms of deal flow, culture, and exits. How would firms like Citi, BofA, CS, LAZ, PWP, JEF, RBC measure up? Would appreciate any further insights! Thanks!
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Those 4 are, in my opinion, the top tier groups in the Bay. Would also want to add JPM to the list though. Those other firms you listed are all strong and would definitely be great places to work.
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Citi tech? I’m sorry I can’t remember the last time I saw them on an important S-1 or worked across from them in an M&A
also, SPAC quality as of late is absolute shit. Shell cos on the brink of returning capital that will merge with any shit company to avoid it
In tech its
GS/MS/Q (Q being better at M&A but obviously no equity)
JPM
the rest
Bro why are you just spamming the same thing over and over again?
GS/MS/Q JP/EVR CS/BofA/LAZ/JEF PWP/RBC/Citi
Where would Barclays Menlo be in all of this?
also curious to this
Personally I would put it on the same tier as CS/BofA (minus points on dealflow compared to the first two, but bonus points on in-house modeling/culture)
Are you fucking serious? Where is JPM? Gave a MS for inaccuracy.
Q on the same Tier as JP? It’s between them and GS for the absolute number one spot..
My friends tell me RBC and Citi are lifestyle banks.
Throw STRH and all tech boutiques besides the elites and Qatalyst in the same bucket (USA, GCA, FTP (i'm sorry but I'm not on duty at the time of this posting), Code, Merrimac, Intrepid, Catapult, Singrando and Terratorn Advisors)
Can you expand a little bit on the lifestyle banks aspect for Citi/RBC?
Like are you referring to culture/hours worked?
I mean that it's a chill bank in terms of lifetsyle. Tgat's what I've heard at least....
Evercore is not in the same bucket as GS, MS, and Q. Those 3 tend to win pretty much all the major mandates
Agreed considering how long GS/MS/Q have been dominating the tech landscape as well as their client relationships.
JPM has been crushing it for the last couple years tho. Wonder if JPM would ever reach the top in the near future.
Think recently JPM has been on par or possibly even better in terms of dealflow than MS Menlo. Still not the same in terms of exits and selectivity/prestige but maybe slowly moving in that direction if they keep improving.
Is this merely a factor of headcount?
The issue with JPM SF is that the coverage team does almost no modelling/execution so they struggle to exit into PE. They do really well with other tech roles though.
How is this much different from MS Menlo where there is a separate m&a and coverage group? Assume most of the execution is done through the m&a group there also? Could be wrong but just curious what the main difference is that makes MS Menlo so much better at the coverage level for juniors.
I've heard of coverage groups being less modelling intensive but no modelling/execution? What type of work do they typically do at JPM SF then?
Don’t cap G. JP picks up scraps from GS/MS/Q
Are FTP and DBO also top banks on West Coast?
FTP is a specialist (fintech), and DBO is a generalist, so those two are quite different themselves. But both well-respected around here. I'd give slight edge to DBO. Surprised LionTree hasn't been mentioned in this thread though. Another fantastic boutique in SF.
I have a few friends who interned at liontree and dbo partners. Both firms make you work hard but phenomenal people and experiences. Very solid shops.
LT is on a whole other level. They do a fantastic job and are relaly not even a boutique like USA or Code or FTP.
Are you inviting me to post here or something? FTP does well only in FinTech and has been on $bn deals. Bankers here work hardcore to prove to copmanies they take on that they did not make the wrong decision to hire a boutique...
Highest emphasis on exits and considers dealflow: GS/Q/MS JP/EVR/LAZ CS/BofA/CVP/MoCo Citi/PWP/Barclays/JEF DB/UBS/GH/Gugg/RBC
All are great places and keep in mind that this ranking is really not that indicative of the overall quality of the group. PWP SF for example doesn’t do that many deals but you’ll still get better looks there for PE than at DB which actually has decent deal flow.
do you think you will get good looks to exit to top growth and VC shops from the second tier of banks from your grouping? Or are those mostly for GS/MS/Q
Yes, I actually know a few EVR analysts that have exited to VC in the past few classes. Lazard has placed recent analysts at great growth funds (CVC). Can't speak to JPM, but I know that EVR and LAZ are going to give you great opps to growth and VC if you're interested.
Would you say for the lower tiers e.g Citi/PWP/RBC/Gugg/Barclays etc. exit opps are quite similar?
interested
I actually didn't even know Guggenheim had an SF office until googling it just now. Given they started in 2016, has this group developed enough of a presence to succeed in the tech banking space out of their SF office alone? I understand they are good in NY...
I heard UBS isn't that bad since they pretty much do work for sponsors in the software space.
Can confirm
I’ve heard UBS and DB compete better in tech than overall. Are you sure they’re bottom tier on their own or should they be in the second-to-last tier with the others?
Gugg doesn't have a full tmt platform in SF, they only do clean-energy/greentech deals
Whrre would you put Liontree, FTP, and DBO on this list?
Kindly exclude FTP as they are too niche. If the thread was top fintech groups -sf, then FTP would be #1 hands and legs down
Won't play the ranking game but LionTree and DBO Partners are very well-regarded in SF. Strong deal flow, EB-type comp, open door policy, and smart people. Not too familiar with FT Partners since my group doesn't really compete with them.
Does anyone have any insight about how PWP's recent layoffs (~7%) affected their SF office?
Most accurate ranking I’ve seen
Where would you rank Blair's tech team in SF in all of this?
At DB, and just wanted to say the PE exits are just as good here as most other spots. Sure you might not get the looks of a GS analyst but we’ve had multiple people on the team leave for MFs. It just comes down to your ability to sell yourself and your experience - at the end of the day we all do the same shit, the top banks just do more of it / have higher deal flow
https://www.leadersleague.com/en/rankings/mergers-acquisitions-sector-t…
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What do some of the most prestigious / competitive exits include for these groups? Based on this thread, would it be safe to say that most MF PE exits are taken by GS, MS, and Q analysts? Where do these other firms place in terms of GE, VC, and PE? Is PE even that popular or do most top analysts prefer VC?
Interested
Tech PE guy in the Bay here. My perspective is based on who we see and like to see when our associate hiring cycle comes around, which I am guessing is what you guys care about. Not necessarily talking about deal flow.
GS/MS/Q are "top", sure, but with caveats. Everyone sort of hates working with GS, they get mandated on a ton of sell sides so we have to play nice with them for deal flow. We'd obviously take their analysts because they get good experience. We don't see a lot of Q guys during recruiting surprisingly. A lot of people stay there (its a good gig) and a lot go to Sand Hill Road if they do leave. It's a smaller shop too.
Evercore/JPM/Moelis (yep) are pretty much in line in my book for hiring purposes. Anyone saying Evercore isn't as good for placing on here is dead wrong. We love working with them and love scooping up their analysts. (Also, look at the first major "tech"-ish post-COVID deal with Silverlake/Apollo/Expedia. Who was advising on that? Evercore/GS on the sponsors and JPM/Moelis for Expedia.)
Other bulges, etc. after that. All are pretty good and would merit a look.
FTP murders it in fintech so not sure why they are getting flack. They are a major part of the deal flow in that sector but only that sector (dont cover anything else) so their guys place well in fintech in the Bay (think like an FTV type place)
Some other boutiques like DBO/Vaquero were seeing good deal flow in the LMM/MM before COVID, but we don't really hire out of them because their deals weren't our spec so we don't have real relationships.
EDIT: Forgot PJT. don't see a ton of their stuff out here, but have had great experiences working with them and would for sure interview their analysts
EDIT EDIT: Confused how this is so controversial. Because I said we like to hire Evercore and that FTP is really strong in their core competency? Will refrain from future perspective...I only speak from the lens of someone above the associate role at one PE shop in the Bay. Other shops could have different views on who they like to hire from. (Just go to their websites to see.)
thanks for this. would you say for the other bulges (e.g. CS/BoA/Barclays/Citi) that they are viewed similarly in terms of buyside recruiting or is there some disparity between those as well?
CS places pretty well (somehow CS always does) but I am pretty indifferent. Would just see it and be like, "Oh a BB nice". Would probably glance at GPA/school and see if I recognized any deals and then make a interview/pass decision. The process is not as sophisticated as people give it credit for.
Why is ft partners such a contentious topic on this forum? Seems like people are always trying to find a way to shit on them or suck them off. No in between
My best guess is its just the difference between covering fintech and not covering fintech. If you don't cover fintech they are a no name firm. If you do cover it, they are a very important name. Analysts get interviews from PE shops covering fintech.
And to be clear...I don't necessary "like" them as someone has accused me of being an FTP troll. Lol. They barely existed when I was an analyst. They can be slippery. Same as GS and to an extent all bankers, you have to play nice in the sandbox if you want to see their deal flow.
Done commenting because I am triggering Gen Z now.
Ok FTP troll analyst
Thanks so much for the detailed write-up, it is really helpful to see things from the other side.
That's an interesting point on Q, it seems that analysts are more prone to going VC or staying at the firm (which admittedly is a bit difficult to draw conclusions from considering just how small the classes are). Would you say this is a function of their analysts choosing to not go into traditional PE, or do firms such as yours not consider their analysts when/if they do recruit?
Appreciate the insight you've provided. How do you view strong MM players in this space (Jefferies, WB, etc.)? Do you ever interview candidates from these shops?
FTP has clients for years and has a backlog of deals that they are constantly trying to execute. That is why they churn out deals so much
What do you mean they place well in FinTech in the Bay? Which shops have they gone to recentyl that makes you think thtat/?
From a quick Linkedin search: Accel, CVC Growth, Parthenon, Vista, TCV, Spectrum, B Capital, Carrick
Moelis la, not sf correct?
Moelis has office in SF
Why are you people giving this guy monkey shit?
Even if you don’t agree with him he’s a certified pro and knows way more about the topic than you do.
Why discourage him from giving his opinions in the future? Way better than hearing prospects and interns argue about shit they know nothing about.
Thanks for standing up for me,!
lmao its cause it doesn't perfectly aligned with the bs opinions that spread here by college students and those who have never worked a single day.
Please continue to comment. Your expertise is valued here. Otherwise, this will truly be an intern site.
Thank you for this post. I really appreciate you’re insight! This is the type of content I’m here for!
Youre deeply welcome. Wish you the best of luck!
If you’re thinking about rankings in terms of size of deals / mandates won, the rankings on this thread seem to pretty accurate. However, its important to note that tech is a much bigger market right now than other sectors. Sure, banks like GS / MS / Qatalyst take a bigger slice of the pie, but the pie is also quite large. I work in a tech group at a MM firm and the majority of our sell sides are $1B+.
Put simply, a lot of tech banks are doing well right now in terms of deal flow. This is the busiest Tech M&A year in history to date due to low interest rates, high market valuations, and the strategic needs of companies that need to acquire others to innovate (just to name a couple).
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