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 The info on the forum seems a little out of date but based on the research I have done already it appears that GS, MS, Q, and EVR are the top groups in terms of deal flow, culture, and exits.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
GS/MS/Q JP/EVR CS/BofA/LAZ/JEF PWP/RBC/Citi
Evercore is not in the same bucket as GS, MS, and Q. Those 3 tend to win pretty much all the major mandates
JPM has been crushing it for the last couple years tho. Wonder if JPM would ever reach the top in the near future.
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.
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.
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.)
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.