TPH V.S. Mizuho [HOU]
Just got 2028 SA offers from both TPH and Mizuho in Houston, and both expire soon. I’d appreciate any firsthand insight into the two groups, especially on culture, deal experience, and exits
My impression is that TPH has historically had the stronger reputation in Houston energy banking. A few seniors who interned there mentioned that the group missed out on some key mandates in recent years, so I’m curious how busy the team has been and what kinds of deals juniors are getting staffed on
Mizuho seems to have less name recognition in Houston energy, but its deal flow appears to be picking up. Its balance sheet also seems to help it compete for larger mandates, including Mitsubishi’s Aethon deal and some sizable LNG transactions
For anyone who’s worked at either group or recruited out of one, how would you compare the day-to-day culture, live deal reps, and exit opportunities? Which would you pick today, and why?
I’d take TPH pretty easily. Just look at the exits. TPH has placed analysts at EnCap, EIV, Warwick, and Tailwater. I’d also expect better comp at TPH, especially if you’re planning to stay through A2A
On deal flow, TPH may have lost some ground since the three founders were active, but I’d still put it well ahead of Mizuho in Houston. Assume you are speaking about M&A not capital markets
I’d lean Mizuho if you’re especially interested in LNG and midstream. The group has picked up a lot of buy-side mandates in those areas
Also worth mentioning, a Texas A&M grad lateraled from TPH to Mizuho as a third-year analyst. I think that says something about how the group is
Congrats on Miz
You sound like a dimwit intern
Take TPH. Better exits, reputation, and upstream experience. Period.
Mizuho literally closed bigger upstream deals this year
What I can add is that Mizuho HOU had 100% RO last year, but I heard TPH was not
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