UBS USA IB Exits
A lot of commentary on this topic has been made recently on this forum. I am expecting a bunch of the UBS haters to downvote this because it ruins the narrative that UBS has zero exits.
Here are some current PE firms with associates from UBS in corporate PE/GE roles. This is all from just LinkedIn scraping that was done in a fairly short period, so apologies if I missed any firms. Would like to note that it seems like a lot of UBS analysts don't leave for PE. Regardless, here are some names that I could find US exits directly from UBS analyst stints (i.e., lateraling to a different bank than exiting). Not a comprehensive list, just names of firms (some firms have multiple people as well):
Advent (Sponsors)
Vista (M&A)
KPS (2 GIG)
Veritas (group not on profile)
CD&R (FIG)
MDP (M&A)
Hg (TMT)
AKKR (group not on profile)
TJC (GIG)
Arsenal (M&A)
Arcline (GIG)
HGGC (TMT)
Great Hill Partners (group not on profile)
Greebriar (GIG)
It seems that GIG and M&A were historically among the strongest groups at UBS in terms of private equity exits. However, given recent changes, such as the departure of several senior bankers from TMT to firms like SVP and Moelis, and a broader decline in tech deal flow, TMT appears to have lost some momentum. Meanwhile, GIG has continued to gain market share, especially post-merger, and appears to be producing increasingly strong exits. Based on that trajectory, it seems that GIG will be the best group for exits going forward.
The relative lack of exits from LevFin and Sponsors makes sense. From my searching, these teams have notable representation among MF PC roles, but don’t seem to be direct pipelines to PE roles. It’s also worth noting that UBS split these two groups in recent years, which may affect how their exit outcomes are tracked.
Again, not comprehensive, but given how much discussion has been going on regarding UBS exits thought it'd be helpful to provide at least some clarity as to exits. It seems like the discussion on UBS on this forum about exits is wrong; GIG is the best group for PE exits, followed by M&A, assuming the TMT exits of the future reflect the vast decline in the platform.
This is what I cautioned against in the thread about positives on UBS. I think if we are trying to correctly show people why UBS sucks, we shouldn't exaggerate or lie about how bad it is with clear exaggerations like "there are no exits" because A) that's just easily disprovable, and also B) it's not believable. People are exiting from significantly worse platforms, there is no way a reasonably competent junior cannot exit into a decent MM shop at the very least from UBS. It's not like UBS is an absolute no-name bank with no reputation.
UBS categorically exits better than its actual US performance. Though I will note that the exits you are listing here: A) are from the classes of 2020-22, when UBS was perhaps slightly stronger than it is now, and B) this just further proves that UBS is and has always been a very top-heavy bank. Think all that has changed now is that TMT is now the very bottom group instead of somewhere close to the top, and has been replaced by CR or maybe even HC (various useless MD's in that group but overall enough useful ones to make it an okay group; very sweaty though) in terms of best groups.
If going for exits, it's pretty clear you should go for LevFin/Sponsors/GIG. I am surprised that M&A exits so well, but suppose it makes sense given how toxic their culture is and the fact it attracts the most hardo's. Would also note for GIG in specific, a large chunk choose to stay despite having the option to recruit out. In regards to LevFin/Sponsors, almost nobody does PE recruiting, and most analysts end up in something debt-relate,d whether that be a distressed seat or PC, or any other credit-related thing.
Ye seems like this checks out with the data, seems like a huge exit difference between top and bottom groups.
Good Morning Marco!
Based on the most helpful WSO content, UBS in the U.S. has seen private equity exits to notable firms, though the volume and consistency of exits vary by group. Historically, the GIG (Global Industrials Group) and M&A groups have been the strongest in terms of PE exits. Some of the private equity firms where UBS analysts have landed include:
Key Observations:
While UBS analysts may not leave for PE as frequently as those from other banks, the exits listed above demonstrate that strong opportunities exist, particularly for those in GIG and M&A.
Sources: Technology IB Coverage Group - Exits, Interview Preparation, etc., MM/UMM PE Analyst Exits, Top IBD Groups / Firms 2020 (Exits), Honest thoughts on Guggenheim, EB’s ranked by exits
This is misleading and not representative of the truth.
There are probably 300-500 analysts in this period and doesn’t reflect median or average exit
Sure will some banking analyst fluke-ys have dads in PE that get them a role in their shop? Sure, but your misleading the community with a handful of outliers where you don’t know the full story
Just fake news. Associate programs are 2 years first of all, UBS does not hire 150-250 full-time analysts a year in the US. The number is closer to roughly 60, have to discount the fact maybe like 15 are in product groups with no hopes of exits, and that given UBS fires underperforming juniors, another 5 got fired and/or lateraled. Real number this is out of is closer to 40 in terms of kids in relevant groups that can exit a year. Out of these, a large chunk (8-12 a year) are in LevFin or Sponsors and go target PC (for which a few end up at MF PC shops) almost exclusively, which does not to even exclude those that don't exit to the buyside.
Also, I know GIG took 6 interns last year in the US and that M&A only took 5. Having 4 or 5 out of 12 or so exit into some top MM or UMM firms is a pretty good outcome for a group, especially when another 4-5/12 ended up staying in IB.
I could tell you are a banker.
If you discount all the people who don’t have a prestigious exit, everyone has a prestigious exit.
That’s the same #1 triple BBB sponsor debt on odd days on the calendar BS that you put in your marketing materials, and footnote the shit out of
The ex-UBS guys downvoting this I think is proof that the firm gets overly hated on. It's literally just data, why are you mad you aren't good enough to get exits yourself?
Because this is cherry picked from the right tail of outcomes. Also, past performance is definitely not indicative of future events. Just because TMT juniors had good exits in 2020-2021 before the group blew up does not mean that TMT juniors can exit well now…
I agree with the TMT bit; that group has fallen off. Think GIG has increased market share for last year, so if anything exits would be better than it is reflected here; also,I think M&A in terms of actual TEV in the US hasn't meaningfully declined that much.
On the note of right tail outcomes, is it really? My claim is that the top 4 groups or so (LevFin/Sponsors/GIG/M&A) have good exits. Let's take a look at GIG for instances: assuming ~12 possible associates at the moment (class of 6 a year * 2, keeping in line with # of interns coming in last year), I could trace 7 who have exited to the buyside: 5 of whom are listed above as going to firms WSO has either called a top/rising MM and/or a full on UMM, 2 others went to: 1 LMM fund, and another one to SK Capital (a ~3Bn fund size MM firm that has raised a oversubscribed fund in this downtrodden fundraising environment). I think those are pretty good outcomes, to be honest, and the median outcome seems to be a ~2- 3 Bn fund size MM firm.
No I think it’s current UBS guys not wanting to subject others to what they’ve been subjected to
UBS should have better exits than DB/RBC/JEFF due to historical reputation + emphasis on target schools + emphasis on DEI.
Felt like most juniors do not have enough deal experience to go to a better place
They don’t unless they lie in their interviews
Well, yes, again, it's just not true that every group at UBS has no flow. There are definitely enough groups that provide you with deal experience. It's not like UBS is a no-name bank or bank with no deal flow over the past year or something.
Its not that serious bro
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