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Interned there this summer. Culture is laid back, ppl wear polos in the office and analysts WFH after around 5-6pm. deal flow is solid but in the current environment it’ll be mostly revolvers/TLAs and refis with the occasional sponsor underwrite or acquisition financing in the mix. Important to note that LevFin does NOT hold the pen on LBO models, sponsors group usually does that. Exits are roughly 50/50 private credit/MMPE or lateral to BBs
What exactly does the lev fin group do then? Thank you
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Was told by an associate they do hold the pen on lbo
Before Scharf took over they mostly did BB refis but have since reentered the sponsor / single B space. LevFin does the structuring, execution, and marketing. Sponsors and Corporate Banking do the modeling and credit analysis. It is mostly a CLT based team.
Is sponsers in clt or ny?
Sponsors is NYC only, LevFin is CLT only. Might change both ways considering how fast sponsors is growing and with a need for LevFin to have presence in NYC.
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Super chill group that's based in CLT. LCOL which is super nice. Very smart and hardworking but laid back culture. Should note that FSG holds the pen on the model and focuses on the LBO side of things if exits are your focus something to note.
I was told Levfin holds the pen for the model on Levfin transactions? If I understand correctly, those are different from LBO?
Honestly depends on the deal. I don’t believe they handle the model though. Not in LevFin, but am in a coverage group that is currently working on an LBO and LevFin gets involved with assisting in model assumptions, but usually either the sponsors team, or coverage team will handle the bulk of the model.
In terms of the group overall, it’s very good. Both DCM and LevFin have great senior folks. Wells recently hired the Credit Suisse Head of Sponsors, so the deal flow has picked up a little bit and will certainly continue. As I said though, most of the LBO model does not seem to take place within the LevFin team. Despite that, they are a great group.
Exits vary - it’s Wells Fargo. Across the board, there are slowly but surely more people actually landing some decent firms. It’s quite common for people to lateral to a BB if you’re absolutely set on securing Apollo/H&F/KKR, but if you’re interested in MM/UMM PE or Credit, you should be fine here.
(Before i get ms, I will actually provide some concrete examples of recent exits at WF
HIG, GI Partners, GTCR, HGGC, Ares (lateral))
Can I PM you?
What about MF Credit
LevFin/Leveraged Underwriting hold the pen on the model. Sponsors does a preliminary model for the first step screening memo that they write.
Financial Sponsors is very superficial and doesn’t execute the LBOs. LevFin does. Sponsors writes a ton of super quick, super short memos.
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No longer an employee but when I worked their coverage held model. Lev fin was mostly pricing and taking care of committee items.
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Bump - any updated views of the lev fin underwriting function? And any idea on bonus %?
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