I work at a European megafund, an about 1 1/2 years in now, still haven’t done a deal and am beginning to get a little antsy.
How often are you guys doing a deal? And from a learning standpoint, how much more are you really getting out of doing the deal itself on the buyside vs back in banking?
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Based on the most helpful WSO content, deal frequency can vary significantly depending on the firm, market conditions, and role. For example, in real estate acquisitions, some professionals report underwriting 155 deals in a year but only closing 6. Others mention closing 2-3 deals annually while underwriting around 25. In office leasing, top landlord rep teams might handle 50-60 deals a year, often in smaller spaces.
For European megafunds, the pace can be slower due to the scale and complexity of transactions. It's not uncommon for professionals to go over a year without closing a deal, especially in challenging market conditions or during periods of strategic focus on fewer, larger opportunities.
From a learning standpoint, executing a deal on the buyside offers deeper insights into due diligence, negotiation, and post-acquisition value creation compared to banking. While banking provides a strong foundation in financial modeling and transaction processes, the buyside experience often involves more strategic decision-making and operational involvement, which can be invaluable for long-term career growth.
Sources: How many deals do you underwrite / do a year?, What Field Are You And in What Broad Region?, Stuck at Current Firm
3 deals in 2 years (all deals between 800-2,000m EV)
A normal pace would be 1 deal every 2-2.5 years unless you’re an associate being slung onto deals as some extra horse power
.
I closed 0 platform deals during my MF associate years (late 2021 - 2024) and '23/'24 were dead years when it came to deal making and everyone understood.
With that being said I think if you're at an UMM/MF you ideally want to have a deal done 1-1.5 years and MM I'm guessing about 1 a year (if possible) though at the associate level people really don't care as much since its not your fault really
NYC Mf. Coming up in two years now and will have closed 2 deals, snd have taken 5 to IC. Brutal, do not recommend
At least you closed some, i took 8 deals to IC including 3 near/to the finish line and 0 closes in slightly less than 2 years.
how do you define „taken to ic“?
UK MM - completed 2 since 2021. Had a lot of near misses post first stage IC on top.
Some bolt-ons as well - with varying degrees of involvement.
At a US MF 18 months in and haven’t done any. Have taken 2 to the finish line and lost
Assume this is not asking about add-ons or sales, only considering new platforms
If so yes it happens often that an associate can go 2+ years without doing a platform
Luck/staffing/politics/timing matter, it’s brutal reality
UK UMM:
- One deal in late 2024
- Nothing past NBO since.
Has been slow but you get 80%+ of the learning from Phase-0 and Phase-1 anyway.
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