JPM Morgan Private Capital vs. Mid-Tier IB
Choosing between JPM Morgan Private Capital / Private Ventures in NYC and a SF Tech IB offer (WF/RBC/DB/UBS) level
From what I've heard, the JPM team does direct growth equity underwriting and co-investments, so it seems like solid buy-side experience. On the other hand, IB probably offers more traditional exits and flexibility.
Curious what people think would be the better choice for someone interested in PE/growth equity longer term, especially in terms of deal experience, exits, and brand. Thanks!
When weighing JPM Morgan Private Capital / Private Ventures in NYC against a mid-tier SF Tech IB offer (WF/RBC/DB/UBS level), here are the key considerations based on the most helpful WSO content:
JPM Morgan Private Capital / Private Ventures
Mid-Tier SF Tech IB (WF/RBC/DB/UBS)
Key Factors to Consider
Conclusion
If your primary goal is to break into PE or growth equity, JPM Morgan Private Capital is likely the better choice due to its direct buy-side experience and strong brand. However, if you value broader exit options or are unsure about your long-term goals, the SF Tech IB role might provide more flexibility and foundational skills.
Sources: Tech is over exaggerated here, https://www.wallstreetoasis.com/forum/investment-banking/jpm-ma-vs-top-eb-cvpevrpjt?customgpt=1, SF Tech Banking Rankings, Top Tech Groups - SF, Q&A: GS/MS IB Analyst —> Megafund PE Associate —> HBS/GSB Business School
is this the FoF business in JPM? They have been around a long time but to my knowledge always under the radar because they have not scaled. Co-invest underwriting will likely be less detailed than banking work, harder to shift from co-invest to direct, but a good path to a seat at another FoF, family office, institutional LP etc. JPM brand name will be great on the resume and teach you how to navigate big corporate, but you will likely realise you are sitting in a very small part of a big business. Doing tech deals in SF will likely feel closer to the action. With banking you will be have a better shot at a direct investing role later on, plus the optionality to go into co-invest roles.
Appreciate the insight, and definitely see your point about banking offering more optionality. From my understanding, JPM does some FoF investing, but the MPC/MPV team also does direct growth equity investments, co-investments, and occasionally leads funding rounds. I also have prior MM PE experience. Would that change your view on the exits compared to SF Tech IB?
I would dig into what minority growth equity means for them. How much of the programme does it represent? Does the team go out and source the deals or is it inbound flow from JPM / sponsor relationships. Having spoken to a couple of people who done both co-invest and minority, the origination side is very different (lots more work for minority growth).
Is this for FT? and how long after spd did u hear back for offer from JPM
This is helpful - I’m not OP but considering a role and would love to hear your/others thoughts more generally on JPM’s multi-manager program vs GS XIG for example. Obv JPM doesn’t run a Vintages-equivalent series or some of the other XIG stuff but setting that aside, both got reorg’d around ‘22 but heard less out of JPM, until recently with a couple new hires (incl. from XIG). I’ve got no interest in returning to the sponsor side, would prob. look to exit to FoF, SWF, etc.
GS PE must be much bigger is my sense, from having run into them many more times as a competitor. They have a strong secondaries business, plus a a big private credit business.
IB and it’s not close. You need to get it out of your head that the FOF job is “JPM.”
Is this the JPM team that does growth equity / late stage growth and invested in Rogo, Island, Harvey, etc.)? If so and the role is actually on direct investment execution work for that team, I think it's a pretty interesting opportunity as they have some folks with strong backgrounds on that team and have good deal access being part of the JPM platfrom. The question then comes down to how certain you are that you'd like to do venture growth long-term since you'll be more pigeonholed v. banking
Yeah, I'll be a generalist in Morgan Private Capital, which from my understanding includes funds like JPM Growth Equity Partners. I also spoke with people on the direct investing side during my interviews, so I should get exposure to direct investments across early and late-stage growth equity.
On the pigeonholing point, I worked in MM PE sophomore year and on sell-side tech M&A deals freshman year, but I'm still interested in exploring growth equity. Do you think one summer internship would really limit my options, especially since I'm still exploring what I want to do long-term?
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