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I'd say depends on the bank and group, but overall you'd probably do better with generalist IB if you want generalist PE. The only exception is if the generalist group is really bad.
Also Evr. Houston > Moe. Houston...Moe is decent but evercore does really well and you'd get a ton of transaction exposure there.
Does that change if it's DB and EVR respectively, know DB is the weakest of the BB lot and it seems like EVR HOU is stronger than Moe HOU, so just want to clarify. I think I would also be interested in PC, but think obviously regular IB will be better than energy for that side I would assume.
Mmm idk. All I can really say here is that in your shoes I would take Evr Houston and run, but it you're set on classic PE, NY is the place to be for pursing that. I'm sure you'll find cases where that doesn't hold true though.
Most banks with strong brand names in Houston have very solid PE placement outside of energy/infra. I’d say probably stronger than lower tier NYC BBs when it comes to generalist placement. However most choose to pursue energy/infra/industrials roles because a) it’s where they get the best looks and b) it’s what they’re actually interested in
If already know you don’t like energy, you will be miserable working in an energy group. Oil and gas finance is incredibly technical
I understand that they have stronger placements than the average lower-tier BB group, but I am wondering if being at a top group would change that. Ik DB Sponsors has some UMM generalist exits, and the LevFin team has a few UMM/MF exits a year at least.
On the NY group point, no, definitely not.
Anecdotally I can point to plenty of Houston bankers who landed non-energy UMM, and a few MF too. Non energy UMM very attainable if that’s what you want and you’re a good candidate.
I think you’re severely underestimating how much working in an industry that doesn’t interest you is going to suck.
PE is going to SUCK going forward. I would stick with Energy / Infra imo (energy transition, digital infrastructure, power & utilities are going to crush it)
Did energy banking in HOU and now work in energy PE at a MF - I absolutely love it, but take the other offer if you have no interest in it. Its about as tough to go from EVR HOU to generalist PE than the lower tier banks you listed and at least you won’t have sunk time learning a very technical, challenging industry you don’t care about.
Wouldn't it be easier no matter what at the lower-tier BB since you are doing related work, assuming in a decent group (not sure on Jef or UBS; but know for DB sponsors, REGL LevFin are top groups for instance and two of those 3 seem to be a lot of PE or PC related work)?
My main worry isn't just getting a role or not, because I assume there'd be something if at a DB top group; I am more worried as to if the EVR HOU seat is inherently restrictive into Infra or Energy for exits. I have a lot of interest in energy as a broader sector, but not sure if I want to do it long-term, and I'm more interested in something like tech, for example, or even credit-related work, thus my initial post. Also am concerned about the type of generalist PE firm I could end up in from both seats, and am wondering how many processes I would be immediately not competitive for solely off of having DB NYC or EVR HOU if that makes sense. I assume it's not going to be a UMM/MF for either and am fine with that, just still want optionality in the sense of having a variety of MM firms to pick from at least.
Evercore energy will get you any MF/UMM in energy and infra but probably MM generalist. DB will position you equally well for MM generalist, probably better in that you’ll have actual experience with the types of companies you’re targeting. PE doesn’t stop when you get your foot in the door, so it’s better to have IB experience in what you actually want to cover. If you are serious about energy/infra, I’d take HOU. If not, the other option is
You have to think of your career long-term. The first two years in IB are foundational, and if your goal is corporate PE, I’d take the DB generalist offer any day of the week. You'll gain broader exposure to industries, deal types, and business models more aligned with what you'll see in most PE seats. Evercore Houston is a great platform and top-tier in the energy space, but energy is inherently niche. Once you're on the buy side, you’ll appreciate having worked on deals that resemble the types of companies you're investing in. Keep in mind: PE promotions are highly competitive. The more relevant experience you come in with, the more prepared you will be and the better early associate you will be.
That said, if your DB placement is in an average/non-top group with no deal flow, EVR Houston might make more sense, you’ll at least get live deal reps and learn how transactions actually work. Experience matters, even if the sector is narrower. I would also take this into account, since placement isn't guaranteed. I think this is particularly a problem for DB since candily amongst the 3 firms you mentioned, DB is by far the weakest in M&A flow at least in the US, Jef and UBS both are ranked somewhere in the 10-12 range for LTM M&A and DB is somewhere in the 15-18 range, massive difference in deal flow and highlights how weak DB's average groups are. However, the onus is ultimately on you in group placement, would just look to evaluate your confidence here as to your chances at a top DB group. So, still would say DB, but a bit more hesitant than if it were Jef or UBS (especially Jef, since UBS has it's own post-merger worries; whilst Jef's culture might suck but the firm is pretty much guaranteed to perform at a similar or better level).
For credit interest, my answer is completely different since you said in earlier comments you were interested in it: It's DB, and it's not close. DB has a really strong LevFin franchise, way stronger than basically all of their other franchises outside of the sister group of sponsors. DB LevFin will provide you tons of deal flow, great experience, and I would assume top-tier exits into the space. I am far away from exits, but given DB is a good franchise in the LevFin world, I highly doubt EVR HOU would be anywhere near competitive with DB in PC exits given how far away from credit work it is.
Appreciate the detailed response, but this is starting to sound like someone trying to convince themselves DB is still punching in the same league as it did back in the day. Energy may be niche, but it seems like EVR has actual deal flow unlike DB.
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