What is merchant Banking
I have seen somewhat conflicting/confusing definitions. To add to the confusion, it seems to have different definitions in US vs UK.
Is it simply identical with IBD? Does it overlap with PE? Or it somewhat like its own unique animal.
I'll appreciate answers that specified what the term usually means in each geography (eg., London). What then does GS Merchant banking Division precisely do? Is Rothschild's Merchant banking simply made up of subsidiaries that happen to include PE? Or is Rothschild's Merchant banking simply the name of the entire HoldCo? Or does Rothschild's Merchant bank include its IBD
Also curious
bump
It's a liger between IBD and PE
US or UK?
A liger is a liger, regardless of the country. Some attributes maybe different from Merchant Bank to Merchant Bank due to regulatory reasons, but regardless it is a hybrid. Google also has some great answers. I bet GPT-4 also knows.
From my understanding, a "Merchant Banking" group does traditional M&A, but also offers to co-invest alongside whatever sponsor ends up acquiring the company.
US or UK?
US
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