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break up between modeling / powerpoint and what your avg day looks like
I would say it is dependent on vertical. If you are on a few internet deals, probably all powerpoint and research heavy. If you are on a software or hardware deal, maybe more 50/50. If you are on a semi's deal then it leans more towards 70/30. It also depends on your relationship with senior coverage and product bankers. The more they trust you, the more they let you model.
What are the top tech groups in the groupings of BB, EB, and MM banks?
Possible to break into decent tech shops out of non-target with low mm banking experience (by decent tech, think RBC, USA, FT Partners)
Definitely. Have to show heart and industry knowledge but it is definitely possible.
what is your take on Cowen TMT in SF? What is your background?
Cowen has a good reputation. I think they have done a pretty great job solidifying themselves at the top end of EB's.
As for my background, I went to a target school, interned sophomore year in a different group than I am in now. Junior year I interned in my current group and I love it. More than that, I probably won't share to stay anonymous.
Cowen an EB? What?
What would you recommend I try to focus on if my goal is to transition from working in corp dev for a large ($20B+) tech strategic to a BB/boutique (Allen & Co, Qatalyst) TMT group?
My current role is ~50/50 split between sourcing and execution functions, heavily focused on a handful of software verticals. When sourcing I'm interfacing directly with the Founders/C-suite and once executing I'm working on the data room requests, modeling with input from a portfolio manager and the IM. I've realized that taking an investor's perspective just isn't as appealing to me as getting to focus on facilitating the deals themselves and working with a broader mix of companies would be. I'd also like the opportunity to not just work on pure M&A, but financing for exciting growth stage and IPO companies.
If you're trying to work on equity stuff, Qatalyst doesn't do any equity stuff.
First, congratulations on getting to where many want to end up.
As to your question, if you want to work on a broader mix of software companies I would recommend a coverage group at a BB. The problem is that it seems as though you would also like execution. The problem in BB's is that a lot of the execution is done by the M&A group. So, the mix of your interests doesn't seem to line-up very well with BB's. I assume that is why you have mentioned a EB. Honestly, that is what I would recommend.
What that means is learning the industry landscape which is expected out of a coverage analyst. While you are still at your current firm, try to gain an expertise (to the extent possible) on execution.
Something that you may have not thought of is what position would you be comfortable taking in order to not be a step back. Is it Analyst? Associate? Can you make a play for a VP?
I'd be happy to talk more if you have more specific questions.
Are there any sleeper EBs or boutiques that you know of who fly under the radar but take down large mandates? I figured the execution problem for coverage would be there for those BB groups.
I'd be fine with taking steps back after spending another year or two here and put in the 2-3 years for a full analyst program to see how I feel afterward. I'm pretty sure I would be too young to try for a VP role and I would rather be an analyst than an associate. Mainly because I think the combination of coming from a strategic background and knowing what to pay attention to could help me get a good place sit on the front lines of a process.
I originally came from a med-science background and am now trying to find where I want to sit in the tech ecosystem. I'm not one for CS and I feel like investing for a strategic isn't the place, so I'm hoping IB is the next best way to try and figure things out. It seems like the next logical step since I do know that I enjoy the feeling of getting deals done and pushing a process through from start to finish.
What do you think of Atlas Technology Group? They did 22 software M&A deals last year, more than Qatalyst, GS, and MS.
First, quality over quantity is the motto of Qatalyst, GS, and MS. To illustrate my point, in deals that have announced transaction value in 2019, Qatalyst demolishes Atlas. The numbers are as follows:
Qatalyst advised on 37,265,000,000 worth of deals. They also have been on pretty much all of the landscape altering deals across all of the verticals in the industry this year (SignalFX, Ultimate Software, Looker, Dialog/Apple, Qualtrics, and HortonWorks). They also were on some of the biggest PE deals of this year.
Atlas Tech advised on 590,000,000. Obviously this is unfair. Many of Atlas Tech's deals are undisclosed. However, there is no way that these undisclosed amounts would make-up 36.7B worth of value. They have advised on some interesting deals, but it is uncertain on what their role was. Were they leading? Also, they aren't in the same stratosphere as Q/MS/GS. The better comparison may be William Blair?
For those interested, Qatalyst did 49,650,000,000 in 2018. Had NXP gone through they would have done 98,050,000,000. The comparison just isn't there. Atlas seems like a good firm, but they are not contenders vs those that have been mentioned.
PE prospects from BB but non GS/MS/Q TMT group in SF?
Are you thinking Growth or Buyout? Also, there are very good BB's that aren't GS/MS/Q that can still make it to Thoma Bravo, Silverlake, etc.
I am going to assume that you are asking this because you do not think that your firm is prestigious enough to get you to one of those. In that case, I would say upper middle market buyout/middle market buyout if you have applicable deal experience.
If you want more granular information feel free to PM me. It is a difficult question to answer without more information though.
How do you balance stress and being attentive to detail? Do you ever feel overwhelmed? How do you manage that?
I think that this is a question that most of us shirk and say something canned like "workout" or something along those lines. In reality, I think it is different for everyone.
For me, I think that my friends, mindset, working out, and culture of my group helps a ton. I am not dreading going into work. I am also not making comments under my breath of how much I dislike x or y senior banker. I think that those things reduce my starting stress.
Being attentive to detail is learned. It is still something I practice at and I like to make it a game for myself. I don't want my associate to find any issues. Every time I do submit something with no issues, I note it and track it. When something comes back, I note the mistake and check for it in the future. It feels really good to see the trend going your way.
Other than that, nights out with good friends as well as playing your favorite sport in IM leagues are amazing ways to cut loose for a little bit and re-center yourself.
At the end of the day there really isn't a formula. You just go day-by-day and attempt to get better every day. In short, yes I feel overwhelmed sometimes. I would be lying to say I do not. If you have further questions feel free to PM me.
Thank you so much!
What's the reputation of FT Partners? I keep hearing mixed reviews. I'm potentially thinking of lateraling to them.
sweatshop
Apologies for all these dumb ass questions from other people, probably shit you didnt want to answer. How do you enjoy living in San Francisco? What are your hours like in your group? What you do for fun when you have time off?
Any advice to anyone that is moving from the east coast to SF? I personally dislike SF, but the offer was too good to pass. Im a bit nervous about not knowing a soul and not having my family there. I'm pretty sociable but still a little nervous about making new friends, I dont want my only friend just to be my coworkers.
Do you feel that tech ib people are a bit different than your traditional bankers? From my experience everyone that is going to intern with me (top sf group) is a lot more tech oriented and a bit more introverted that the people I met/interned before in NY.
Any tips in finding housing that you think arent mentioned too much in this site? Im aiming to live near the office and still stay close to bars.
Favorite food spots? Favorite locations to chill at? Any good bar/club recommendations?
PE exit opps coming from tech? Are you only able to do tech pe? Are you limited in what you can recruit for? Im more curious on this for top shops in sf
I can just imagine the impression you must give in person from reading this.
Agreed.
What's your opinion on Vista Equity Partners?
You should check out this thread. Some great details on both the firm in general and the culture at Vista in here.
https://www.wallstreetoasis.com/forums/visa-equity-partners-vs-silver-l…
How easy is 2nd year lateral recruiting for Tech group in SF? How much modeling is involved in the process overall? Thanks!
Who are the top MM players in SF? How big is your team?
Thoughts on Citi Tech? https://www.wallstreetoasis.com/forums/citi-tech-weakest-group-in-sf
thoughts on jpm tech coverage?
Thoughts on GS TMT SF?
Where is the best place to live in SF?
Thoughts on William Blair’s Technology Group?
Don't know too much but have heard they are a solid group and are doing pretty well.
Blair has a reputation for having a bit of a “old school” culture. A bit more of a facetime heavy firm. With that being said they have solid flow in the middle market space.
If you think they are going to clean up at the $1B plus level then you will probably be disappointed. With that being said, I think their average deal size lands somewhere between $500 and $700 million. All-in-all that is some pretty great experience especially when you count the number of deals you will get under your belt by working there.
At the end of the day it is about what you want. The complexity of a 5-10B dollar deal is often much higher than that of a $500 million dollar deal. To say that 10 deals at $500 mil = 1 at $5B would be incorrect. The experience is fundamentally different and requires thought as to which side you would like to be on.
Not sure I fully answered your question so feel free to follow up as needed.
Thank you that is super helpful.
Could you elaborate on what you mean by the complexity of a deal: between a $500 mil deal and a $5B deal. Is a $5B deal more nuanced? Pretty much, what are the "different sides" of each and how will the experience differ?
Thoughts on DB, UBS and Barclays' Tech group in SF/Menlo?
Also would like to know this
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