Looking at an interesting BD opportunity right now with an established LMM/MM firm. Comfortable with all of the details so far (fund lifecycle, industry focus, culture, future plans, etc.) and really think the BD lifestyle could be interesting. Seems to fit my personality well and this could potentially be a partner-track role. I'm envisioning this as a long-term stay and not really thinking about exit opps - which I imagine would largely consist of switching firms or going back to banking (was a banker in a previous life).
Anyone here in this side of the business now? Any general thoughts and are you liking it? Any pros/cons that I probably haven't thought of? How has it changed with the "new normal?"
Welcoming any input/thoughts on this. Thanks monkeys.
interested in hearing the responses.
bump
I probably should've waited until after the holiday weekend to post this, hah.
earthwalker7 I think was in fundraising for a while, granted all in asia
only questions I'd have would be what's your target market? are you trying to get into the cambridges/mercers of the world? the PWM universe like GS/JP/MS/ML/UBS? family offices? foreign investors only? knowing this would be key. I imagine if they have an established client base you could do well to just milk that as existing PE LPs usually become recurring LPs assuming performance is good. if it were me, I would like to chase a higher volume of opportunities rather than only big fish. yes it's more phone calls/visits, but it's also less likely you'll go through a drought.
thebrofessor sorry about the delay getting the @ mentions working again and thanks for the heads up
Appreciate the insight as always, bro. I should've clarified, by business development I mean I'd be the guy sourcing deals/maintaining relationships with bankers, networking and attending conferences, initially screening deals for the investment team and managing the process, etc. Down the road, though, this could evolve into helping with fundraising and wearing some other hats at the firm.
Giving this a bump, any input welcome.
If it's purely managing banker relationships then that role is a lot easier than sourcing proprietary deals through cold emailing/calling. Managing banker relationships, imo, is fairly easy. You add much more value by being able to bring in a proprietary deal with no intermediary.
But, if that's the firms strategy to do auction deals, then it should be fairly relaxing especially if you don't want to do cold calling.
I have been in a junior role for a year and a half now doing BD for a MM fund. It's been a positive experience so far and in my opinion with a more realistic upward career track than on the execution team.
I personally do zero proprietary outreach and it's all maintaining banking relationships, some market research, screen deals early on and push for interesting ones with the partners etc. Great visibility as you are the funnel of new deals for the firm. On the flip side, talking to bankers can get repetitive and my boss travels a lot (like a lot!) which can probably get tiring too but honestly a "wine and dine" job within PE is pretty interesting and manageable from a work/life balance perspective.
Do you have specific questions? If you want to PM me we can connect IRL too.
I'm curious to hear your opinion on sponsor coverage bankers and how much value they add to someone like you in the deal-making industry?
Good question, their value most of the time isn't in their knowledge or insights but in being an entry point / internal advocate within the sell side bank on your behalf. There are hundreds of LBO shops in North America now so differentiating yourself with the sponsor coverage banker is key to unlock valuable deal flow (early looks, red carpet MPs etc.). Let's be honest, for a more generalist fund, the days of proprietary deal flow and off market deals are probably over for assets >$10m EBITDA anyway.
My fund personally does buyouts / structured investments / direct lending so getting plugged in with the MM banks (Piper, HL, Baird etc.) is absolutely essential to our funnel and the sponsor coverage banker is key in getting us looks and educating his industry bankers on when to show us stuff and keeping us top of mind. The occasional buyside / tip fee obviously help as well.
Can you touch on comp?
Giving this a bump - currently in Legal BD. Looking to move to PE BD - anyone willing to discuss?
I'll PM you
Also looking for some insights to the space and interview process
can you PM on this as well
I do BD for a pe fund it is sick
can you PM on the role?
For the ones in BD - what does the Investment / M&A team do then (esp seniors)? Isn't a large part of the Senior role holding relationships and bringing in deals?
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