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Both have non-existent exits to PEs in London. However you can exit to US BB from SocGen easily
Figured since DC worked most of its deals with PEs/Infra funds, the exit would be easier, but makes sense since SocGen is a big European IB.
Is it correct to say both DC and SocGen are MM? Or would DC fits more into the EB category?
Thanks!
Take DC and run. Seen exits into decent PE houses, its infra team is very solid and have worked with them on UMM/large cap deals.
Any insight In terms of team exp/culture and comp?
Very hard culture at DC in recent years. You'll work a lot and pitch a lot but DC has been extremely successful in Infra and Energy in London and you'll have great exits in one or two years. I know two guys who went to Brookfield PE recently. Sure it's not mega funds but still very good imo. Soc gen and other French / Japanese banks are also very well regarded in Infra don't listen to the first comment. I know someone from the Financing group who went to Infrared after a year. But at DC you'll get M&A exposure as well as Debt Advisory/modelling so very useful for any career in Infra/Energy.
For other monkeys, do not trust that comment.
Yes, French banks and Japanese banks are well regarded for boring project finance deals. You cannot exit to PE having worked in the PF team in one of these banks, at best an infra fund that cover the type of assets and greenfield stuff. InfraRed checks out as being the most boring infra fund around in Europe, PPPs all around the place, some digital infra recently, but on the very low end of the infra risk profile. People at these banks either exit to in infra debt funds, developers, debt advisory teams at other banks e.g. DC / Jefferies / RBC etc, and infra funds covering traditional infra due to the lack of exposure to the more exotic infra assets (high adversion to risk). Do not be fooled, these teams do not come close to LBO-style transactions, except maybe BNP and CACIB.
Very high turnaround in some of the PF teams at SG, APF had two years with 100% turnover out of the last 5 years. Everyone wants to get the hell out of there.
Guy at Mizuho left after 11 months, could not take the copy-paste approach of traditional PF lending.
M&A teams are different and do not even sit in the same divisions at these banks.
Source: worked in one of these PF teams and I pretty sure that I know the guy that went to InfraRed
Is this FT?
Yup, senior role at the London’s office
FT ?
DC without a question if you want proper experience. You will actually do M&A and work on deals. SG M&A business is virtually non-existent.
hmmmm look at league tables mate
SG may have a bit in France but outside of their home market they basically have nearly nothing going. Being a second or third advisor on a deal because of the lending relationship, playing largely support roles on deals is not generating too much revenue and would not result in great experience for the junior team.
Go to DC for proper M&A experience.
Re. SocGen, I guess it depends on the coverage you’re at, but agree DC’s deal flow is more aggressive. Comp wise, any ideia?
Very helpful inputs, thanks all!
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