GS Merchant Banking
Why do people not talk about this? All I ever see is IB on this site, yet everyone wants to exit to some buy-side investing role. Merchant Banking, especially corporate private investing, seems like it would be incredibly more relevant for exit ops to PE, VC, and Growth Equity firms. Per the job description, you are doing a combination of financial modeling and evaluating/sourcing investments.
GS MBD has some very difficult placements to get into, it's a great place to be if you can get in. I'd rather take a look at GSIP if VC or growth equity is your thing. PE has been discussed ad nauseum so I'm sure you can see the alternatives.
Isn't GSIP more difficult to get into than GS MBD?
No, they are both very difficult
Look up the new analysts in either group, a good number are internal candidates moving from an experienced analyst role. If someone has the stats to get in to either group it really doesn't matter what differentiates the difficulty at that point.
Isn't GSIP a hedge fund?
they don't really take analysts ergo headhunters don't really look to it as a pipeline for PE so people don't talk about it
I've worked with the growth equity group out based in Cali. Very elite group, the least senior person I communicated with was post-mba with silicon valley vc xp
That's a shame, because all of the various private capital investment-type groups in Goldman are super interesting.
Sorry, I realize how late this question is being posted. Do they have anything under I&L / MBD in Cali / West Coast (excld SLC) ?
My understanding was GS didn't have any MBD (I&L) presences in Cali. I thought it was just IBD & PWM (IMD) in LA & IB / SecDiv / IMD in SF.
the growth equity group I worked with is obviously a direct private investing group, they are in San Fran (555 California street.) I mean do you really think that a major investment bank wouldn't be out there? lol they do tech investing exclusively in brooklyn?
But to recap can anyone list all of the investing groups in GS that you can feasibly work for as an analyst directly after college? It's hard to keep track with all of the acronyms, and like @guggroth93" mentioned, some groups take experienced hires only.
Goldman Sachs Merchant Banking (Originally Posted: 01/06/2012)
What is the different between exit opps and salary for an analyst position in Goldman Merchant Banking vs Investment Banking?
Goldman Merchant Banking and Exit Opps
Goldman Sachs Merchant Banking is an arm of the firm that invests capital in corporate equity and debt, real estate, and infrastructure. This group acts like a private equity firm and exits from the group would be into private equity firms.
User Trochaic Dimeter shared advice about internships with the Merchant Banking division:
Goldman Sachs describes the division on their website.
You can read more about Goldman Sachs on the Wall Street Oasis Company Database.
Check out another thread on WSO about GS Merchant Banking.
Read More About Merchant Banking on WSO
Interviewing for Private Equity Jobs?
Want to land at an elite private equity fund try our comprehensive PE Interview Prep Course. Our course includes 2,447 questions across 203 private equity funds that have been crowdsourced from over 500,000 members. The WSO Private Equity Interview Prep Guide has everything you’ll ever need to land the most coveted jobs on Wall Street.
Private Equity Interview Course
I'm sure that information is on Goldman's website.
Pretty sure merchant banking = private banking/wealth management so same base salary because it's FO and a lower bonus ... Depending on performance though?
Exit opps are likely to be less in merchant banking. Tbh I don't know much about merchant banking - best to wait for others to reply too...
You're an idiot.
Merchant Banking = PE
Pretty sure merchant banking = private banking/wealth management so same base salary because it's FO and a lower bonus ... Depending on performance though?
Exit opps are likely to be less in merchant banking. Tbh I don't know much about merchant banking - best to wait for others to reply too...
Merchant Banking is pretty much the banks in-house PE. At my particular bank I'm not sure about comp although I think the base is the same, and the hours are better. MB (for us anyway) is also more passive and takes stakes in companies rather then buying companies outright and exerting control
Merchant Banking =/= Private Banking or Wealth Management at all.....
juniormistmaker is correct: a merchant banking division is essentially the PE arm of a bank. I've read on here that groups like GS MB are more difficult to get into on the analyst level than IB given the fact that these groups are smaller and the nature of the work is slightly different. I would imagine the exit opps to PE are significant.
//www.wallstreetoasis.com/forums/gs-merchant-banking-0
How about a switch from PWM to MB? Any suggestions please?
Conversion rate for SA to IB is very low in GS MB. I think it's historically been low + they're scaling down the group b/c of the new capital requirements etc.
The people saying MB is PWM are idiots.
That said, I just realize -at least on Goldman's site - MB is separate from GS Capital Partners. Anyone know the main differences between the two? I would assume MB executes their own deals in house whereas CP operates like a typical PE, but could be wrong.
you really have to question everything you read on this site. the amount of misinformation on this shit is unbelievable.
GS Merchant Banking - Which would you choose? (Originally Posted: 01/30/2007)
Does anyone know much about this? If you had a choice between this and other areas should as Investment Banking/Management which would you choose? Also is this only located in texas? Thanks
Can definitely confirm that the MBD in London takes Analysts out of undergrad (with or without internship there)
REPIA in Dallas, not PIA.
GS merchant banking? Help please (Originally Posted: 01/28/2010)
Hello,
I have just received an email for additional emails with GS merchant banking in London ( I had first round with GS IBD London 2 weeks ago and it went well).
I am not too sure what GS Merchant banking is.... is it the private equity arm? What is the difference between GS Merchant banking and GS PIA then?
Any help would be much appreciated, this is for SA BTW.
I would assume they are all difficult to break into right out of undergrad. They obviously have their pick at highly qualified applicants, and those groups are smaller with lower turnover. So I'd think they hire people who are a little overqualified just because they can. That being said, with the right connects it can be done.
Yep, it's the PE arm. PIA is one of the subdivisions of Merchant Banking.
..heh i'll never understand how kids are able to get final rounds and job offers without even knowing what the job is.
It's a great desk. Good luck with the interviews.
Should I expect more technical questions into LBO?
Where can I find past deals that PIA has done?
.
GS Merchant Banking - Info about the division? (Originally Posted: 12/12/2011)
Does anyone have info about the Merchant Banking Division of GS? From what I have read on the threads, and online it looks similar to PE with a greater investment spectrum. A couple of initial questions I have:
-Is it harder to gain a entry level position from undergrad than IBD?
-Is the nature of the work similar to IBD?
-Would it be considered more prestigious than working for GS TMT etc?
-Has anyone interviewed with them before?
Any information or answers to the above questions would be much appreciated. Thanks!
just run a search for GS PIA and they don't take undergrads, normally.
Haven't you heard? GS TMT is sooooo 7 months ago. A stock price under $100???? Might as well work at Netflix IMO.
Yes.
No.
Get the fuck out!
(But the answer is yes.)
Technically someone has interviewed with them before, but I have not seen anybody give a first-hand account here.
GS Merchant Banking / Capital Partners (Originally Posted: 04/14/2012)
Can you guys comment on how GSMB / GSCP stacks up against the typical mega funds? They seem to be involved in a lot of large deals but I have not heard their name in the same sentences as TPG, KKR, etc., and I wonder why.
Also, how does the increased regulation of investment banks going to affect the group? Would be amazing if you could link me to an article / analysis that deals with this.
Thanks!
Is GS MBD not an exit opp itself? Surely there is no or very little difference between the work/role you do as a PE analyst in GS MBD vs a PE analyst at a MF PE fund or a MM PE fund?
wonder much as well..
bumpy bump
What is the better option: (GS) Investment Management or Merchant banking/ private equity? (Originally Posted: 12/04/2013)
Hi,
I consider applying for either (1) Investment Management or (2) Merchant banking/ private equity at Goldman Sachs. Can anyone tell me which of the 2 divisions is most prestiguous? Which is most comparable to the GS IB financing group (unfortunately I cannot apply for the financing group now...)?
Some background of me: I have a bachelor's degree in Physics.
Thanks
You can only get in if you have worked in GS prior (for the most part) -- they also usually do not transfer summers to analysts. There are currently two analysts and they have been at GS since their sophomore year. I interviewed as an outsider via HireVue and had been explained by a VP in the group that sophomore IB analysts had higher priority on the totem pole, by nature of their history in GS.
So a second year IBD analyst out ranks a second year MBD analyst?
Also happen to know one of the two analysts that started summering there their sophomore year. Are you saying they dont do this anymore?
maybe worry about the TOEFL first
Come on man.. can't anyone just answer my question? :P Of course I can guess the answer; but I don't want to bias yours. :P
Why are you interested in banking?
S.h.i.t on
What's schrodinger again.. The hamiltonian in operator form I think?
A lot of the stuff said on here is true (mentor of mine worked in this group). Not entirely sure on getting an SA there but historically people from the IB groups (Industrials, HC, NR, etc.) are the people who would transfer to GS PIA.
GS Merchant Banking Division? (Originally Posted: 12/02/2014)
got a phone interview for SA 2015 later this week. I never really focused on this division. So thoughts? What can I expect?? I'd appreciate the help.
Hey which division did you end up being in? Also-did you apply/preference both merchant banking and investment banking?
How did you weave this into your cover letter? @wkc207"
just curious, are you undergrad? they said they didn't take any undergrads at my school... -___-
No, grad non-MBA.
GS Merchant Banking / PE (Originally Posted: 12/30/2011)
did anyone hear back from applications to GS Merchant Banking/PE, for their new analyst program in london or new york?
i applied mid to late november, since then my application status is hold on application received. does GS send out rejections in case the application doesnt fit?
i've heard it takes ages, and it does. so, anyone who applied and already got an interview, a rejection or a phone call?
best regards, unlimited
GSAM is another route related to this, including their alts management (mostly FoF but I know they do some co-investments!)
Definitely. Have to be careful with GSAM and IMD as they aren't as clear sometimes as to whether the role you're applying to is FO. Example: GS fund reporting would be considered IMD on the GS application.
just in case: when someone just knows if GS sends out rejections, or just contacts people in which they are interested in, more than open for that info.
I've applied to other programs at GS before and never been sent a rejection.
I've been interviewed for securities already
@jwr34, alright, did your online application status change though? or application received for ever? i applied for a position at DB as well, they are still reviewing resumes, was wondering if same applies to GS
Yes, still says application received to this day.
I'm sure you know this but the chances of getting a job or even an interview with any bank simply by submitting an app online (unless done through OCR) are pretty dismal. Even more so for GS Merchant Banking as most of their people probably come out of GS IBD.
Est odio iste omnis ut veniam. Fuga dolorum ut est. Dicta sit harum in nobis distinctio expedita.
Quae consequatur dignissimos voluptatem nihil sapiente culpa. Enim doloremque non dicta. Molestiae et perferendis rerum qui blanditiis minus minima.
Nihil maxime aut non quo sequi non. Ea saepe ipsa recusandae eligendi quidem unde.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...
Et qui sequi dolores. Dolorem hic sint recusandae eos harum alias voluptatem. Veniam voluptatem quod sapiente vitae. Vel voluptas dicta ducimus ut. Maxime voluptatem quia facilis at facilis fuga. Omnis temporibus beatae cupiditate quasi. Vel debitis ut rem voluptas earum.
Ut voluptatem aut incidunt ducimus. Officia autem quasi et et consequatur consequatur consequuntur voluptatem.
Et aspernatur velit accusamus itaque deleniti sint dolor. Natus esse aut saepe modi earum ratione. Qui eum reprehenderit corrupti alias veniam quia. Libero qui sit nulla veniam eum fuga quisquam. Est doloribus ipsam accusantium dolore vitae.
Doloribus facilis nam fugit aliquam. Sit culpa ut quas aut fugit neque sed possimus. Ut dolore et non nobis dolorem. Incidunt officia officiis eius ea consequuntur. Ea et inventore eum id ratione voluptatem accusamus. Quas repellendus nisi explicabo omnis assumenda. Nam consequuntur quis iusto animi maxime.
Consequatur optio ullam dolore qui quis. Omnis illo dolores similique praesentium cupiditate in. Est est architecto dolorem magnam ut repellendus et.
Illum facilis quaerat nobis dolores quis qui. Debitis qui blanditiis ut quasi laborum. Omnis aliquid aut ab dolorum dolores quo et. Porro molestiae consectetur quibusdam.