Green Energy/Infra/Tech Groups
Anyone got any insights on any groups involved in the above sectors that are solid? Heard Macquarie Green Investment Group is meant to be a good challenger.
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GIG is not really a traditional IBD team but rather a project development/investor role with a fairly aggressive sell-down model.
Any thoughts on the team? Dealflow, rep and exit options etc
Depends on the region I'd imagine - in Europe and Asia in particular, the group has been developing large wind projects where your job would be similar to other institutional investors acting as developers (such as CIP for example). It's a fundamentally different work from an IBD team pitching and executing M&A and financing work for external clients. You will work on development, financing and sell-down of those projects and given the scale of some of them (especially their offshore deals), you might work largely on 1-2 projects for a few years.
I've seen exits to infra funds and energy developers/corporates. I think for many, the development work could be more interesting than more brownfield/acquisition oriented exposure at some infra funds. While I don't have specific figures and anecdotes for GIG, Macquarie does have some chronic issues on comp misalignment and culture that I'd want to get comfortable with before joining.
Is GIG under their infrastructure grp? how strong is it outside the US
GIG is a standalone sub-division within MacCap alongside other sub-divisions like Advisory and Infastructure & Energy (I&E, does not do renewables in EMEA).
It was created through the acquisition of the UK government-owned GIB by Macquarie (https://www.gov.uk/government/organisations/uk-green-investment-bank), so it mainly focuses on EMEA and merged renewables activities elsewhere into GIG. It is very active in the UK and the Nordics and expanding in Europe.
As mentioned by someone else, they act as a developer and operate as a separate entity since GIG was a standalone institution before. Full overview of what they do in Europe: https://careers.macquarie.com/en/job/958756/expression-of-interest-gree…
Infrastructure & Energy is quite distinct, these guys do everything from bidding for PPP as a developer, principal investing, PE, mezz, special sits. Pretty much opportunistic.
EDIT: GIG is a standalone sub-division, phrasing was unclear
Nomura & Barc lead the ESG space
This doesn’t align with the league tables, nor does it align with my personal experience in the sector.
You might have mentioned Nomura due to their acquisition of Greentech Capital. This group would be covering a fair amount of renewables / clean tech volume, but the largest M&A deals are still run by bulge bracket banks who can leverage their balance sheets (I.e. debt financings and tax equity) to win mandates from the largest developers and IPPs.
Barclays is more orientated towards traditional power than they are towards renewables last I saw. However, they are active on the social infra side (such as PPP advisory).
Marathon Capital
2nd this, Marathon is great in the space
Moelis P&U does a fair bit of renewable and green stuff. Did some stuff indirectly with them on that when I was there. I believe they still cover the green space
Some other purely renewables teams:
Greentech Advisors, now part of Nomura
Green Giraffe, especially in Europe
Your question is a bit broad.
The list is for M&A in London.
Top groups are traditionally at the following (no specific order) MacCap Advisory Jefferies, Barclays, Evercore, Rothschild, Cantor, DC Advisory (includes Green Giraffe), DB, RBC, Citi.
Decent groups: BAML, Nomura, JPM, CS.
Can be more specific if wanted
Could you elaborate on the top groups - I have an offer from one of those listed and so would be cool to hear a bit more
Edit: this is for London
Congrats on the offer.
MacCap Advisory: does everything, always seemed very strong on the utilities side. Does both M&A and debt advisory.
Jefferies: a lot of renewables but not only that, the up-and-coming team in the sector, aggressive growth and hiring strategy, trying to get into debt advisory as well. Poached RBC and DB people in 2018, before that they were not very well known. Definitely one of their best team in London. Decent team size of 15-20, half of which are analysts. They will grow to c.30 this year apparently.
Barclays: not sure, never seen them on a deal. I know the PUI team is strong but I wonder if this is because they also cover utilities corporates (big in the UK). I guess they have a strong UK focus.
Evercore: a lot of renewables, big team of 25+. Does both M&A and debt advisory but undeniably stronger on the M&A side.
Rothschild: seem to run their deals either out of Paris or London. Seems to be doing a lot of debt advisory in addition to M&A which is to be noted. Always seems to be short-staffed on deals.
Cantor Fitzgerald: seems to be exclusively focused on renewables. Ex-Jefferies. Brutal.
DC: one of the leading firm in the Infra sector nowadays. Lacked some structure before and had quality issues. M&A and debt advisory. Rarely lands buy-side mandates. Mainly focused on the value-add sector but has acquired Green Giraffe which was the leading firm in renewables advisory. Brutal hours in infra, culture varies depending on the MDs, many with unconventional backgrounds. Cheap though.
DB: strong team, very consistent in landing deals in continental Europe although they mainly operate from London. No debt advisory. Nice culture.
RBC: used to be strong and well-known in the market, not sure if this is still the case after Jefferies' poaching (there was not many people left in the team after that).
Citi: small team (6-8), only does M&A execution, basically supporting the industry teams and sometimes working with the PF team. No debt advisory. Hours are not that bad, nice culture due to the small size.
Do you know more about the GIG team from Macquarie? Seems quite heavy on principal investing, is it similar to a buyside/PE kind of work? Or is it more PF? Thoughts on rep outside US too
Answer in a thread above
Barclays SIB is really good, more generalist ESG but a lot of that includes green energy stuff. They were the first BB ESG team and capitalized on it pretty heavily
Anyone have info on which of these renewables/infra/power groups take analysts directly out of undergrad? Particularly interested in PE Analyst programs but not sure which PE firms have dedicated groups for these verticals that take new grad analysts?
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