Healthcare IB --> PE
M&A and Sponsors groups are typical stepping stones for people to get into top PE firms.
How about healthcare, though, assuming that you work for one of the top two groups on the street (GS/MS) and have good deal flow?
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I do not think you will have trouble coming from MS or GS Healthcare this year.
Merck/Schering, Pfizer/Wyeth, Roche/Genentech.
Industry groups can easily lead to PE. Jefferies actually has the best healthcare group on the street.
If you do healthcare IB though, are you pigeonholed into healthcare companies only if you successfully move to PE?
I haven't been through the buyside recruiting process yet, but I've heard your opportunities will correspond to the group you're in. So I guess that's a yes. "Pigeonholed" might be a strong word. i don't know why i'm writing this. i'm in no way qualified to speak. fucking christmas break... nothing but WSO and porn. all day.
there isn't much PE in healthcare, though (mostly because of the riskiness of the sector).
assuming that you are in GS/MS healthcare, then, do you have a good chance of getting into Carlyle, TPG, and the like? assume that you have good modeling experience, deal flow, etc.
I met a girl at Blackstone who worked in Goldman healthcare for 2 years. She ONLY gets to work on healthcare deals at BX. Take that for what you will.
Google the words "venture capital" or "growth equity". These both involve private equity; don't forget that. Not all PE consists of leveraged buyouts.
You have no idea what you are talking about. There are over 100 PE Firms that make HC/Biotech investments with +1B AUM (US Based) and there are over 300 with +300M AUM (US as well). The difference is these guys make their equity investment, but they do not perform an LBO. This is where traditional PE and HC focused PE differ. There are of course situations where they will buyout a company, but many times they act as a hedge fund and come in for size, but not for complete control.
I know this because I'm actually in the industry. I'm in our HC group and we work with so many PE firms.
At first glance it would seem like Healthcare wouldn't be a PE target but not exactly true - there's PE deals in heathcare. Depends on the sponsor.
For example, Blackstone did TeamHealth, HealthMarkets, Southern Cross Healthcare. I worked on a few HC sell sides where Advent, Bain Cap, TPG etc were actively participating.
Healthcare can have fairly stable or at least predictable cash flows - this year might be an exception if Congress decides to take a swing at the private HC market
Jeffries has emerged as a strong player in the space with their acquisition of Lorello and his team but that does not automatically give them the crown.
I am curious about how much PE activity there will be in the sector going forward, as political risk is emerging as an unavoidable factor, especially given the long-term and illiquid nature of the investments being made. Take a look at the strong rally in healthcare stocks ever since the healthcare bill was watered down in the senate. A sigh of relief blowing the market upward. They may have dodged the bullet this time, but the government will be back for more.
Granted Lorello was the Don of Healthcare at UBS, it's much easier to take your UBS branding + Good group to interviews than Jefferies. You'll have a very hard uphill battle getting interviews with most shops with Jefferies on your resume.
At my prior firm, we definitely only looked at Bulge/Evercore/Lazard (Moelis wasn't around at the time)
So would you say that being at a bulge in a weaker group is better than being at something lower tier like JEF in a better group? Say for instance, that we all agreed that Jefferies was unequivocally the best healthcare group on the street. Would it still be better to come from a bulge even if the group is weaker? Sorry for hijacking the thread. Bringing up Jefferies always seems to do that.
Jefferies is not the best healthcare group on the street. Morgan Stanley's healthcare head Clint Gartin was picked as the years rainmaker. I think he did both Merk and Pfizer deals.
Not much healthcare in PE? Healthcare is one of the most active industries for PE investments in the middle market. There are tons of firms dedicated to investing solely in healthcare companies.
While you aren't entirely pigeonholed, you will likely be the default go-to person for healthcare opportunities if other associates at your PE shop don't have healthcare experience. I was partially a generalist and partially healthcare focused doing M&A and now I'm put on every healthcare opportunity that comes into my PE shop. Honestly, I don't really like healthcare opportunities, but having a niche at your company can certainly be nice.
Healthcare from what I"ve seen doesn't have as many PE exit ops and yes you are probably pidgeonholed to those types of deals.
The above is true. Hell, I can think of 2 PE firms in Chicago that ONLY focus on health care off the top of my head (Water Street and RoundTable).
I can imagine there are much more on the coasts.
This is still a hot area. Lot's of interest. Should be fine. Good luck
Healthcare Investment Banking --> PE (Originally Posted: 03/13/2016)
test1234
Yes, a healthcare analyst would clearly have an advantage for healthcare-focused funds. The caveat, however, is that you're in a healthcare group that actually does its own modeling.
HC IB to PE; what's the strategy? (Originally Posted: 12/11/2015)
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