I’m at a non-target school in Texas preparing for summer 2022 recruitment. I’m looking to intern in Houston and I know it’s main coverage group is Oil & Gas. I’m interested in healthcare so will probably look into MM and Boutique banks. Does anyone know some banks in Houston that have healthcare divisions?
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Sorry man I'm not much help - I'm doing HC in NY and I didn't recruit in Houston outside of O&G groups. I want to ask though, why not just aim for SF or NY where the HC scenes are insane?
As you know, pretty much ALL of the major banks will be 95% geared towards O&G (some, like GS, are even building out O&G tech teams so they can continue bringing in deal flow with a changing industry, and others are building clean energy teams). It just seems like you'd be shooting yourself in the foot on deal experience/exit opps (if you're ever interested in exiting) since that's really not what most of HOU is tooled for.
If you want healthcare, stay away from Houston. It’s probably the major city least suited to HC... NYC / SF are at the top of course, but Chicago, Boston, LA, Dallas, even Nashville all have much larger presences.
If you want to stay in TX, the best healthcare group is going to be Houlihan Lokey in Dallas. There aren’t many dedicated sector teams with national presence after that, but there a handful of boutiques with niche experience (see: GuideCap Partners is a generalist group that sold several specialty pharmacies in the last couple years)
Recently graduated from a TX target (Rice/UT). I’ve always wanted to stay in Texas for good after graduating, but the harsh reality is that it’s VERY hard to do (especially in Houston) if you want to start in non-o&g IB. My plan is start to off at my large MM in the Southeast and make it clear to headhunters down the line that I want to return to Texas (it genuinely won’t be difficult to sell if you’re originally from and/or have a college degree here).
If you’re dead-set on Houston, look at banks that do O&G RX (i.e. Intrepid). If you’re willing to go to Dallas, consider JPM, Stephens, HL, Lincoln (although their office there is TINY), Greenhill (although their Dallas office doesn’t focus on pure M&A), or Deloitte CF/McColl. There may be a few more I’m forgetting but that’s what I can think of off the top of my head.
EDIT: Also I believe there's a generalist Boutique IB in Houston called GulfStar? So you may wanna check them out...
Agree with most of that above - just curious why you chose to highlight Intrepid as an O&G rx shop of all things. They have a partnership with Rothschild in NYC and their team does the real RX work. If you want to target O&G RX Moelis and Houlihan are the two names to keep in mind.
Would add that GS has a regional coverage group that sits in Dallas that does some generalist stuff.
Only mentioned Intrepid bc, to be frank, I recruited mostly w MMs and Boutiques for M&A, so my knowledge of EBs and BBs doing RX is very limited and don't wanna spew a bunch of false info
Bump
If you want Healthcare you need to look at NY or LA/SF groups. Being from a Texas non target those will be an extreme uphill battle unless you have obvious HC ties on your resume.
The path of least resistance for you will be going all-in on Houston O&G, doing a summer and full time there, and lateraling to a healthcare group later on. Those industries will be more more interested in someone with BB/EB IB experience who just wants to switch verticals than a non-target student looking at a competitive group/location
HL in Dallas has a large HC group
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