Leveraged Finance Associate to Mainland China

Hi everyone,

I am currently a levfin associate working for a second tier bank in NYC. I am Chinese and planning on moving back to Mainland China for the next year or two, and as such I am curious to know about the potential job opportunities in Mainland China that can utilize my skillsets?

I understand Levfin in China is not as robust as US so I thought about PE as an exit as well. However, since LevFin is probably so well-know in mainland so I am not sure if my experience will be fairly valued by the PE shops in China. 

Appreciate any insights you can share with me. 

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Comments (13)

  • Prospect in IB - Gen
Jun 8, 2021 - 10:11am

Following, I'm also a 2nd year Lev fin analyst @ top Lev fin team by deal volume. Also, considering making a transition back to China in the near future. Don't know if it's better moving into coverage for PE opportunities.

Jun 8, 2021 - 11:46am

I think PE is more doable in the US than in China if you wanna transit directly from levfin 

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Jun 9, 2021 - 12:43am

Wonder how did you get into LevFin as an international master student? That is impressive. 

Array

Jun 10, 2021 - 11:53am

I got my BS in the US as well from a target

Most Helpful
Oct 21, 2021 - 2:20pm

If you are US trained, you will be in high demand in China but you will have to be patient b/c your seniors/partners are limited in finance. Credit markets are opening up. US style PE shops in China are rare. Most PE deals in China are minorirty or VC deals as most companies are 1st generation family owned.  Most bankers in Asia are really IPO or Investment grade bankers. Lev Fin in asia is very limited and to get deals underwritten, the relationship has to be really strong with the bank.. For example, a great china healthcare company with contracts and stable EBITDA raised a bond deal at about 15% which was placed among the founders friends. No bank could syndicate this deal unless he had a PE sponsor but founder said screw u.  EBITDA doubled in 18 months as more contracts came in.. So go figure.

US PE is very hard in China. If you understand the Chinese culture, Think about it, founders of good companies pass their business to children/family. If they pass it to a PE shop, I would re-think the deal.

Neverthless, China is going to move forward as capital markets are evolving faster than is being reported in the news. Its the "skills" and deal experience that is very lacking. I can count on my hands who are the good real PE shops in China. I don't count VC as they are gamblers!

Transfer to a US i-bank and monitor the lay of the land.

  • Intern in IB - Gen
Oct 21, 2021 - 5:10pm

Unrelated but what's making you think of moving back? Family, culture etc.?

I'm international too so I'm curious to hear

Oct 29, 2021 - 10:55am

Why wouldn't you move back? If your Asian/Chinese, the chances of you moving up in the US corporate suite is hard. You have no real edge in the US. Unless, you are really American or unique, you have no similarities with many of the senior people. Were you a frat or athlete? So you play ping pong or good in music, that's limited. Banking, PE/HF is all about do I like you and do we get along. Well in banking, the work is not hard its just a process.ANd if you are in M&A, why would an American CEO trust you? Yeah, we see some diversity in M&A, but its a game of do I like and get along with you. Thats what life is about and its all emotions and psychology. 

So if it was me hiring, I would ask, can I hang with this person? Do we get along? And what similar interests do we have? 

If you don't believe me, think of human nature. You hire who u get along with.. Look at the tech companies, they hire their friends from the same scienc/math/engineering schools. Its like a incest pool.. 

Many may disagree, but I been in the ranks of boards, PE/HFs and banking and seen many different situations.. Study, learn in US and go to a pond where you can compete...

  • Intern in IB - Gen
Oct 29, 2021 - 11:53am

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