Leveraged Finance Exit Opportunities
Hi All,
What are the exit opportunities for Lev Fin (Leveraged Finance) analysts?
What about middle market Lev Fin? Are the exits different for the two?
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what do you mean by middle market lev fin? jefferies?
or are you referring to more of a mm lender type of role that does club bank deals and the like?
big difference between the two in terms of exit ops.
Banks who fund LBO's for MM PE funds? Curious as well.
most of the time it's still bb's who do that until you start getting into the lower mid-market, in which case it starts becoming a mix of specialty finance companies, bdc's, commercial banks, etc. and the deals aren't very broadly distributed. Suntrust does some smaller lbo financings too i guess, if that's what you are referring to. GE Capital is also pretty big in that space.
Would LevFi at a non-bb still give you good opportunities? My group deals with MM PE funds and we do our own credit analysis including LBO modeling, we also make equity investments alongside the PE funds. Just wondering if that could lead to something in a hedge fund or in a solid PE fund?
ibanalyst89 - sorry to hijack your thread, figured a few of these questions relate to what you were asking
I am referring to middle market in the mold of a Key Bank Capital Markets, SunTrust Robinson Humphrey, BMO Capital Markets, etc. Groups that handle both Leveraged Finance deals as well as arranging Syndicated forms of financing.
Also curious to hear the answers to FlySoHigh's questions?
Thoughts?
I'd assume exit ops from the aforementioned shops are to MM/lower MM PE/BDCs, etc.
Think 500M-1B credit funds and the like. Not bad gigs at all.
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PE for sure. Depending on the type of Lev Fin group you were in and what role you had, you could also potentially get into an HF that deals with corporate credit
Leveraged Finance Exit Opportunities (vs. Coverage & M&A) (Originally Posted: 12/26/2009)
Can someone contrast the exit opps betweent Coverage Groups, M&A, and LevFin? Specifically, with regards to business school / PE firms.
Coverage groups: Ability to establish relationships with the clients in theiir industries. Especially good if coverage groups do their own modeling (e.g. GS)
M&A: Heavy on the M&A modeling, conventional wisdom says that M&A have the best exit opps due to strong modeling skills as opposed to coverage bankers.
Leveraged Finance: Have not really come into much contact with this group at all until recently. Seems to be extremely quantitative (in a relative sense), at least as much so as M&A. Lacks the networking opportunities of Financial SPonsors coverage bankers, but makes up for it in LBO-specific modeling skills? (not really sure about what they do exactly... try doing a search but the info is rather hazy and conflicting)
Through contacts and early finance interviews, I have offers / may get offers at these three among others. How would you rank them in terms of exit-opps/learning opportunity?
Thanks guys!
Is this for SA or FT?
SA, thx.
CS tech? do it if you have that option
alright thanks guys!
I personally would go for Lazard.
Lazard...you'll get killed there, but you'll def be in PE a couple years out
Lazard will give you the most rigorous experience and best exit opportunities.
I'll take Lazard ... IF its in US - if in HK - go to CS ... but its a sweatshop
Does Financial Sponsors in general have a reputation as being a sweatshop? Does it vary by bank? If so, what banks are the worst?
I think what's more of an interest here is the exit opp comparison among coverage/M&A/lev fin? (wrt to the general model that separate execution and origination)
Leveraged Finance better for PE exit opps than top industry groups? (Originally Posted: 04/05/2007)
For someone looking to get into PE later on, is Leveraged Finance a better division to work in as opposed to a top industry group (both at a top-tier BB)?
make enough money and start your own PE.
thats the best experience.
depends on the bb
assume same bb
that's what im saying, assuming the same bb, it depends on the bb
sorry, to clarify, some bbs are known for being particularly strong in LevFin, whereas some may be 'good' at levfin but have industry groups that are much more highly regarded
ok, let's just talk about the average experience you get across the board from LF versus others
Asking about the average experience in LevFin is trivial. If all you want to do is get into pe, then what you should do rather than look at levfin is go to the top groups.
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