SF IB groups

Trying to figure out what industry/product focused teams have offices in San Francisco. Particularly interested in bulge brackets and e.boutiques as well as any consumer/retail focus

If anyone could add to this list it would be greatly appreciated:
Greenhill - advisory (M&A restx)
Lazard - healthcare
GS - TMT, generalist
DB - Tech
Barclays - Tech (Menlo Park)
Moelis - Tech (Palo Alto)
JPM - Tech

Needed (in addition to any other groups that the above may cover):
Evercore
MS
BAML
CS
Perella Weinberg Partners
Peter J Solomon

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Comments (44)

Oct 30, 2014 - 11:00pm

I'll add a few groups/banks that haven't already been included (I'm sure I am missing a few important ones)

DB - Healthcare, Tech, and very small Sponsors group (All in SF)
JPM - Healthcare and Tech (Both in SF; not sure about any other groups they have)
BAML - Healthcare and Tech (Tech is in Menlo; I think HC is in SF)
Citi - Healthcare and Tech (Both in SF)
CS - Healthcare and Tech (Both in SF; not sure about any other groups they have)
RBC - Healthcare and Tech (Both in SF)
Qatalyst - Tech (SF)
Centerview - Healthcare and Tech (not sure about the groups, but definitely in SF)
Lazard - Healthcare, Tech, and very small Convertibles group (All in SF)
Houlihan Lokey - Very small Healthcare group (In SF; not sure if they have a Tech group too)
Jefferies - Tech (Still in Menlo to my knowledge; not sure about other groups they have)
Moelis - Tech (In Palo Alto; not sure about other groups they have)

This should help get the ball rolling on an updated list.

Oct 31, 2014 - 1:45am

I'm curious about this too RE: the extent to which healthcare analysts get placed in non-HC PE funds (or not).

One other point - CS has a small M&A group based in SF that supports the HC and tech coverage bankers. It is an experienced group though, i.e. no new grads.

Oct 31, 2014 - 5:10pm

Junior currently hustling for tech IB here, wanted to add some color to the discussion. Thanks GreekRx for your list. Here's my contribution from the tidbits of knowledge I have gained about the scene here:

Evercore - Tech group is in Menlo Park, really cool guys (I believe they have an office in SF as well, not sure where most of the action is, I'm guessing Menlo)
Perella Weinberg - Spoke to someone at an info session in Berkeley, tech focus and from what I recall they support general M&A (West Coast)
Moelis - GreekRx is right, Tech focused M&A, Restructuring and Capital Markets, very lean teams, I heard they get crushed
Houlihan - will confirm that Houlihan has a tech group in SF. Media & Telecom is handled out of LA.
Jefferies - Tech; The office is currently in Foster City (not sure if they still have an office in Menlo), they work in tandem with New York for ad tech and fin tech deals.
Wells Fargo - Solid TMT group w/ analysts exiting to good PE shops
JMP Securities - Have heard that they have a good presence in SF
Harris Williams - They have a small group here in the city as well

Some of my additions are a little random, but hopefully someone finds them helpful.

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Oct 31, 2014 - 2:39pm

Just to clarify, JPM's Healthcare team is divided in NYC and SF. I heard one in SF is more focused on Biotech and Healthcare Product side of the business (Needless to say, they are known for their Healthcare Conference in SF also.)

Nov 3, 2014 - 1:22pm

@oracles - This is also true for DB and JPM in terms of a more senior team that focuses on M&A execution. Not sure about any others.

@Quizzibo - This is basically true for all BB and EB HC groups in SF. They all have their counterpart industry coverage team in NY. To generalize, HC in SF tends to focus more on biotech, pharma, and medtech. You don't really see much (if any) services sector coverage in SF HC groups. Also--and this is more of case by case observation depending on the bank-- SF HC groups typically don't fit the "regional office" cliché. Many of them lead their own deals and are in control of the whole process through execution. Obviously some exec or group/global head who sits in NY may get involved on the big eye-catching deals, but the rest of the deal team could easily still be working in SF. Basically, a lot of them aren't stereotype support groups that work less hours or do less interesting deals that their NY team.

Nov 3, 2014 - 6:39pm

To what extent do tech and healthcare teams place into PE, even from BB & EBs? From what I've gathered most of the BB and EB presence in SF is in Tech and I'm wondering if the majority of exit opps for tech bankers lie in VC / early stage GE or if general BB experience is all that is really needed in landing interviews and moving to MM PE shops? Also, do these analysts do a lot of modeling or is tech valuation based mostly on comps?

Nov 3, 2014 - 7:03pm

HC groups can do biotech out of both NY and SF. Big pharma/med tech often happens in NYC. For example lot of big pharma HQs are in east coast/Europe. Lot of large and small bio techs are in west coast. Large med techs are in midwest. Small ones are in west coast and Boston. Just depends on the relationships. Also don't knock too much on services. PE firms are more interested in cash generating services companies than phase 1 speculative life saver.

Array
Nov 3, 2014 - 7:23pm

@Ataraxy

No. All I am stating is that SF HC groups don't really touch the services sector at all (to my knowledge). Instead, coverage tends to focus on biotech, pharma, and medtech. That does not necessarily mean that a bank's corresponding NY group gets any less deal flow in those sectors. @abacab is correct regarding geographies and the importance of relationships. Even if a company is headquartered on the east coast, in the UK, etc., that does not necessarily mean NY will cover the client instead of SF--it really depends on previous senior bankers involved and where previous work was completed. I would add his remarks by stating the higher number of small biotech and medtech firms located on the west coast does not necessarily mean that is what a SF HC group is inherently going to focus on. There are definitely some (typically at smaller banks) HC groups in SF that focus on this part of the industry (JMP HC is a solid example). However, none of my previous messages really included discussion on these kind of groups since this thread was initially all about BBs and EBs in SF.

Aug 2, 2020 - 8:25pm

Did you recruit specifically for HC? If not, how did you express your field of interests in your interviews?

Array

Jan 19, 2018 - 9:57pm

Not super great. They've been on barely any deals and the ones they been on got help from NYC. Overall, the firm is struggling as evidenced by founder and CEO buying back a lot of stock. Note NYC > SF for their offices and NYC is hardly getting any dealflow.

Best Response
Jan 20, 2018 - 2:10am

SF IB groups: which are in SF? (Originally Posted: 10/30/2014)

Trying to figure out what industry/product focused teams have offices in San Francisco. Particularly interested in bulge brackets and e.boutiques as well as any consumer/retail focus

If anyone could add to this list it would be greatly appreciated:
Greenhill - advisory (M&A restx)
Lazard - healthcare
GS - TMT, generalist
DB - Tech
Barclays - Tech (Menlo Park)
Moelis - Tech (Palo Alto)
JPM - Tech

Needed (in addition to any other groups that the above may cover):
Evercore
MS
BAML
CS
Perella Weinberg Partners
Peter J Solomon

Jan 20, 2018 - 2:14am

SF Investment Banking (Originally Posted: 07/08/2013)

Tried extensively searching for it, but couldn't find any posts 2012 or newer.

Could someone outline the MMs, Elite Boutiques, and BBs that take interns for San Francisco, and how many typically?

I would greatly appreciate it!

Jan 20, 2018 - 2:19am

If there's one thing I've learned as an IB intern, it's that you need to be able to Google effectively. You, sir, need to work on that skill.

Array
Jan 20, 2018 - 2:22am

Ventures:

If there's one thing I've learned as an IB intern, it's that you need to be able to Google effectively. You, sir, need to work on that skill.

You sir, are a gentleman. I will take your advice to heart.

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