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This is correct. After those two, financial sponsors & M&A groups at each of the bulge brackets (besides GS). At GS it's the industry coverage groups led by TMT
What type of work are financial sponsors groups at BBs working on? I ask because at the MM I was at, financial sponsors served as essentially a relationship management group. Analysts would pull Pitchbook reports, set up bank-sponsored trade shows, etc. It seemed like it was very non-IB type work from what I saw.
Think the role varies by bank, and probably by deal (which MD has the relationship at a senior level).
Generally speaking, it's a coverage group -- just like industry coverage but focused on covering sponsors. So helping out on loan side for new LBOs, but also pitching and executing on add-ons, showing exit options (IPO vs. sale), etc.
Would you say a Healthcare group at a BB or EB give me a good chance at breaking into a mega fund?
Beyond what I laid out above, the strength of coverage groups varies by bank. So GS consumer/healthcare, yes. MS healthcare used to be strong (probably still is). JPM healthcare is strong.
Best bet is to look at where former analysts from those groups have gone.
Also want to stress that nowhere besides maybe GS TMT and MS M&A gives you a "good chance" at breaking into a megafund. And even then there's probably a large amount of selection bias as you'd have to be a top candidate to be there in the first place. Some groups will open doors, but getting the interviews and getting an offer are very different matters. Go through the webpages of places like THL or CD&R and you'll find people from top groups that people talk about and other very good groups, including many I didn't list.
GS: TMT, FIG, HC, Consumer, Industrials, all industry groups are solid MS: M&A, Media & Telecoms, rest still very good (HC, Transpo, Tech, FIG, Power) JPM: Sponsors, M&A, HC, TMT BAML: Sponsors, M&A Citi: M&A CS: Sponsors, M&A Barclays: NatRes, Power
Any EB (Lazard, Evercore, PJT, Centerview, Moelis, Perella, Greenhill) M&A group and most restructuring groups will just as well as if not better than the groups here. There's also some specialized boutiques like Qatalyst which can place into megafunds.
Generally, at GS & MS almost all groups place well. At JPM the top 3 or 5 groups place well. And for the rest of the BBs it's M&A or Sponsors.
Yea I agree most with your list and insight about BBs/EBs for the most part. Would also include some Lev Fin groups - I've heard BAML LevFin is pretty strong for example.
Don't know why you got monkey shit - Lev Fin at BAML is their top group.
Yep forgot BAML LevFin, UBS and JPM have solid ones as well but not to the level of megafund recruitment. I left out a lot of solid groups because honestly outside of GS/MS where the avg to lower coverage groups will still get looks, there's maybe only 10 other groups among all the other BBs with guys consistently going to megafunds.
When I went through the recruitment process, I saw more people from GS FIG at megafunds than any other group (including TMT). One associate at a MF even joked that he was the 500th associate from GS FIG when he introduced s himself at a networking event...
I'd also stress that having a group that supports recruitment (especially at the partner level) is very helpful. The truth is, when you're locked in a room at any fund going through the 10+ interviews, the firm is likely calling every single person you've worked with to background check you. Think about the implications of them calling a partner in your group who is willing to go to bat for you to get that job - it's arguably more important than any sort of "deal experience" you have as a first-year analyst 6 months into the job.
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@Teller -- unless you placed well in PE recruiting, Shut the F*** Up.
GS always places best. Period.
MS top groups and EBs are next.
There is NOT huge value in being in a smaller group. The most important thing anywhere is to do well and rank high within your group. Having a large group with a well-paved recruiting path is valuable (and a large team of second years who can help you).
GS FIG is a powerhouse and has been for a very long time
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