Reputation/Experience at LionTree, Raine Group, Qatalyst, etc vs BB/EB TMT groups
Does anyone have any insights or advice on how some of the TMT focused smaller banks (Raine, LionTree, Qatalyst, etc) compare to working at a larger bank in terms of an analyst experience and eventual exit opps?
I am definitely ok with being focused on TMT but am a little concerned about accepting an offer at one of these smaller TMT shops with how little info there seems to be about them
As a previous SA at a tech boutique along a similar vein to the ones you mentioned, a large portion of the draw for me is the amount of deal experience I will get as a junior employee. As well, it is common for senior management to go to bat for you for exit opportunities after completing a year or two of the analyst program.
Don't get me wrong, BB/EB will always be the safest way to reach MF PE (I have had an employee at the firm tell me straight that PE is not the primary exit opportunity), but working in a boutique environment can open a lot of doors, especially if MF PE is not the path you are looking for. Many previous employees of my firm have moved on to MM PE, VC, stellar Corp Dev positions, strong HFs and the like, and most of these opportunities were obtained through MDs leveraging their professional network. Some alumni are even CFOs of startups. It is truly hard to quantify the pull that senior management can have, given you have done a good job at the firm during your tenure there.
The main reason there is such little information about exit opportunities at these firms is because the analyst classes are so small. Because of this, there isn't a ton of reliable data openly available on WSO and the rest of the internet. At the end of the day, I decided that the opportunities available to me at my boutique align with my goals for the future, but it is up to you to determine what your goals are.
I would add - analysts Raine and Qatalyst both tend to stay for longer. At Raine I think that’s because they want to stay in sports / media and that’s one of the better gigs in the field, and at Qatalyst it’s because the firm tries to recruit people who want to do banking long term (also the pay). That being said, as the above poster said you’d get plenty of deal experience at either, and would be in a great position to get a buyside job doing almost anything you wanted if you did decide to exit. Never talked to too many people at Liontree so can’t add much there. One thing I would add - everyone I’ve ever talked to who works at any of the banks you mentioned has pretty brutal hours compared to BBs and even most other boutiques.
Can comment on Qatalyst mainly. The culture is really great (you'll work hard nevertheless but very good deals/dealflow), pay is way above street (full cash for seniors), great exposure, seniors know pretty much any top tier VC/PE firms and are willing to recommend you if you want to make the jump. Nevertheless as stated above, advantages tend to attract people to stay longer.
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