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However, one common point across all the verticals is that IPOs are not common because there aren’t that many publicly traded sports teams, stadiums, or arenas. SPAC IPOs for esports companies were “hot” for a short period in 2021, but they seem to have died off by now. LionTree and Allen & Co.
This style is about purchasing minority stakes in cash-flow-negative-but-high-growth companies that want to scale and eventually go public or sell (think: Uber or Airbnb before their IPOs). In the 2010s, startups began to postpone their IPOs, but they still needed funding. There’s usually a long list of previous VC investors as well.
There is some overlap because at the large banks, wealth management clients often get early/privileged access to investment banking products, such as upcoming IPOs, equity/debt offerings, or new investment products. Think: benchmarking portfolios rather than modeling companies.
So, even if you’re advising entire companies, you must still be familiar with asset-level modeling and valuation and how an entire portfolio works. For growth-stage companies, you will see plenty of equity offerings: IPOs , SPACs , PIPEs, and follow-on issuances.
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