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I never expected to revisit the topic of bulgebracket banks so quickly because the full list changes slowly, and we updated it a few years ago. What is a “BulgeBracket Bank”? The name “bulgebracket” (BB) comes from the prospectus for an IPO or debt issuance, which lists all the banks underwriting the deal.
It mixes public finance , project finance , real estate , and infrastructure. It does help to have industry experience in one of the related sectors (tech/TMT, real estate, infrastructure, public finance, etc.), SPAC IPOs for esports companies were “hot” for a short period in 2021, but they seem to have died off by now.
Even though we’ve covered industry groups vs. product groups and teams such as M&A , ECM , DCM , and Leveraged Finance , we continue to get questions about capital markets vs. investment banking. If this same $1 billion company went public in an IPO, it might sell 10 – 20% of its shares to investors.
Finally, many renewable energy debt deals take place within Project Finance teams at banks – but Project Finance and corporate finance are very different ! The same criteria as always apply: High grades, a good university or business school, previous finance internships, and a good amount of networking and interview prep.
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. It offers the broadest set of possible exits within the finance industry if you leave early (in your Analyst years).
There’s plenty of information online about case studies in finance interviews (IB, PE, etc.), PitchBookGPT could target large banks ( the bulgebrackets ) instead, as they are more willing to pay for training and productivity tools. but the venture capital case study remains a bit mysterious.
Private equity slowed but not stopped by financing environment Despite record amounts of dry powder accumulating for sponsors, high financing costs, persistent valuation gaps and a closed tech IPO market led to a significant decrease in private equity M&A activity in 2023. in 2022 to 5.9x in 2022 to 5.9x
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