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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.
But this started changing in the 2010s and early 2020s as team values skyrocketed and billionaires, sovereign wealth funds , and sports private equity firms all jumped into the sector. SPAC IPOs for esports companies were “hot” for a short period in 2021, but they seem to have died off by now.
Investment Banking: Deals The basic difference is that in “investment banking” groups, such as technology , TMT , healthcare , or consumer retail , you work on various deal types: sell-side and buy-side M&A, leveraged buyouts, IPOs, follow-on offerings, and bond issuances. or debt offerings (investment-grade or high-yield bonds).
We have seen a stabilisation of money flows in recent months, global funds are returning to the UK, while we continue to see outflows (mostly to US) of domestic asset managers. We need that IPO supply and pipeline to replenish. An evolving product of ‘de-globalisation’. Within the next five to 10 years, Europe will be at that level.
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. Investment Banking: Deep and short-term coverage (just until the deal is done!).
But if you’re interviewing at an early-stage VC fund (i.e., Also, these numbers do not account for the dilution in future funding rounds. PitchBookGPT could target large banks ( the bulgebrackets ) instead, as they are more willing to pay for training and productivity tools. A $50 million exit value would be a 2.5x
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. Despite some isolated bright spots – such as Thoma Bravo’s $10.7
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