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bulge-bracket banks , such as JPM, GS, MS, and Citi, always rank well in the league tables. The other bulgebrackets (BofA, Barclays, UBS, and DB) tend to rank lower, but this varies each year. I’ll back this up by citing Capital IQ data about the number of firms in different regions: PrivateEquity Firms: S.:
But the cherry on top came from the infamous “105-hour workweek” leaked presentation from a group of Goldman Sachs Analysts. How does this higher compensation change the investment banking vs. privateequity decision and the appeal of IB vs. other industries? Together, these factors forced the large banks to increase pay.
Admittedly, not all banks did this, and many bulgebracket firms will start in the normal time frame of January – March. Internships at local venture capital or privateequity firms. So, your candidacy is more about presentation, consistency, and ensuring you have a good enough background to be competitive.
based bulgebrackets (GS, MS, JPM, Citi, and BofA) are the strongest international banks, and Avendus, Kotak, JM Financial, ICICI, and Axis are the strongest domestic firms. Among the bulgebrackets, the U.S.-based I found contradictory information when researching this point, but I’ll present my rough estimates below.
Sovereign Wealth Fund Strategies Sovereign wealth funds can invest in almost anything, from equities to fixed income to real estate, infrastructure, privateequity, hedge funds, and more. So, your best option in most cases is to gain traditional investment banking or privateequity experience and use that to move in.
In a good industry group, you might build a 3-statement model for a client based on a detailed review of its business, and you would use the output in the CIM and management presentation to market the company. Again, LevFin is the exception and provides realistic exits into privateequity, direct lending , mezzanine , etc.).
Summary of: M&A Advisory for SaaS Businesses Under $50 Million: Strategic Considerations for Founders For founders of SaaS companies generating under $50 million in revenue or enterprise value, the M&A landscape presents both opportunity and complexity. Strategic vs. Financial Buyers: Whos the Right Fit?
For a good example, look at this BofA presentation to Green Plains , which was structured as an MLP at the time and treated like a pipeline company in oil & gas. If you look at the presentations and valuations below, you will still see standard valuation multiples like TEV / Revenue, TEV / EBITDA, and P / E.
When a deal becomes “active” in IB, you dive into it and go in-depth into all aspects, from the financials to the buyer/seller outreach to the presentations and more. You can think of it like this: Wealth Management: Broad and long-term/continuous client coverage.
But this started changing in the 2010s and early 2020s as team values skyrocketed and billionaires, sovereign wealth funds , and sports privateequity firms all jumped into the sector. Regulations – Does the league allow privateequity or other financial sponsor ownership? How many individuals can be team owners?
Equity research recruiting tends to be less structured, though the bulgebracket banks and elite boutiques still run traditional processes that start over a year before summer internships. If you do IB, you can get into deal-based roles ( privateequity , corporate development , venture capital , etc.),
This results in unnecessary presentation turns, re-run analyses for no apparent reason, and endless back-and-forth over minutiae in the Fairness Opinion and other documents. In 2021, after the infamous “Goldman Sachs” presentation went viral , banks raised base salaries and changed their staffing and work-from-home policies.
Privateequity was viewed as a “lightly regulated” industry for a long time. government has become more aggressive about regulating all “private funds” (privateequity, hedge funds, venture capital, etc.) You can read all ~660 pages of the new “Private Fund Rule,” but the SEC’s summary is more than enough.
While on-cycle PE recruiting keeps moving up, to the point where you must attend a target elementary school, middle school, and high school to be competitive, off-cycle privateequity recruiting remains a viable option for everyone else. Off-Cycle PrivateEquity Recruiting, Part 1: Who Should Care? Europe and the U.K.
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