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GS TMT, JPM Tech, MS Tech, Citi TMT-tech, BofA TMT are the best teams for high profile deals + exits
Then I'd say Evercore Tech (apparently they hired a lot of ex-CS TMT), Roth/Laz, Arma Partners, and other EBs (more Telco)
Then I think Low tier BB, MM banks (Jefferies, WB, HL, ...), and specialized boutiques ( FTP, Torch Partners, ...) are kind of at the same level in terms of high profile deals, with BBs + Jefferies having stronger exits
I have no insights from Qatalyst so not really sure what kind of experience to expect
MS M&C is also top, known for being an absolute sweatshop with very strong exits.
Citi and BofA TMT are a tier below the rest, in London, they do not really have a great exit and a shit tonne of pitching.
Evercore is the fastest-growing boutique, but in terms of deal flow, you will never work on large deals. Their Telco team is newly established, and it's only ex-CS guys. Lazard and Roths aren't that great in TMT tbh. Arma Partners have good deal flow and is very sweaty but your best exit is probably going to a BB.
FTP does a lot of ECM and pays a shit tonne. You have other Tech boutiques / MM players that are worth mentioning like GP Bullhound, WB, Jefferies, etc. Think GP Bullhound is number 1 for small-cap deals (below £100m ish), with great culture and good deal flow.
Great input!
Disagree with your take on Citi
Strong exits usually, recently including Accel-KKR & GS Growth, TPG, Bridgepoint
At the same time it's the sweatiest group by far at the bank. All in all in think all american BBs are super well regarded in terms of exits in London and will still be a notch above the rest in the short-term
That is a below-average exit for top Tech banks like GS, JPM, and MS. Wouldn't go GS Growth, TPG, or Bridgepoint.
Agreed on Arma, a quick look on LinkedIn will show that PE / GE / VC exits are pretty much non-existent and all exits are to European / US BBs.
GP Bullhound indeed seems to be very strong in advising on fundraising. They've advised clients in rounds led by some serious firms such as General Atlantic, Vitruvian, Insight, Accel, Summit, Tiger Global, and Astorg. From a quick look at their website, it seems they mainly advise companies on fundraisings, do some sell-sides and very rarely help PE / VC firms with investments. When looking at LinkedIn, it seems that there are very few exits. Do people love being there or are the exits just super weak?
In general, I find it surprising that exits from shops like Arma / Torch / GP Bullhound to growth equity / VC are so weak. I understand why they are weak towards large-cap PE, but it seems that experience from such shops would be extremely relevant in growth equity / VC. I find it difficult to see how some guy from GS TMT who closed one $10bn telecom asset deal in 2 years would have an experience that is more relevant to a growth equity SaaS investor compared to someone from Arma / Torch / GP Bullhound.
Do you have any insights on Qatalyst for London?
May be it’s cause of competition, if you have access to GS / MS / JPM, why go elsewhere, all analysts need some training anyways and second may be it makes for a good show to the LPs that you are predominantly hiring from well regarded shops.. just may be
Makes sense that they do it for the brand name as LPs investing across a bunch of verticals are unlikely to know tech-specific shops while GS / MS / JPM is an instant stamp of approval.
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