Hope everyone's doing alright nursing hangovers rn. Just wanted to start a discussion RE: EBs (Lazard, Evercore, etc.) and their capital markets groups. Details on hours/comp/EXITS would be great. Personal experience/opinions and anecdotes are more than welcome. Hopefully we can see some info here, since there seems to be a lack of focus/attention given to these roles/groups
Edit: please mention in your post if you are referring to DCM or ECM in these groups!
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Am curious as well. Can someone explain how a capital markets group at boutiques differ from BB since they have a tiny balance sheet. I assume they just "advise" on a potential financing transaction but why would a client want to get their capital markets advisory done from an EB when they could have both advisory + financing commitments from a BB.
Yeah I’m following this too
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I'm in a Private Placement role at an EB (technically it's part of ECM), predominantly doing Reg D, 144a, PIPE, etc. deals.
The way we run deals is nothing like a typical public ECM/DCM follow-on, shelf offering, baby bond placement, etc. It's much closer to an M&A process in terms of the prep we do to go to market and the deliverables we build. Hours were great most of this year (55-65) but are quickly returning back to 65-75 hour average, which is still not terrible.
Base is $175K and I'm expecting around $100K in bonus (because we didn't accomplish jack shit this year really). In good years I've been told to expect 100% or more.
All together the hours are good, comp is great and the work itself is quite interesting though a bit nichey. Seen exits to a variety of different roles, with an emphasis on Growth Equity / Asset Management over your typical LBO PE shop.
Thanks for the detailed response, would you say MF/UMM buyout PE is possible from your group or a EB’s debt/private placements team?
Possible? Yes for sure, I've seen it done and it isn't like the people who did it were absolute phenoms or anything. Generally though, M&A groups get the most looks for LBO roles. Most of the exits I saw were to growth equity, Asset Management or other banks, but I don't think that's any less interesting/lucrative than LBO deals.
could you share how technical your work is? is modeling typically handled completely by coverage groups, or do analysts on your team still get some level of exposure?
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