Can anyone share information on Evercore's FSG group? Is it under the M&A umbrella? Do they work alongside coverage groups and product groups (get restructuring exposure while having a generalist experience?). How have exits been from the group in the past years?
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C’mon guys, OP needs help. Is the financial sponsor coverage group at one of the elite banks good or not?
What are the exits like for a top group at a top bank? Are they super awesome or just awesome? We need this info.
The question is a legitimate one but in my knowledge, there’s only 1 junior person to have been in this group and they would know the details much better than I do.
It actually isn’t the Evercore experience most people would assume because leadership is still working out the kinks of a new sponsors group and everyone in the group is VP and up at this point.
In terms of exits, that one analyst was included in the pool for new analyst 1s aka EVR sponsors’ exit was to EVR M&A.
Genuinely curious: what's the point of having a financial sponsors group at a bank that can't underwrite? It's not like sponsors really need financial advisers to do valuation work for them
I was always under the impression that sponsors hired balance sheet banks and paid them an advisory fee almost as a favor in exchange for financing
Anyone have any updated info on the group?
Is it purely relationship management with sponsors? Is the Sponsors coverage team running the LBOs?
Understand they're still building out the team but any new info would be helpful.
They are kind of an oddity within Evercore, especially with how siloed off every group is and the fact that Evercore doesn't really do LevFin. I think the goal was to have a centralized point of contact for sponsors and to encourage more collaboration across groups (which doesn't happen at Evercore, elbows are very sharp). However, the industry groups all have their own extensive PE contacts at the investment team / deal partner-level and don't share them with the Sponsors Group. PCA also monopolizes the points of contact at the managing partner / COO / CEO-level that sits above the industry-focused investment teams, as well as the IR team. So, the Sponsors Group just kind of bops around and catches up with senior leadership to keep Evercore in front of them, but struggles to find a role on deals.
Regardless of the original intent, I guess the group has become more of just an emergency backstop for Evercore to try to maintain market share in the very competitive sponsor-backed M&A space. Great for the older seniors in the team who want to semi-retire (even though they seem constantly on edge and desperate to get deal credit internally, with little success), but terrible experience for junior / mid-level guys. You will neither get execution nor any real client exposure / relationship management experience.
Evercore wants to become a full-service asset-light bank, in that they cross-collaborate across all groups like a BB, while offering all of the advisory services possible (no balance sheet stuff). But it's just hard to do that when talented seniors go there from big banks solely to get away from bureaucracy and fee-sharing.
Agree with this. Know the group well.
Sponsors at evercore isn't something to pursue. The business model is very territorial and teams don't collaborate. So it's not great for a sponsors banker whose role is to facilitate internally as well as externally.
I posted about this in another person's thread. Being a successful sponsors banker depends on being in a collaborative environment. So places like EVR and JEF don't work with their business model.
Well, at least JEF has a very active LevFin practice, so their sponsors group still has a product to sell as opposed to just fist fighting coverage groups for M&A credit. I think the move for the future is to start placing PCA groups under sponsors so they can have an in-house product, much like industry groups would often do their own M&A
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