Meet the 10 bankers — from Goldman Sachs to Citi — poised to help private-equity giants scoop up billion-dollar deals as public valuations slide
in February 2021 along with Michael Marcus to head of the sponsors team in Citi's North American global-asset-managers unit.
"He's got a great sense of what PE firms are thinking, and he's also discerning about which deals to pass on and what to take on," the banker said.
The unit has served as a financial advisor to the hedge fund Elliott Management's private-equity arm, Evergreen Coast Capital Corp., and the developer Brookfield Asset Management in their $16 billion deal to buy the data provider Nielsen. The bank also advised Evergreen and Vista Equity Partners in their $16.5 billion deal to take the software company Citrix private.
"Right now, we have a pipeline of hundreds of billions of dollars of take-private opportunities, and we're trying to figure out which ones of those will provide the highest rates of return to our investors," Bravo said.When Varah joined RBC Capital Markets from Bank of America about four years ago, he wanted to be a"difference maker."
"Our ability to win sell- and buy-side mandates, a lot has to do with me wearing multiple hats. Making it such that the client wants to work with our firm. Because they don't have to," Varah said."So I'm incredibly involved in pretty much every transaction that I've done since I got here."in February 2020
And the strategy is working. RBC ranked 10th in 2020 in sponsor-backed M&A-related loans before climbing to eighth in 2021, according to data from Dealogic. And this year to date, RBC is sitting in second place behind Varah's former employer Bank of America. It's"product-agnostic and sector-agnostic," Kevin Sherlock, also a cohead of global financial sponsors at the firm, added.
"I would say this for public markets and private markets: The focus and interest of investors is on cash-flow-generative businesses," Nazar added. New York City's Jefferies counts more than 450 private-equity firms as clients, from megafunds to the middle market, Greenip said. Another area of increasing importance for these investors when they're considering an acquisition is ESG, or environmental, social, and corporate-governance factors, he said.
He, as the global head of the firm's technology group, also oversees much of the bank's coverage of deals involving financial sponsors. The group works with both large-cap public tech vendors and privately held companies primarily backed by financial sponsors. "As the economy continues to evolve and technology becomes more important to everything, formalized cross-group collaborations at Lazard will become more and more frequent," he said.
There may also be some take-private opportunities on the horizon, but Dolins sees challenges there, too, for private-equity firms. Harding has advised on a series of deals, including the sale of Kohlberg & Co.'s SpecialtyCare to Morgan Stanley Infrastructure Partners in 2021 and the sale of US Oral Surgery Management, a portfolio company of RiverGlade Capital, to Oak Hill Capital. Terms of these deals, and others listed on Moelis' website that Harding has advised on, were not disclosed.
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