Actual Reputation of UBS Sponsors
I am an incoming SA at UBS for 2025 and have heard a lot of things about this group recently ranging in claims from the best sponsors group(which seems like a lot) to the best group at UBS(seems believable given the UBS Sponsor-led model) to a terrible group with no deal flow(seems very different of an opinion compared to the others). I am wondering what the actual state of UBS sponsors is in terms of exits, deal flow, and analyst experience(WLB, bullpen culture, how the seniors are). TBH, I am just trying to maximize for exit opps and/or lateral opportunities and I am a bit confused mostly because it seems that the consensus was that LevFin/Sponsors was the best group before the split and integration, but now that they have split I am confused as to what the best group is for PE exits as I have no interest in PC exits.
Maybe Im mistaken but Sponsors at UBS typically lends itself more to credit exits assuming they model PE LBOs…… if u want PE position then coverage or M&A would be better
Someone else weigh in
This is false, UBS LevFin/Sponsors has historically exited better than any other groups at the firm for PE and actually has very good PC exits. The only real question is whether UBS Sponsors is the best group or if UBS LevFin is post the split of the groups, which is a very valid question and for which nobody can for sure give an answer for rn given that the groups just split this past year. There simply isn't a big enough sample size yet to give a verifiable answer, all we can really do is speculate on which would be better.
Best group at UBS. Sponsors originates 60-70% of all deals.
How would you say exits are? I understand that it just split from LevFin, but I am wondering about exits since I am not sure what the workload split is or what the exit split. Also, would the exits be mostly MM/UMM/MF or just purely MMs?
CS/UBS sponsors has historically placed into MM/UMM/MF. Headhunters know how strong the group is. As above comment said, unsure how sponsors/levfin split will impact placements moving forward.
Interested in this as well. Seems like they haven't fully transitioned into splitting those two groups as of yet. Anyone know how their Leveraged Capital Markets team does? Deal flow, exit ops, quality, etc. I would imagine there's a decent amount of overlap with LevFin/Sponsors, but not exactly sure how they're structuring everything after taking on CS
Ignore tag - i worked in coverage at UBS before and can confirm LF (which used to include sponsor coverage) did 90% of the deals and covered most our fees for the past few years. The juniors are the sharpest at the firm. Now that LF and sponsors are splitting up I have a feeling LF will be the better group. Anthony DeRosa and Yuriy are the real deal and know how to run a group. Sponsors also has great connectivity with top tier MFs, but I’m not sure the modeling exposure is great.
I recently worked in the combined group (FSLF) and agree with most of the above commentary – the group was an excellent training ground for juniors and had top-notch exits into PE and PC / Direct Lending for those that wanted them. As separate groups, its too soon to tell whether FSG or LF will be the 'better' group – from what I've heard from friends still there, FSG has an interesting model where analysts are assigned specific sponsors to cover and help execute any deals (LF, M&A, ECM stuff) relating to them. For sponsor LBOs, they hold pen on the model, and execute the same process that LF would (building out ComCo model and memo). There are several MD's that have close relationships with very active sponsors (Canning for CD&R, Aziz for KKR, Elolampi for GTCR, etc.), so I can see a fairly straight line towards FSG being the new 'best group' at the bank for analysts looking to exit into PE. Leveraged Finance will continue to be an excellent, if sweaty, group – I think they've gone back to the pod structure where analysts cover specific industries. Strongly agree that DeRosa and Oren are both closers, and Levfin should absolutely be your first choice if you have an interest in credit, with placement into top shops like Ares (Direct Lending) and BX (Private Credit).
Hope this helps and happy to chat over PM if there are specific questions.
Would you say Sponsors would be best for PE exits if I am looking primarily for UMM/MF PE then since I don't have any interest in Private Credit and that's what it seems LevFin exits strongest into. Also, those seem like good names to have connections to it, do you know what other UMM/MF's UBS works with that an analyst can potentially exit to?
1. At UBS, from my knowledge, yes FSG would likely be the best place to spend your analyst program if the goal is to exit into PE. That being said, I'm sure a great PE exit is also very likely for well-prepared analysts in Levfin.
2. Along with the names previously mentioned, UBS is also frequently on Veritas deals – their head of capital markets used to be the head of LDCM at UBS (which covered Levfin + DCM).
If you're deadset on MF / UMM PE, you should try to lateral to GS / MS / Evercore. You could certainly get MF PE interviews from good groups at UBS (FSG, Levfin, GIG, Tech, M&T), but it will be an uphill battle to convert to an offer.
You didn't ask but if it's helpful for others in the future – I wouldn't make the mental connection of "UBS does lots of business with KKR, so that means I will exit to KKR if I'm in FSG at UBS!" – truthfully, being on a buyside M&A advisory or being lead arranger on a debt financing (which is most of UBS's dealflow) is not that profitable for a bank (~2-3% economics) or that important for a sponsor. If UBS wasn't willing to underwrite a debt facility, than Jefferies, BofA, Citi, and 1000 other balance-sheet banks and direct lenders would be more than happy to.
For the deals that are truly important for a sponsor (ex. taking a portco public in an IPO or selling to a strategic in a major sellside M&A), they will hire GS / MS / JPM / Evercore – and those engagements are also far more profitable for the bank that wins the deal.
Hope this is helpful.
Anyone have an idea how possible an exit into distressed would be from LF?
For LevFin, the exits are much stronger for PC with most exits being UMM/MF. However, if you are looking at distressed, I am sure you'll also get similar looks if you are able to get it for PC.
Last two posts are spot on, LF/FSG at UBS has better quality people from top to bottom than any other group at the bank. Great place to learn, though sweaty as mentioned.
How competitive are the groups to get in terms of how many people they take per intern class? I assume since they are known as the best group, everyone wants to get them but am wondering how many actually end up succeeding in getting them. On that note, is it that the groups are sharp or is it that they just get the best juniors since they get the pick of the litter among the intern classes?
1. It is very competitive – at middling to lower bulge brackets, group placement is usually very intense because the quality of groups varies drastically. This is very much the case at UBS, with groups ranging in quality from good (FSG / Levfin) to terrible (RELL). Don't worry about the #'s – I would recommend trying to speak to everyone in the group that you are most interested in, and hedging your bets by also speaking to folks in your second and third choice. Start early, stay organized, and be well-prepared for each call. Going to a target with alumni in the group you are interested in will also be a big advantage.
2. The most motivated and well-prepared incoming interns usually target the best groups, and then also tend to do better than their peers in PE recruiting. Because certain groups like FSLF and GIG have been around for a long time and cultivated a positive reputation on the Street, they are also usually looked upon favorably by headhunters and PE funds – wouldn't be crazy to say that they get looks that those in the less robust groups don't. In terms of actual experience, the MDs in certain groups are just better at their jobs, which results in more fulsome deal experience and more reps for analysts – very helpful for talking through deals in a PE interview.
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