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Investment Banking – M&A Private Capital Advisory – Associate
mid · Investment Banking
Job Summary
We are seeking a highly motivated Associate to join our North American Private Capital Advisory team. The Private Capital Advisory team sits within M&A and is part of the global Private Capital Advisory & Solutions team. The team advises clients on non-control private capital partnerships, be it minority stake sales or Joint Ventures, for a variety of purposes, including M&A, growth/capex, shareholder monetization, balance sheet equitizations, refinancings, and other corporate objectives. The team works closely with sector, and other coverage and product teams within the bank. The client universe includes large corporates, sponsor-owned companies, and entrepreneur-led / family businesses entering private transactions, including as an alternative to the public market. The team manages bespoke M&A-style processes and works across a variety of capital partners, including private equity funds, sovereign wealth funds, alternative and credit investors, pension funds and insurance companies, family offices, and other institutional investors. Private investors are increasingly seeking opportunities to deploy solutions-focused capital and form long-term partnerships with corporates and entrepreneurs. You will get exposure to all sectors, regions, and types of transactions across the capital structure, from common equity transactions to more structured deals, depending on client requirements.
Job Responsibilities
- Work with clients in tandem with industry teams to analyze the optimal transaction structure and financial model for a potential transaction
- Analyze the most suitable investor universe for each transaction and speak to investors as part of the outreach process, whether for bilateral partnerships or broader partner identification, as well as speak to investors on an ongoing basis
- Lead the quantitative valuation and cost of capital workstream on live mandates and potential transactions, including building and owning detailed cash flow models across various non-control structures (e.g., structured minority equity, preferred equity, forward-starting lease)
- Develop scenarios and sensitivities, and stress-testing frameworks for free cash flow, EBITDA, opex/capex, distributions; quantify investor IRR outcomes across various business plan outcomes
- Assess how key transaction terms and structural features impact valuation, investor returns and implied cost of capital, partnering with the structuring workstream to quantify trade-offs and support client decision-making
- Support the preparation of transaction marketing and process materials, including term sheets
- Coordinate the process from launch to signing, in close cooperation with other internal teams, including investor outreach, active communication with investors / company management, and overall transaction management
- Act as the primary day-to-day client point of contact and lead banker on deals
- Liaise with other internal and external parties on transactions (e.g., lawyers, accountants)
- Analyze proposals received from investors, including comparison of key terms, and oversee financial modelling to analyze returns under different structures. Support final negotiations for transactions
- Support the preparation of materials to present to J.P. Morgan clients, in partnership with industry or other product teams
- Given the team’s high deal flow and flat hierarchical structure, you should expect exposure to a wide range of responsibilities and workstreams, with frequent opportunities to ‘step up’ and assume greater ownership
- Support client negotiations, Q&A processes, and management interviews with clear articulation of pricing and structural trade-offs backed by disciplined analysis
- Act as a leader and mentor to junior team members, fostering a culture of collaboration, creativity, and continuous improvement
- At all times, be able to discuss industry trends, market developments, and regulatory changes with clients and team members
Required Qualifications, Capabilities, and Skills
- Prior work experience in an investment banking front office role or in credit/risk analytics
- Keen interest in private capital markets, minority M&A, and structured transactions, including how minority transactions work, including shareholder and governance agreements
- Desire to work across sectors and have exposure to different types of transactions
- Strong technical ability and overall corporate finance proficiency. The role will require flexibility to work across the capital spectrum and be exposed to new and creative structures. In particular, it is important to understand cash flow, risk allocations, capital structures, and investor returns modelling
- Very strong quantitative and analytical skills, including Excel modelling and valuation work, including:
- Experience in illiquid equity valuation and debt pricing
- Ability to analyze business plans and establish assumptions to build stochastic models assessing the variability of outcomes.
- Scenario, sensitivity, and stochastic / Monte Carlo modeling of cash flow streams under multiple scenarios (preference for experience using Python or R)
- Risk-adjusted return and cost-of-capital frameworks (e.g., RAROC, economic capital, hurdle rate analysis)
- Ability to engage in client and investor communications and take ownership across the transaction lifecycle
- Ability to show initiative and support across several transactions in parallel, managing time appropriately across competing demands
- Experience training junior bankers / proven leadership skills with the ability to inspire and develop junior team members
- Exceptional written and verbal communication skills, with specific ability to communicate concepts and ideas concisely and defend their validity
- Ability to perform under pressure and to tight deadlines, with a track record of delivering innovative, analytically grounded solutions
- High ownership mindset with the ability to manage workstreams independently and assume a high level of responsibility