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Axial is excited to release its Q2 2023 Lower Middle Market InvestmentBanking League Tables. These quarterly league tables reveal the top 25 investmentbanks active on the Axial platform in Q2. In Q2, 771 sell-side investmentbanks and M&A advisors brought a total of 2,647 deals to market.
At one point in time, Jack Bogle, founder of, of Vanguard was chairman of their mutual funds. Just really a fascinating history from, from a private company to a publiccompany back to a, a partnership. We were originally very equity heavy back in the day, and we made a lot of investments on the fixed income side.
Nobody in the world writes about markets, finance derivatives, hedgefunds, you name it, the way Matt does. It was underwriting, you know, it was like doing investmentbanking, underwriting public offerings. Explain Matt Levine : 00:14:13 If a bad thing happens at a publiccompany, publiccompany does a bad thing.
And that was very important because when this was the dawning of what is now a big analyst program across the country in all banks and investmentbanks. There was no m and a departments in any investmentbank really until the very late seventies. And I was fortunate to be accepted to both.
And so, in terms of where our teams are spending time, it’s in and around sort of public markets. RITHOLTZ: That’s very interesting because we typically think of private equity as looking at these mature non-publiccompanies. The first job for Morgan Stanley was McCown De Leeuw. BARATTA: Yeah.
Eva Shang : So at the time that we launched, there were already publiccompanies that were doing litigation finance. One of our LPs likes to say, he likes to say that he invests in managers where it’s so time consuming and difficult to do what they’ve done, that no one in their right mind would do it.
And what was interesting was the first leveraged buyout of a publiccompany happened when I was in graduate school. KKR took a stock exchange company called who Houdaille, private, and it was the first time there’ve been — RITHOLTZ: ’79 or something like that? It was between corporate law and investmentbanking.
Over 20 years ago, I used to invest in top hedgefunds for CDPQ and had to conduct thorough investment and operational risk due diligence and fraud was a major concern. Spent most of his career, until then, on an investmentbanking desk. Clearly smart but didn’t know what rabbit holes to stay clear of.
He was running the h and q investmentbank, and then Roger was my next door neighbor and very good friends with Jim. It’s underappreciated for the strategic value that it plays in the economy, but you’re investing in the wrong companies at the wrong price. That was a very, very good investment.
The economic dislocation, the health risks, just the mayhem that took place, but from the perspective of a number of corporate CEOs, Bill Ackman of Pershing Square Capital, the hedgefund that had a couple of amazing trades based on this. with a lot of hedgefunds and so even better than the 20 is the 2 billion.
You know, GE Capital, you have to understand, like, investmentbanking was so hot then. COHAN: Everybody wanted to be an investment banker. I mean, investment bankers were rock stars, right? RITHOLTZ: Whereas all the other publiccompanies had access to capital and managed to get into trouble. Too valuable.
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