{
  "id": 35222,
  "date": "2021-04-09T08:10:00",
  "date_gmt": "2021-04-09T12:10:00",
  "guid": { "rendered": "https:\/\/finance-able.com\/?p=35222" },
  "modified": "2025-12-21T16:56:59",
  "modified_gmt": "2025-12-21T21:56:59",
  "slug": "buyside-vs-sellside",
  "status": "publish",
  "type": "post",
  "link": "https:\/\/finance-able.com\/buyside-vs-sellside\/",
  "title": { "rendered": "Buy-side vs Sell-side – The Ultimate Guide" },
  "content": {
    "rendered": "\n<p style=\"font-size:18.5px\">Looking for a simple explanation of <strong>Buyside vs Sellside<\/strong> firms? You&#8217;ve come to the right place! In this article, you&#8217;ll learn about the roles played by <strong>Buyside <\/strong>and <strong>Sellside <\/strong>firms and how they interact with one another. <\/p>\n\n\n\n<div style=\"height:50px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-tl-dr\"><strong>TL;DR<\/strong><\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>The <strong>Buyside<\/strong>&nbsp;consists of <strong>Public<\/strong> and <strong>Private Market<\/strong> investment firms  that <em>\u2018buy\u2019<\/em> investments to generate returns on behalf of their investors. <\/li>\n\n\n\n<li><strong>Public Market Investors<\/strong> typically consist of <a href=\"https:\/\/finance-able.com\/hedge-fund-vs-mutual-fund\/\"><span class=\"has-inline-color has-vivid-cyan-blue-color\"><strong>Long-Only (Mutual Fund) <\/strong>and<strong> Long\/Short (Hedge Fund<\/strong><\/span>)<\/a> firms.<\/li>\n\n\n\n<li><strong>Private Market Investors<\/strong> typically consist of <strong>Venture Capital<\/strong>, <strong>Growth Equity <\/strong>and <strong>LBO <\/strong>firms.<\/li>\n\n\n\n<li>The <strong>Sellside<\/strong> consists of <strong><a href=\"https:\/\/www.youtube.com\/watch?v=JjjAizGCEFQ&amp;ab_channel=FinanceableTraining\" target=\"_blank\" rel=\"noreferrer noopener\"><span class=\"has-inline-color has-vivid-cyan-blue-color\">Investment Banks<\/span><\/a><\/strong>&nbsp;(<strong>IB<\/strong>) that <em>&#8216;sell&#8217;<\/em> advisory and capital raising services to <strong>Buyside Investors<\/strong>&nbsp;and <strong>Companies<\/strong>. <\/li>\n<\/ul>\n\n\n\n<div style=\"height:40px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<div class=\"wp-block-columns containerwidth is-layout-flex wp-container-core-columns-is-layout-9d6595d7 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:100%\"><div class=\"kb-row-layout-wrap kb-row-layout-id35222_897ff9-44 alignnone wp-block-kadence-rowlayout\"><div class=\"kt-row-column-wrap kt-has-1-columns kt-row-layout-equal kt-tab-layout-inherit kt-mobile-layout-row kt-row-valign-top\">\n\n<div class=\"wp-block-kadence-column kadence-column35222_736573-36 inner-column-1\"><div class=\"kt-inside-inner-col\">\n<h2 class=\"wp-block-heading\" id=\"h-want-to-learn-more-about-finance\" style=\"font-size:35px\"><strong>Want To Learn More About Finance?<\/strong><\/h2>\n\n\n\n<p style=\"font-size:18px\"><strong>Check out all of our (free) deep-dive articles in our<\/strong> <a href=\"https:\/\/finance-able.com\/analyst-starter-kit\/\" target=\"_blank\" rel=\"noreferrer noopener\"><strong><span class=\"has-inline-color has-vivid-cyan-blue-color\">Analyst Starter Kit<\/span><\/strong><\/a>:<\/p>\n\n\n<div class=\" wp-block-kadence-portfoliogrid kb-blocks-portfolio-loop-block alignnone kb-portfolio-loop35222_1cff37-bd kb-portfolio-grid-layout-carousel kt-blocks-carousel \"><div class=\" kb-portfolio-grid-layout-carousel-wrap kt-post-grid-layout-carousel-wrap kt-carousel-arrowstyle-whiteondark kt-carousel-dotstyle-dark splide kb-blocks-portfolio-img-hover-zoomout kb-blocks-portfolio-content-hover-zoomin\" data-columns-xxl=\"3\" data-columns-xl=\"3\" data-columns-md=\"3\" data-columns-sm=\"2\" data-columns-xs=\"1\" data-columns-ss=\"1\" data-slider-center-mode=\"false\" data-slider-type=\"carousel\" data-slider-anim-speed=\"400\" data-slider-scroll=\"1\" data-slider-dots=\"true\" data-slider-arrows=\"true\" data-slider-hover-pause=\"false\" data-slider-auto=\"true\" data-slider-center-mode=\"false\" data-slider-speed=\"7000\" data-show-pause-button=\"false\" data-slider-gap=\"30\" data-slider-gap-tablet=\"30\" data-slider-gap-mobile=\"30\" data-slider-gap-unit=\"px\" data-item-selector=\".kb-portfolio-masonry-item\"><div class=\"kadence-splide-slider-init splide__track\"><ul><li class=\"kb-portfolio-slider-item kb-slide-item\"><div class=\"kb-blocks-portfolio-grid-item\"><div class=\"kb-blocks-portfolio-grid-item-inner-wrap kb-feat-image-align-none\"><div class=\"kadence-portfolio-image\"><div class=\"kadence-portfolio-image-intrisic kt-image-ratio-nocrop\" style=\"padding-bottom:56.25%\"><div class=\"kadence-portfolio-image-inner-intrisic\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/finance-able.com\/wp-content\/uploads\/2023\/03\/unlevered-beta-formula-lightbulb-1024x576.png\" class=\"attachment-large size-large wp-post-image\" alt=\"An image of a lightbulb with the text Unlevered Beta Formula\" srcset=\"https:\/\/finance-able.com\/wp-content\/uploads\/2023\/03\/unlevered-beta-formula-lightbulb-1024x576.png 1024w, https:\/\/finance-able.com\/wp-content\/uploads\/2023\/03\/unlevered-beta-formula-lightbulb-300x169.png 300w, https:\/\/finance-able.com\/wp-content\/uploads\/2023\/03\/unlevered-beta-formula-lightbulb-768x432.png 768w, https:\/\/finance-able.com\/wp-content\/uploads\/2023\/03\/unlevered-beta-formula-lightbulb.png 1280w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/div><\/div><\/div><div class=\"kb-portfolio-grid-item-inner\"><a href=\"https:\/\/finance-able.com\/unlevered-beta-formula\/\" aria-label=\"Unlevered Beta Formula &#8211; Ultimate Guide\" class=\"portfolio-hover-item-link\"><\/a><div class=\"kb-portfolio-overlay-color\"><\/div><div class=\"kb-portfolio-overlay-border\"><\/div><div class=\"kb-portfolio-content-item-inner\"><h3 class=\"entry-title kb-portfolio-loop-title\">Unlevered Beta Formula &#8211; Ultimate Guide<\/h3><\/div><\/div><\/div><\/div><\/li><li class=\"kb-portfolio-slider-item kb-slide-item\"><div class=\"kb-blocks-portfolio-grid-item\"><div class=\"kb-blocks-portfolio-grid-item-inner-wrap kb-feat-image-align-none\"><div class=\"kadence-portfolio-image\"><div class=\"kadence-portfolio-image-intrisic kt-image-ratio-nocrop\" style=\"padding-bottom:56.25%\"><div class=\"kadence-portfolio-image-inner-intrisic\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/finance-able.com\/wp-content\/uploads\/2023\/01\/lightbulb-purchase-price-allocation-1024x576.png\" class=\"attachment-large size-large wp-post-image\" alt=\"A lightbulb and the words Purchase Price Allocation\" srcset=\"https:\/\/finance-able.com\/wp-content\/uploads\/2023\/01\/lightbulb-purchase-price-allocation-1024x576.png 1024w, https:\/\/finance-able.com\/wp-content\/uploads\/2023\/01\/lightbulb-purchase-price-allocation-300x169.png 300w, https:\/\/finance-able.com\/wp-content\/uploads\/2023\/01\/lightbulb-purchase-price-allocation-768x432.png 768w, https:\/\/finance-able.com\/wp-content\/uploads\/2023\/01\/lightbulb-purchase-price-allocation.png 1280w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/div><\/div><\/div><div class=\"kb-portfolio-grid-item-inner\"><a href=\"https:\/\/finance-able.com\/purchase-price-allocation\/\" aria-label=\"Purchase Price Allocation in 4 Steps &#8211; The Ultimate Guide\" class=\"portfolio-hover-item-link\"><\/a><div class=\"kb-portfolio-overlay-color\"><\/div><div class=\"kb-portfolio-overlay-border\"><\/div><div class=\"kb-portfolio-content-item-inner\"><h3 class=\"entry-title kb-portfolio-loop-title\">Purchase Price Allocation in 4 Steps &#8211; The Ultimate Guide<\/h3><\/div><\/div><\/div><\/div><\/li><li class=\"kb-portfolio-slider-item kb-slide-item\"><div class=\"kb-blocks-portfolio-grid-item\"><div class=\"kb-blocks-portfolio-grid-item-inner-wrap kb-feat-image-align-none\"><div class=\"kadence-portfolio-image\"><div class=\"kadence-portfolio-image-intrisic kt-image-ratio-nocrop\" style=\"padding-bottom:45.138888888889%\"><div class=\"kadence-portfolio-image-inner-intrisic\"><img loading=\"lazy\" decoding=\"async\" width=\"720\" height=\"325\" src=\"https:\/\/finance-able.com\/wp-content\/uploads\/2021\/06\/0-Walk-Me-Through-a-DCF-Definitive-Guide-Cover-1.png\" class=\"attachment-large size-large wp-post-image\" alt=\": A stick figure answering an interview question with the title text &#039;Walk Me Through an LBO&#039; below\" srcset=\"https:\/\/finance-able.com\/wp-content\/uploads\/2021\/06\/0-Walk-Me-Through-a-DCF-Definitive-Guide-Cover-1.png 720w, https:\/\/finance-able.com\/wp-content\/uploads\/2021\/06\/0-Walk-Me-Through-a-DCF-Definitive-Guide-Cover-1-300x135.png 300w, https:\/\/finance-able.com\/wp-content\/uploads\/2021\/06\/0-Walk-Me-Through-a-DCF-Definitive-Guide-Cover-1-400x181.png 400w, https:\/\/finance-able.com\/wp-content\/uploads\/2021\/06\/0-Walk-Me-Through-a-DCF-Definitive-Guide-Cover-1-624x282.png 624w, https:\/\/finance-able.com\/wp-content\/uploads\/2021\/06\/0-Walk-Me-Through-a-DCF-Definitive-Guide-Cover-1-50x23.png 50w, https:\/\/finance-able.com\/wp-content\/uploads\/2021\/06\/0-Walk-Me-Through-a-DCF-Definitive-Guide-Cover-1-100x45.png 100w\" sizes=\"auto, (max-width: 720px) 100vw, 720px\" \/><\/div><\/div><\/div><div class=\"kb-portfolio-grid-item-inner\"><a href=\"https:\/\/finance-able.com\/walk-me-through-a-dcf\/\" aria-label=\"Walk Me Through a DCF in 5 Steps &#8211; The Ultimate Guide\" class=\"portfolio-hover-item-link\"><\/a><div class=\"kb-portfolio-overlay-color\"><\/div><div class=\"kb-portfolio-overlay-border\"><\/div><div class=\"kb-portfolio-content-item-inner\"><h3 class=\"entry-title kb-portfolio-loop-title\">Walk Me Through a DCF in 5 Steps &#8211; The Ultimate Guide<\/h3><\/div><\/div><\/div><\/div><\/li><\/ul><\/div><div class=\"clearfix\" style=\"clear:both\"><\/div><\/div><\/div><\/div><\/div>\n\n<\/div><\/div><\/div>\n<\/div>\n\n\n\n<div style=\"height:70px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-introduction\" style=\"font-size:35px\"><strong>Introduction<\/strong><\/h2>\n\n\n\n<p style=\"font-size:18.5px\">Let\u2019s face it, the world of top-tier finance can be incredibly confusing to newcomers. <\/p>\n\n\n\n<p style=\"font-size:18.5px\">In my experience, most people who work in finance can\u2019t really explain what they do to their families. For outsiders, it\u2019s even harder to figure out all of the different roles and moving pieces in this world.<\/p>\n\n\n\n<p style=\"font-size:18.5px\">We\u2019ve put together this article (and video) to try to help bring some clarity to your understanding of the key players in finance and to offer a simple explanation of what they do. Maybe some of our friends can finally explain to their families what they actually do after watching this! \ud83d\ude0a<\/p>\n\n\n\n<p style=\"font-size:18.5px\">In the article below, we\u2019ll go a bit deeper into each component described in the video.<\/p>\n\n\n\n<p style=\"font-size:18.5px\">Now, let&#8217;s dive a little deeper than we did in the video! <br><br>First, after learning about <strong><a href=\"https:\/\/www.investopedia.com\/terms\/i\/investment-banking.asp\" target=\"_blank\" rel=\"noreferrer noopener\"><span class=\"has-inline-color has-vivid-cyan-blue-color\">Investment Banking<\/span><\/a><\/strong> and<span class=\"has-inline-color has-vivid-cyan-blue-color\"> <\/span><strong><a href=\"https:\/\/www.entrepreneur.com\/article\/228234\" target=\"_blank\" rel=\"noreferrer noopener\"><span class=\"has-inline-color has-vivid-cyan-blue-color\">Private Equity<\/span><\/a><\/strong>, you&#8217;ll likely hear the terms <strong>Buyside<\/strong> and <strong>Sellside<\/strong>. Often, you&#8217;ll hear these terms in conversation<strong> <\/strong>without any explanation of the differences between <strong>Buyside <\/strong>vs <strong>Sellside <\/strong>firms. Let\u2019s try to clear all of this up! <\/p>\n\n\n\n<div style=\"height:100px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"632\" src=\"https:\/\/finance-able.com\/wp-content\/uploads\/2021\/03\/Screen-Shot-2021-02-25-at-7.51.53-PM-1024x632.png\" alt=\"A person researching the terms Buyside vs Sellside firms\" class=\"wp-image-35521\" srcset=\"https:\/\/finance-able.com\/wp-content\/uploads\/2021\/03\/Screen-Shot-2021-02-25-at-7.51.53-PM-1024x632.png 1024w, https:\/\/finance-able.com\/wp-content\/uploads\/2021\/03\/Screen-Shot-2021-02-25-at-7.51.53-PM-300x185.png 300w, https:\/\/finance-able.com\/wp-content\/uploads\/2021\/03\/Screen-Shot-2021-02-25-at-7.51.53-PM-768x474.png 768w, https:\/\/finance-able.com\/wp-content\/uploads\/2021\/03\/Screen-Shot-2021-02-25-at-7.51.53-PM-624x385.png 624w, https:\/\/finance-able.com\/wp-content\/uploads\/2021\/03\/Screen-Shot-2021-02-25-at-7.51.53-PM-50x31.png 50w, https:\/\/finance-able.com\/wp-content\/uploads\/2021\/03\/Screen-Shot-2021-02-25-at-7.51.53-PM-100x62.png 100w, https:\/\/finance-able.com\/wp-content\/uploads\/2021\/03\/Screen-Shot-2021-02-25-at-7.51.53-PM.png 1188w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\"><br><\/figcaption><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-buyside-quick-review\" style=\"font-size:26px\"><br><strong>Buyside Quick Review<\/strong><\/h3>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"1094\" height=\"257\" src=\"https:\/\/finance-able.com\/wp-content\/uploads\/2021\/02\/Screen-Shot-2021-02-25-at-7.32.19-PM.png\" alt=\"The Buyside (&quot;Buy-Side&quot;) Consisting of Private Market Investors and Public Market Investors\" class=\"wp-image-35250\" srcset=\"https:\/\/finance-able.com\/wp-content\/uploads\/2021\/02\/Screen-Shot-2021-02-25-at-7.32.19-PM.png 1094w, https:\/\/finance-able.com\/wp-content\/uploads\/2021\/02\/Screen-Shot-2021-02-25-at-7.32.19-PM-300x70.png 300w, https:\/\/finance-able.com\/wp-content\/uploads\/2021\/02\/Screen-Shot-2021-02-25-at-7.32.19-PM-1024x241.png 1024w, https:\/\/finance-able.com\/wp-content\/uploads\/2021\/02\/Screen-Shot-2021-02-25-at-7.32.19-PM-768x180.png 768w, https:\/\/finance-able.com\/wp-content\/uploads\/2021\/02\/Screen-Shot-2021-02-25-at-7.32.19-PM-624x147.png 624w, https:\/\/finance-able.com\/wp-content\/uploads\/2021\/02\/Screen-Shot-2021-02-25-at-7.32.19-PM-50x12.png 50w, https:\/\/finance-able.com\/wp-content\/uploads\/2021\/02\/Screen-Shot-2021-02-25-at-7.32.19-PM-100x23.png 100w\" sizes=\"auto, (max-width: 1094px) 100vw, 1094px\" \/><\/figure>\n<\/div>\n\n\n<p style=\"font-size:18.5px\">Broadly speaking, the <strong>Buyside<\/strong> consists of firms that take in capital from investors and aim to generate a return. In exchange, the investors pay a fee to these firms. The fee is usually based on a percentage of the money the firm manages and\/or the profit generated. These firms <em>\u2018buy\u2019<\/em> on behalf of their investors and are thus called the \u2018Buy\u2019-side.<\/p>\n\n\n\n<p style=\"font-size:18.5px\">There are two types of Buyside firms: <strong>Public Market Investors<\/strong> and <strong>Private Market Investors<\/strong>.<\/p>\n\n\n\n<div style=\"height:100px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"1256\" height=\"735\" src=\"https:\/\/finance-able.com\/wp-content\/uploads\/2021\/02\/Screen-Shot-2021-02-25-at-7.27.56-PM.png\" alt=\"Buyside (&quot;Buy-Side&quot;) Hedge Fund and Mutual Fund Investors \" class=\"wp-image-35244\" srcset=\"https:\/\/finance-able.com\/wp-content\/uploads\/2021\/02\/Screen-Shot-2021-02-25-at-7.27.56-PM.png 1256w, https:\/\/finance-able.com\/wp-content\/uploads\/2021\/02\/Screen-Shot-2021-02-25-at-7.27.56-PM-300x176.png 300w, https:\/\/finance-able.com\/wp-content\/uploads\/2021\/02\/Screen-Shot-2021-02-25-at-7.27.56-PM-1024x599.png 1024w, https:\/\/finance-able.com\/wp-content\/uploads\/2021\/02\/Screen-Shot-2021-02-25-at-7.27.56-PM-768x449.png 768w, https:\/\/finance-able.com\/wp-content\/uploads\/2021\/02\/Screen-Shot-2021-02-25-at-7.27.56-PM-624x365.png 624w, https:\/\/finance-able.com\/wp-content\/uploads\/2021\/02\/Screen-Shot-2021-02-25-at-7.27.56-PM-50x29.png 50w, https:\/\/finance-able.com\/wp-content\/uploads\/2021\/02\/Screen-Shot-2021-02-25-at-7.27.56-PM-100x59.png 100w\" sizes=\"auto, (max-width: 1256px) 100vw, 1256px\" \/><\/figure>\n<\/div>\n\n\n<h4 class=\"wp-block-heading\" id=\"h-public-market-investors\" style=\"font-size:25px\"><strong>Public Market Investors<\/strong><\/h4>\n\n\n\n<p style=\"font-size:18.5px\"><strong>Public Market Investors<\/strong> buy and sell publicly traded ownership interests in companies (aka <strong>Equity<\/strong> or <strong>Stock<\/strong>) and\/or traded debt instruments (<strong>Loans<\/strong> and <strong>Bonds<\/strong>). For more on <strong>Stocks<\/strong> vs <strong>Bonds<\/strong>, check out our<span class=\"has-inline-color has-vivid-cyan-blue-color\"> <\/span><a href=\"https:\/\/finance-able.com\/stocks-and-bonds\/\"><strong><span class=\"has-inline-color has-vivid-cyan-blue-color\">World of Finance #1: Stocks vs B<\/span><\/strong><\/a><strong><a href=\"https:\/\/finance-able.com\/stocks-and-bonds\/\"><span class=\"has-inline-color has-vivid-cyan-blue-color\">o<\/span><\/a><\/strong><a href=\"https:\/\/finance-able.com\/stocks-and-bonds\/\"><strong><span class=\"has-inline-color has-vivid-cyan-blue-color\">nds<\/span><\/strong><\/a> article.<\/p>\n\n\n\n<div style=\"height:100px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"720\" height=\"591\" src=\"https:\/\/finance-able.com\/wp-content\/uploads\/2021\/02\/Screen-Shot-2021-02-25-at-7.31.39-PM.png\" alt=\"Buyside (&quot;Buy-Side&quot;) Venture Capital, LBO and Growth Equity Investors\" class=\"wp-image-35247\" srcset=\"https:\/\/finance-able.com\/wp-content\/uploads\/2021\/02\/Screen-Shot-2021-02-25-at-7.31.39-PM.png 720w, https:\/\/finance-able.com\/wp-content\/uploads\/2021\/02\/Screen-Shot-2021-02-25-at-7.31.39-PM-300x246.png 300w, https:\/\/finance-able.com\/wp-content\/uploads\/2021\/02\/Screen-Shot-2021-02-25-at-7.31.39-PM-624x512.png 624w, https:\/\/finance-able.com\/wp-content\/uploads\/2021\/02\/Screen-Shot-2021-02-25-at-7.31.39-PM-50x41.png 50w, https:\/\/finance-able.com\/wp-content\/uploads\/2021\/02\/Screen-Shot-2021-02-25-at-7.31.39-PM-100x82.png 100w\" sizes=\"auto, (max-width: 720px) 100vw, 720px\" \/><\/figure>\n<\/div>\n\n\n<h4 class=\"wp-block-heading\" id=\"h-private-market-investors\" style=\"font-size:25px\"><strong>Private Market Investors<\/strong><\/h4>\n\n\n\n<p style=\"font-size:18.5px\"><strong>Private Market Investors<\/strong> (broadly called <strong>&#8216;Private Equity&#8217;<\/strong>) buy and sell \u2018Private\u2019 interests in companies ranging from small stakes to full company ownership.<\/p>\n\n\n\n<div style=\"height:100px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-sellside-quick-review\" style=\"font-size:26px\"><strong>Sellside Quick Review<\/strong><\/h3>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"688\" height=\"238\" src=\"https:\/\/finance-able.com\/wp-content\/uploads\/2021\/02\/Screen-Shot-2021-02-25-at-7.45.05-PM.png\" alt=\"The Sellside (&quot;Sell-Side&quot;) in Finance which consists of four divisions\" class=\"wp-image-35260\" srcset=\"https:\/\/finance-able.com\/wp-content\/uploads\/2021\/02\/Screen-Shot-2021-02-25-at-7.45.05-PM.png 688w, https:\/\/finance-able.com\/wp-content\/uploads\/2021\/02\/Screen-Shot-2021-02-25-at-7.45.05-PM-300x104.png 300w, https:\/\/finance-able.com\/wp-content\/uploads\/2021\/02\/Screen-Shot-2021-02-25-at-7.45.05-PM-624x216.png 624w, https:\/\/finance-able.com\/wp-content\/uploads\/2021\/02\/Screen-Shot-2021-02-25-at-7.45.05-PM-50x17.png 50w, https:\/\/finance-able.com\/wp-content\/uploads\/2021\/02\/Screen-Shot-2021-02-25-at-7.45.05-PM-100x35.png 100w\" sizes=\"auto, (max-width: 688px) 100vw, 688px\" \/><\/figure>\n<\/div>\n\n<!-- This site is converting visitors into subscribers and customers with OptinMonster - https:\/\/optinmonster.com :: Campaign Title: Buy-side vs Sell-side - Obfuscation -->\n<div id=\"om-wcxc3z6hkprllbdihxtq-holder\"><\/div>\n<script>(function(d,u,ac){var s=d.createElement('script');s.type='text\/javascript';s.src='https:\/\/a.omappapi.com\/app\/js\/api.min.js';s.async=true;s.dataset.user=u;s.dataset.campaign=ac;d.getElementsByTagName('head')[0].appendChild(s);})(document,130718,'wcxc3z6hkprllbdihxtq');<\/script>\n<!-- \/ OptinMonster -->\n\n\n\n<p style=\"font-size:18.5px\"><strong>Investment Banks,<\/strong> on the other hand, provide a variety of services that enable Buyside (and Company) transactions to occur. In the <a href=\"https:\/\/finance-able.com\/world-of-finance-4-how-do-investment-banks-operate\/\"><strong><span class=\"has-inline-color has-vivid-cyan-blue-color\">World of Finance #4<\/span><\/strong><\/a> article in this series, we explore the services they provide in more detail.  For now, let\u2019s focus on the four major functions of an <strong>Investment Bank<\/strong>.<\/p>\n\n\n\n<p style=\"font-size:18.5px\">Within a bank, the <strong>Investment Banking<\/strong> division typically offers advisory services for <a href=\"https:\/\/www.forbes.com\/sites\/allbusiness\/2018\/08\/27\/mergers-and-acquisitions-key-considerations-when-selling-your-company\/?sh=51c310ea4102\" target=\"_blank\" rel=\"noreferrer noopener\"><span class=\"has-inline-color has-vivid-cyan-blue-color\"><strong>Mergers &amp; Acquisitions<\/strong><\/span><\/a> and Restructuring; and with the support of <strong>Capital Market<\/strong> teams, helps companies raise <strong>Debt<\/strong> and <strong>Equity<\/strong> capital.<\/p>\n\n\n\n<p style=\"font-size:18.5px\">Most banks also have a Sales &amp; Trading division that executes the purchase and sale of securities for their clients in the <strong>Equity<\/strong> (aka <strong>Stock<\/strong>) market as well as the <strong>Debt<\/strong> (aka <strong>Credit<\/strong>) market. Finally, Investment Banks offer advice to Buyside investors through their Research divisions to help <strong>Buyside<\/strong> investors in their investment decision-making process. As a whole, Investment Banks <em>\u2018sell\u2019<\/em> all of these services and as a result are called the \u2018Sell\u2019-side.<\/p>\n\n\n\n<p style=\"font-size:18.5px\"><strong><em>But\u2026but\u2026but, I know of this one firm that doesn\u2019t fit what you said here<\/em>!<\/strong><\/p>\n\n\n\n<p style=\"font-size:18.5px\">Before I get thousands of hate-mail letters, yes\u2026the above is a simplification (although not much of one) and so yes there are tons of exceptions, such as <strong>Boutique Investment Banks<\/strong> that don\u2019t raise <strong>Debt<\/strong> or <strong>Equity<\/strong>, and firms that only offer research. We\u2019ll actually elaborate on these topics later, but let\u2019s just keep it simple for now and build from there. \ud83d\ude0a<\/p>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-buyside-intro-to-private-market-investors\" style=\"font-size:35px\"><strong>Buyside \u2013 Intro to Private Market Investors<\/strong><\/h2>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p style=\"font-size:18.5px\">Let\u2019s begin our discussion with an exploration of the various types of <strong>Private Market Investors<\/strong>. These firms take in capital from investors and make investments by buying all or part of a business. The end goal is to generate a return when they sell (<strong><a href=\"https:\/\/www.investopedia.com\/terms\/l\/liquidation.asp#:~:text=Liquidation%20in%20finance%20and%20economics,obligations%20when%20they%20are%20due.\" target=\"_blank\" rel=\"noreferrer noopener\"><span class=\"has-inline-color has-vivid-cyan-blue-color\">liquidate<\/span><\/a><\/strong>) that investment down the road.<\/p>\n\n\n\n<p style=\"font-size:18.5px\">The three major categories of <strong>Private Market Investors<\/strong> are: <strong>Venture Capital<\/strong>, <strong>Growth Equity<\/strong>, and <strong>Private Equity<\/strong>.<\/p>\n\n\n\n<div style=\"height:100px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-private-market-investor-1-venture-capital\" style=\"font-size:26px\"><strong>Private Market Investor #1: Venture Capital<\/strong><\/h3>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"579\" src=\"https:\/\/finance-able.com\/wp-content\/uploads\/2021\/02\/venture-capitalist-1024x579.png\" alt=\"A Buyside Venture Capitalist funding a business\" class=\"wp-image-35512\" srcset=\"https:\/\/finance-able.com\/wp-content\/uploads\/2021\/02\/venture-capitalist-1024x579.png 1024w, https:\/\/finance-able.com\/wp-content\/uploads\/2021\/02\/venture-capitalist-300x170.png 300w, https:\/\/finance-able.com\/wp-content\/uploads\/2021\/02\/venture-capitalist-768x434.png 768w, https:\/\/finance-able.com\/wp-content\/uploads\/2021\/02\/venture-capitalist-624x353.png 624w, https:\/\/finance-able.com\/wp-content\/uploads\/2021\/02\/venture-capitalist-50x28.png 50w, https:\/\/finance-able.com\/wp-content\/uploads\/2021\/02\/venture-capitalist-100x57.png 100w, https:\/\/finance-able.com\/wp-content\/uploads\/2021\/02\/venture-capitalist.png 1400w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n<\/div>\n\n\n<p style=\"font-size:18.5px\"><strong>Venture Capitalists<\/strong> (VC\u2019s) provide funding to back new companies to help them prove out their business idea. In a typical deal, a VC takes a small (or &#8216;<strong>Minority<\/strong>&#8216;) ownership stake which typically ranges from 10-25% of the company.<\/p>\n\n\n\n<p style=\"font-size:18.5px\">The end goal for the VC&#8217;s investment is for the business to either be sold or go public so the Venture Capital firm can generate a return for their investors.<\/p>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-private-market-investor-2-growth-equity\" style=\"font-size:26px\"><strong>Private Market Investor #2: Growth Equity<\/strong><\/h3>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p style=\"font-size:18.5px\">Once a business idea has been proven out, a company will typically approach <strong>Growth Equity Investors<\/strong>. Money from <strong>Growth Equity Investors<\/strong> will help the business grow (i.e., <strong>scale<\/strong>) as rapidly as possible.<\/p>\n\n\n\n<p style=\"font-size:18.5px\">For example, a business might have an idea for a software platform but needs to try it out with a few early (\u2018Beta\u2019) testers. If the feedback is strong, they\u2019ll need significant resources (coding, marketing, management, etc.) to grow rapidly.<\/p>\n\n\n\n<p style=\"font-size:18.5px\">Growth Equity provides the capital that enables this growth (again &#8216;<strong>scaling<\/strong>&#8216; in finance-speak) to occur.<\/p>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-a-series-of-confusing-names\" style=\"font-size:26px\"><strong>A \u2018Series\u2019 of Confusing Names<\/strong><\/h3>\n\n\n\n<p style=\"font-size:18.5px\">If you\u2019ve read about this area of finance in the past, you may have heard terms like <strong>Angel Investing<\/strong>, <strong>Seed Round<\/strong> or <strong>Series A, Series B, Series C, etc<\/strong>. We\u2019ll dig into these terms in a later article but, for now, just understand that nearly all of these represent a type of <strong>VC<\/strong> or <strong>Growth Equity investment<\/strong>.<\/p>\n\n\n\n<div style=\"height:100px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-private-market-investor-3-lbo-errr-private-equity\" style=\"font-size:26px\"><strong>Private Market Investor #3: LBO\u2026<em>errr<\/em>\u2026\u2018Private Equity\u2019<\/strong><\/h3>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"578\" src=\"https:\/\/finance-able.com\/wp-content\/uploads\/2021\/02\/LBO-1024x578.png\" alt=\"Illustration of a Leveraged Buyout (LBO) Buyside investor buying whole businesses\" class=\"wp-image-35517\" srcset=\"https:\/\/finance-able.com\/wp-content\/uploads\/2021\/02\/LBO-1024x578.png 1024w, https:\/\/finance-able.com\/wp-content\/uploads\/2021\/02\/LBO-300x169.png 300w, https:\/\/finance-able.com\/wp-content\/uploads\/2021\/02\/LBO-768x433.png 768w, https:\/\/finance-able.com\/wp-content\/uploads\/2021\/02\/LBO-624x352.png 624w, https:\/\/finance-able.com\/wp-content\/uploads\/2021\/02\/LBO-50x28.png 50w, https:\/\/finance-able.com\/wp-content\/uploads\/2021\/02\/LBO-100x56.png 100w, https:\/\/finance-able.com\/wp-content\/uploads\/2021\/02\/LBO.png 1400w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n<\/div>\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p style=\"font-size:18.5px\">Finally, once businesses mature, <strong>Leveraged Buyout<\/strong> (<strong><a href=\"https:\/\/finance-able.com\/walk-me-through-an-lbo\/\" target=\"_blank\" rel=\"noreferrer noopener\"><span class=\"has-inline-color has-vivid-cyan-blue-color\">LBO<\/span><\/a><\/strong>) investors will step in. LBO investors typically buy the entire business (called a &#8216;<strong>Controlling<\/strong>&#8216; stake) and pay for the business with a combination of debt and cash (similar to the funding for a home purchase). Because they buy the entire business, these firms are also called &#8216;<strong>Buyout&#8217;<\/strong> Funds. <\/p>\n\n\n\n<p style=\"font-size:18.5px\">Ultimately, the goal of the LBO fund is to make improvements in the business and to help it grow, so the fund can sell the business down the road to generate a return for investors.<\/p>\n\n\n\n<p style=\"font-size:18.5px\">Note that all <strong>Venture Capital<\/strong>, <strong>Growth Equity<\/strong>, and <strong>LBO Investors<\/strong> are technically <span class=\"has-inline-color has-vivid-cyan-blue-color\"><strong><a href=\"https:\/\/www.inc.com\/magazine\/201908\/graham-winfrey\/private-equity-investment-firms-founder-friendly.html\" target=\"_blank\" rel=\"noreferrer noopener\">Private Equity<\/a><\/strong>. <\/span><\/p>\n\n\n\n<p style=\"font-size:18.5px\">However, folks in the industry have made the terms <strong>Private Equity<\/strong> and <strong>PE<\/strong> synonymous with <strong>LBO<\/strong> firms. <\/p>\n\n\n\n<p style=\"font-size:18.5px\">So, if someone tells you they work in &#8216;Private Equity&#8217;, they are likely assuming that you know that this means <strong>LBO<\/strong> (aka <strong>Buyout<\/strong>) fund. For more on the distinctions between Venture Capital, Growth Equity, and Private Equity, check out the <a href=\"https:\/\/finance-able.com\/venture-capital-vs-growth-equity-private-equity\/\"><strong><span class=\"has-inline-color has-vivid-cyan-blue-color\">World of Finance #3<\/span><\/strong><\/a> article. <\/p>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-blurred-lines-in-finance\" style=\"font-size:26px\"><strong>\u2018Blurred Lines\u2019 in Finance<\/strong><\/h3>\n\n\n\n<p style=\"font-size:18.5px\">A quick clarification here is that the lines between <strong>VC<\/strong>, <strong>Growth Equity<\/strong>, and <strong>LBO<\/strong> are <strong><em><u>very<\/u><\/em><\/strong> blurry. Many VC funds extend into <strong>Growth Equity<\/strong> (and vice versa). And there are <strong>LBO Funds <\/strong>that make <strong>Growth-Equity <\/strong>style investments (and vice versa). But as a mental anchor, these three distinctions are a solid foundational starting point.<\/p>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-buyside-intro-to-public-market-investors\" style=\"font-size:35px\"><strong>Buyside \u2013 Intro to Public Market Investors<\/strong><\/h2>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p style=\"font-size:18.5px\">Now let\u2019s switch gears to public market investors. These investors similarly take investor capital and aim to generate a return in exchange for fees. The big difference here is that these investors buy units of ownership (either <strong>Shares<\/strong> <strong>of<\/strong> <strong>Stock<\/strong> or <strong>Units<\/strong> <strong>of<\/strong> <strong>Debt<\/strong>) with a goal of selling them later for a higher price (and possibly collecting some cash flow along the way).<\/p>\n\n\n\n<p style=\"font-size:18.5px\">We could write a whole article (coming soon!) on the ins and outs of the different types of public market investors but, for now, let\u2019s keep it simple.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-long-only-vs-long-short\" style=\"font-size:26px\"><br><strong>Long Only vs Long\/Short<\/strong><\/h3>\n\n\n\n<p style=\"font-size:18.5px\">Broadly speaking, there are two types of <strong>Public Market Investors<\/strong>: <strong>Long-Only <\/strong>and <strong>Long\/Short<\/strong>. Before we move ahead, let\u2019s explain what the terms <strong><a href=\"https:\/\/www.investor.gov\/introduction-investing\/investing-basics\/how-stock-markets-work\/stock-purchases-and-sales-long-and#:~:text=Having%20a%20%E2%80%9Clong%E2%80%9D%20position%20in,that%20you%20own%20the%20security.&amp;text=A%20%22short%22%20position%20is%20generally,price%20and%20make%20a%20profit.\" target=\"_blank\" rel=\"noreferrer noopener\"><span class=\"has-inline-color has-vivid-cyan-blue-color\">Long and Short<\/span><\/a><\/strong><span class=\"has-inline-color has-vivid-cyan-blue-color\"> <\/span>mean in this context.<\/p>\n\n\n\n<p style=\"font-size:18.5px\">Going <strong>Long<\/strong> is what you\u2019d think of as a typical <strong>Stock<\/strong> purchase in your brokerage or retirement account. When you buy a stock at a certain price, you make money when it goes up in value and you sell. If it goes down in value when you sell, you lose money. <\/p>\n\n\n\n<p style=\"font-size:18.5px\">Going <strong>Short<\/strong> is just the opposite. We\u2019ll explore the mechanics of this in a later article, but let\u2019s keep it high-level here. When you <strong>Short<\/strong>, if the stock goes down when you exit your position, you make money. If it goes up when you exit, you actually lose money.<\/p>\n\n\n\n<p style=\"font-size:18.5px\"><strong>Long-Only Investors<\/strong> only buy and sell stocks in the traditional manner. By contrast, <strong>Long\/Short Funds<\/strong> (aka <strong>Hedge Funds<\/strong>) hedge their <strong>Long Investments<\/strong> by also going <strong>Short<\/strong>.<\/p>\n\n\n\n<div style=\"height:100px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-public-market-investor-1-long-only\" style=\"font-size:26px\"><strong>Public Market Investor #1: Long-Only<\/strong><\/h3>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"579\" src=\"https:\/\/finance-able.com\/wp-content\/uploads\/2021\/02\/long-only--1024x579.png\" alt=\"Illustration of a Long-Only Investor who operates on the Buyside\" class=\"wp-image-35510\" srcset=\"https:\/\/finance-able.com\/wp-content\/uploads\/2021\/02\/long-only--1024x579.png 1024w, https:\/\/finance-able.com\/wp-content\/uploads\/2021\/02\/long-only--300x170.png 300w, https:\/\/finance-able.com\/wp-content\/uploads\/2021\/02\/long-only--768x434.png 768w, https:\/\/finance-able.com\/wp-content\/uploads\/2021\/02\/long-only--624x353.png 624w, https:\/\/finance-able.com\/wp-content\/uploads\/2021\/02\/long-only--50x28.png 50w, https:\/\/finance-able.com\/wp-content\/uploads\/2021\/02\/long-only--100x57.png 100w, https:\/\/finance-able.com\/wp-content\/uploads\/2021\/02\/long-only-.png 1400w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n<\/div>\n\n\n<p style=\"font-size:18.5px\">The most common type of <strong>Long-Only<\/strong> <strong>Investor<\/strong> is a mutual fund. <strong>Mutual Funds<\/strong> (like Fidelity, T Rowe Price, etc.) collect capital from investors and buy either <strong>Shares <\/strong>of<strong> Stock<\/strong> (<strong>Equity Funds<\/strong>) or <strong>Debt<\/strong> (<strong>Bond Funds<\/strong> or <strong>Debt Funds<\/strong>).&nbsp;<\/p>\n\n\n\n<p style=\"font-size:18.5px\">If the firm invests in <strong>Stocks<\/strong>, they collect cash flows (<strong>Dividends<\/strong> for Stocks and <strong>Interest<\/strong> for Bonds) and then the investors aim to sell the <strong>Stock <\/strong>or <strong>Bond<\/strong> again.<\/p>\n\n\n\n<p style=\"font-size:18.5px\">However, <strong>Bond <\/strong>investors can also wait until the bond comes due (<strong>Matures<\/strong>), and then the borrower of the <strong>Bond <\/strong>is required to pay back the full value (<strong>Principal<\/strong> or <strong>Face Value<\/strong>) of the bond that was originally borrowed.<\/p>\n\n\n\n<p style=\"font-size:18.5px\">Whether a fund is <strong>Equity<\/strong> or <strong>Debt<\/strong>-focused, they are all doing the same thing \u2013 aiming to generate a return for their investors.<\/p>\n\n\n\n<div style=\"height:100px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-public-market-investor-2-long-short\" style=\"font-size:26px\"><strong>Public Market Investor #2: Long\/Short<\/strong><\/h3>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"579\" src=\"https:\/\/finance-able.com\/wp-content\/uploads\/2021\/02\/long-short-1024x579.png\" alt=\"Illustration of a Long-Short Investor who operates on the Buyside\" class=\"wp-image-35511\" srcset=\"https:\/\/finance-able.com\/wp-content\/uploads\/2021\/02\/long-short-1024x579.png 1024w, https:\/\/finance-able.com\/wp-content\/uploads\/2021\/02\/long-short-300x170.png 300w, https:\/\/finance-able.com\/wp-content\/uploads\/2021\/02\/long-short-768x434.png 768w, https:\/\/finance-able.com\/wp-content\/uploads\/2021\/02\/long-short-624x353.png 624w, https:\/\/finance-able.com\/wp-content\/uploads\/2021\/02\/long-short-50x28.png 50w, https:\/\/finance-able.com\/wp-content\/uploads\/2021\/02\/long-short-100x57.png 100w, https:\/\/finance-able.com\/wp-content\/uploads\/2021\/02\/long-short.png 1400w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n<\/div>\n\n\n<p style=\"font-size:18.5px\">In a sense, <strong>Long\/Short Funds<\/strong> are very similar to <strong>Long-Only Funds<\/strong>. The big difference is that, in addition to buying with the traditional <strong>Long<\/strong> approach, they also simultaneously go <strong>Short<\/strong>.<\/p>\n\n\n\n<p style=\"font-size:18.5px\">We\u2019ll explore this all in more detail in a future article, but the idea behind this is that you can <strong>Hedge<\/strong> out the day-to-day fluctuations (or <strong>Volatility<\/strong>) in the market and still achieve attractive returns.<\/p>\n\n\n\n<p style=\"font-size:18.5px\">Now that we&#8217;ve covered the investors, we can begin to see the distinctions between <strong>Buyside <\/strong>vs <strong>Sellside<\/strong>. Let&#8217;s now explore the <strong>Sellside<\/strong>!<\/p>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-flipping-to-the-sellside\" style=\"font-size:35px\"><strong>Flipping to the Sellside<\/strong><\/h2>\n\n\n\n<p style=\"font-size:18.5px\">As we mentioned in the video, <strong>Investment Banks<\/strong> (<strong>IB<\/strong>) are called the <strong>Sellside<\/strong>. These firms offer a variety of services that help <strong>Buyside Investors<\/strong> execute transactions. <strong>Investment Banks <\/strong>also sell <strong>Advisory<\/strong> (M&amp;A and Restructuring) and <strong>Capital Raising<\/strong> (Debt and Equity) services to large corporate companies.<\/p>\n\n\n\n<div style=\"height:100px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-ib-division-1-investment-banking\" style=\"font-size:26px\"><strong>IB Division #1: Investment Banking<\/strong><\/h3>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"579\" src=\"https:\/\/finance-able.com\/wp-content\/uploads\/2021\/02\/IB-1-1024x579.png\" alt=\"Illustration of an Investment Banker who operates on the Sellside\" class=\"wp-image-35513\" srcset=\"https:\/\/finance-able.com\/wp-content\/uploads\/2021\/02\/IB-1-1024x579.png 1024w, https:\/\/finance-able.com\/wp-content\/uploads\/2021\/02\/IB-1-300x170.png 300w, https:\/\/finance-able.com\/wp-content\/uploads\/2021\/02\/IB-1-768x434.png 768w, https:\/\/finance-able.com\/wp-content\/uploads\/2021\/02\/IB-1-624x353.png 624w, https:\/\/finance-able.com\/wp-content\/uploads\/2021\/02\/IB-1-50x28.png 50w, https:\/\/finance-able.com\/wp-content\/uploads\/2021\/02\/IB-1-100x57.png 100w, https:\/\/finance-able.com\/wp-content\/uploads\/2021\/02\/IB-1.png 1400w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n<\/div>\n\n\n<p style=\"font-size:18.5px\">The first group under <strong>Investment Banks<\/strong> is simply called <strong>Investment Banking<\/strong>. Professionals in this division offer advisory services to help clients execute the purchase or sale of a company (or <strong>Mergers &amp; Acquisitions<\/strong>). <\/p>\n\n\n\n<p style=\"font-size:18.5px\">There is also a group called Restructuring that can help if you are in financial distress. <strong>Investment Banking<\/strong> can also help clients raise both <strong>Equity<\/strong> and <strong>Debt Capital<\/strong> with the help of the next group, <strong>Capital Markets<\/strong>. <\/p>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<div style=\"height:100px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-ib-division-2-capital-markets\" style=\"font-size:26px\"><strong>IB Division #2: Capital Markets<\/strong><\/h3>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"579\" src=\"https:\/\/finance-able.com\/wp-content\/uploads\/2021\/02\/IB-2-1024x579.png\" alt=\"Illustration for Capital Markets Banker who operates on the Sellside\" class=\"wp-image-35514\" srcset=\"https:\/\/finance-able.com\/wp-content\/uploads\/2021\/02\/IB-2-1024x579.png 1024w, https:\/\/finance-able.com\/wp-content\/uploads\/2021\/02\/IB-2-300x170.png 300w, https:\/\/finance-able.com\/wp-content\/uploads\/2021\/02\/IB-2-768x434.png 768w, https:\/\/finance-able.com\/wp-content\/uploads\/2021\/02\/IB-2-624x353.png 624w, https:\/\/finance-able.com\/wp-content\/uploads\/2021\/02\/IB-2-50x28.png 50w, https:\/\/finance-able.com\/wp-content\/uploads\/2021\/02\/IB-2-100x57.png 100w, https:\/\/finance-able.com\/wp-content\/uploads\/2021\/02\/IB-2.png 1400w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n<\/div>\n\n\n<p style=\"font-size:18.5px\">If a client wants to raise capital, another group steps in called <strong>Capital Markets<\/strong>. As a matter of technicality, these bankers usually work within Investment Banking but perform a different function from what was mentioned above. <strong>Capital Markets<\/strong> bankers are the direct contacts with potential investors and lenders during a capital raise.<\/p>\n\n\n\n<p style=\"font-size:18.5px\">For example, let\u2019s say a client wants to raise new <strong>Debt Capital<\/strong>. They\u2019ll likely have direct contact with someone in core <strong>Investment Banking<\/strong>. That person will coordinate with a <strong>Capital Markets <\/strong>banker (or bankers) to pitch the client company\u2019s story to the market and take in offers to invest or lend capital.<\/p>\n\n\n\n<div style=\"height:100px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-ib-division-3-sales-and-trading\" style=\"font-size:26px\"><strong>IB Division #3: Sales and Trading<\/strong><\/h3>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"579\" src=\"https:\/\/finance-able.com\/wp-content\/uploads\/2021\/02\/IB-3-1024x579.png\" alt=\"Illustration of Sales and Trading person who operates on the Sellside\" class=\"wp-image-35515\" srcset=\"https:\/\/finance-able.com\/wp-content\/uploads\/2021\/02\/IB-3-1024x579.png 1024w, https:\/\/finance-able.com\/wp-content\/uploads\/2021\/02\/IB-3-300x170.png 300w, https:\/\/finance-able.com\/wp-content\/uploads\/2021\/02\/IB-3-768x434.png 768w, https:\/\/finance-able.com\/wp-content\/uploads\/2021\/02\/IB-3-624x353.png 624w, https:\/\/finance-able.com\/wp-content\/uploads\/2021\/02\/IB-3-50x28.png 50w, https:\/\/finance-able.com\/wp-content\/uploads\/2021\/02\/IB-3-100x57.png 100w, https:\/\/finance-able.com\/wp-content\/uploads\/2021\/02\/IB-3.png 1400w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n<\/div>\n\n\n<p style=\"font-size:18.52px\"><strong>Sales and Trading<\/strong> (&#8216;<strong>S&amp;T&#8217;<\/strong>) allows large (aka <strong>Institutional<\/strong>) clients of a bank to execute transactions for traded debt and equity securities. In the video, we simplified a bit since Sales and Trading offers a variety of additional services, including derivative securities and foreign currency (\u2018FX\u2019) transactions. But again, let\u2019s keep it simple for now. The short story here is that when large <strong>Long-Only<\/strong> or <strong>Long\/Short Investors<\/strong> want to buy or sell, they work with the <strong>Sales and Trading<\/strong> division to execute their transactions.<\/p>\n\n\n\n<div style=\"height:100px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-ib-division-4-research\" style=\"font-size:26px\"><strong>IB Division #4: Research<\/strong><\/h3>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"579\" src=\"https:\/\/finance-able.com\/wp-content\/uploads\/2021\/02\/IB-4-1024x579.png\" alt=\"Illustration for an Equity Research or Credit Research person who operates on the Sellside\" class=\"wp-image-35516\" srcset=\"https:\/\/finance-able.com\/wp-content\/uploads\/2021\/02\/IB-4-1024x579.png 1024w, https:\/\/finance-able.com\/wp-content\/uploads\/2021\/02\/IB-4-300x170.png 300w, https:\/\/finance-able.com\/wp-content\/uploads\/2021\/02\/IB-4-768x434.png 768w, https:\/\/finance-able.com\/wp-content\/uploads\/2021\/02\/IB-4-624x353.png 624w, https:\/\/finance-able.com\/wp-content\/uploads\/2021\/02\/IB-4-50x28.png 50w, https:\/\/finance-able.com\/wp-content\/uploads\/2021\/02\/IB-4-100x57.png 100w, https:\/\/finance-able.com\/wp-content\/uploads\/2021\/02\/IB-4.png 1400w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n<\/div>\n\n\n<p style=\"font-size:18.5px\">The last division to explore is <strong>Research<\/strong>. In this division, a bank employs <strong>Research<\/strong> <strong>Analysts<\/strong> to research companies across the entire economy and to provide their view in <strong>Research Reports<\/strong> and financial analysis (aka <strong>Estimates<\/strong>) on the company. <strong>Research Analysts<\/strong> can help <strong>Long-Only<\/strong> and <strong>Long\/Short Investors<\/strong> learn about the latest happenings with a company and whether an investment is attractive or unattractive.<\/p>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-wrap-up-buyside-vs-sellside\" style=\"font-size:35px\"><strong>Wrap-Up: Buyside vs Sellside<\/strong><\/h2>\n\n\n\n<div style=\"height:30px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p style=\"font-size:18.5px\">Let\u2019s go back to the short and simple explanations of <strong>Buyside<\/strong> vs <strong>Sellside<\/strong>\u2026<\/p>\n\n\n\n<p style=\"font-size:18.5px\">The <strong>Buyside<\/strong> consists of firms that \u2018buy\u2019 all or part of a company on behalf of their investors with the goal of generating a return. In return for generating these returns, the investors pay fees to the <strong>Buyside<\/strong> firms.<\/p>\n\n\n\n<p style=\"font-size:18.5px\">There are both public and private market <strong>Buyside<\/strong> investment firms. <strong>Public Market Investors<\/strong> are <strong>Hedge Fund<\/strong> and <strong>Mutual Fund Investors<\/strong>, who invest in the <strong>Equity Market<\/strong> and\/or the <strong>Credit Market<\/strong>. <strong>Private Market Investors<\/strong>, on the other hand, consist of <strong>Venture Capital (VC) Fund<\/strong>, <strong>Growth Equity Fund<\/strong>, and <strong>Leveraged Buyout (LBO) Investors<\/strong> These investors purchase private interests in companies ranging from small stakes to purchases of entire businesses.<\/p>\n\n\n\n<p style=\"font-size:18.5px\">On the <strong>Sellside<\/strong>\u2026the <strong>Investment Bank<\/strong> is the central player, with four key divisions: <strong>Investment Banking, Capital Markets, Sales and Trading, <\/strong>and<strong> Research<\/strong>. Each division provides different services ranging from transaction execution services for public market investors to advisory and capital raising services for large corporate companies.<\/p>\n\n\n\n<p style=\"font-size:18.5px\">And there you have it! Hopefully, we&#8217;ve clarified the meaning of the terms <strong>Buyside <\/strong>vs<strong> Sellside<\/strong> and the roles played by the various firms within each group. <\/p>\n\n\n\n<p style=\"font-size:18.5px\">If you found this article helpful and would like to learn more, check out the entire <strong><a href=\"https:\/\/finance-able.com\/the-world-of-finance\/\"><span class=\"has-inline-color has-vivid-cyan-blue-color\">World of Finance<\/span><\/a><\/strong><span class=\"has-inline-color has-vivid-cyan-blue-color\"><strong> <\/strong><\/span><span class=\"has-inline-color has-black-color\">series.<\/span><\/p>\n\n\n\n<p style=\"font-size:18.5px\">Let us know if you have any comments or questions below. We love to hear your feedback!<\/p>\n\n\n\n<p style=\"font-size:18.5px\">We hope you found this article helpful and would love to answer your questions (or hear any comments) in the section below. <strong>We\u2019d love to hear from you!<\/strong><\/p>\n\n\n\n<div style=\"height:80px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 class=\"wp-block-heading\" style=\"font-size:35px\"><strong>About the Author<\/strong><\/h2>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"alignleft size-full is-resized\"><img loading=\"lazy\" decoding=\"async\" width=\"500\" height=\"500\" src=\"https:\/\/finance-able.com\/wp-content\/uploads\/2020\/12\/MK-Photo.jpg\" alt=\"Picture of Mike Kimpel, Founder of Finance|able\" class=\"wp-image-26350\" style=\"width:266px;height:266px\" srcset=\"https:\/\/finance-able.com\/wp-content\/uploads\/2020\/12\/MK-Photo.jpg 500w, https:\/\/finance-able.com\/wp-content\/uploads\/2020\/12\/MK-Photo-300x300.jpg 300w, https:\/\/finance-able.com\/wp-content\/uploads\/2020\/12\/MK-Photo-100x100.jpg 100w, https:\/\/finance-able.com\/wp-content\/uploads\/2020\/12\/MK-Photo-150x150.jpg 150w, https:\/\/finance-able.com\/wp-content\/uploads\/2020\/12\/MK-Photo-50x50.jpg 50w\" sizes=\"auto, (max-width: 500px) 100vw, 500px\" \/><\/figure>\n<\/div>\n\n\n<p style=\"font-size:18.5px\"><a href=\"https:\/\/finance-able.com\/about-us\/\"><strong><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-cyan-blue-color\">Mike Kimpel<\/mark><\/strong><\/a> is the <strong>Founder and CEO<\/strong> of <strong>Finance|able<\/strong>, a next-generation Finance Career Training platform. Mike has worked in Investment Banking, Private Equity, Hedge Fund, and Mutual Fund roles during his career.<\/p>\n\n\n\n<p style=\"font-size:18.5px\">He is an <strong>Adjunct Professor<\/strong> in <strong>Columbia Business School&#8217;s <a href=\"https:\/\/www8.gsb.columbia.edu\/valueinvesting\/coursesfaculty\/valueinvestingprogram\" target=\"_blank\" rel=\"noreferrer noopener\"><span class=\"has-inline-color has-vivid-cyan-blue-color\">Value Investing Program<\/span><\/a><\/strong> and leads the Finance track at <a href=\"https:\/\/www.accessdistributed.org\/\" target=\"_blank\" rel=\"noreferrer noopener\"><span class=\"has-inline-color has-vivid-cyan-blue-color\"><strong>Access Distributed<\/strong><\/span><\/a>, a non-profit that creates access to top-tier Finance jobs for students at non-target schools from underrepresented backgrounds.<\/p>\n\n\n\n<p><\/p>\n\n\n\n<p><\/p>\n\n\n\n<div style=\"height:60px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<h2 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