Tech company valuations have taken a big hit. It's bad news for bankers who take companies public, but it's also good news for other types of dealmakers.
Wall Street's quintessential relationship banker is tasked with standing by private equity firms when they want to take a company public.
Morgan Stanley says that private equity firms have over $2 trillion in cash waiting to be deployed. One venture capitalist who was not authorized to speak on the record said that with valuations of strong companies plunging, they are "liking their chops" at the buying potential.
Some financial sponsor bankers are so close to their clients that they work out of their offices. Private equity firms are waiting for stock prices to go up so they can make a deal for shareholders.
These are the bankers that they will call.