I'm a current senior at a semi-target, interested in pursuing PE in the long term. After graduation, I'll be working at BCG.
A school alumnus recently suggested that I intern this summer for his boutique PE shop (not sure about AUM, but PE recruiting in the long term (pursuing a job after a 2-year stint at BCG), even though it would be significantly less intense than a fullblown SA job? Does the checkbox of "has done PE" (no matter the specifics) really matter in terms of getting interviews?
2) Regardless of the resume/credential value of this experience, would pursuing this for a couple of months help me grow personally and professionally? In particular, is the PE learning curve steep even if I would be working somewhat peripherally to the main deal team?
Thanks for any thoughts you might have.
I am doing some PE recruiting now, currently an IB analyst but I have buyside experience on my resume prior to my current job. Most people have commented on it in a very positive way, and I play it up as much as possible "I've seen both sides of the table and would much prefer to be on the buyside vs sellside".
I would also say that it will be favorable once you go into recruiting for PE. From my prior experience with headhunters any slightly relevant experience can be levered to your advantage.
Concerning the personal growth this obviously depends on your prior experience and the things you will be involved in. If you don't have any PE experience (and I assume that) and potentially no banking internships, this will definitely give you some valuable insights. Evidently being part of the deal gives you more exposure but as long as you don't spend all your time making copies this should also help you decide whether you're really into PE. Look at it like this, if you don't do it you might get into PE in 2 years down the road only to discover that it's different from what you imagined...
Maybe you can even arrange for a week or two off to actually take a vacation before you start FT. ;)
Wanted to update this, and see if people have any additional thoughts. I got the offer! I'm now starting BCG in January (after some time in politics) and would be interning November-January.
I'm slightly conflicted - on the one hand, I could probably use a break, especially after completing a stressful time in the campaign. I'd love to use those months to travel, see college friends, etc. On the other hand, it sounds valuable, and the PE fund has recently done an interesting acquisition.
If anyone else has insight into the potential utility of this gig for a full-time PE position in a few years, I'd love your advice.
Doing the PE internship now would be really beneficial for your next few career steps. Apart from the experience helping you to confirm (or adjust) your post-consultancy plans and being beneficial in itself come PE recruiting time, it should also help you position yourself as biased towards PE, which will be helpful at BCG. As an engagement manager, I was always keen to get juniors on my teams who had a certain 'PE spin' (ie previous PE or at least IBD internship experience), and exactly this CV feature should help you in your networking within BCG, which will be important for your development.
I appreciate that taking some time off to travel etc would be nice; don't underestimate the enormous opportunity costs of time you currently have, though. You could still go take a few weekend trips :).
Value of a boutique/small PE internship for group placement (Originally Posted: 03/16/2008)
Hi all,
I've accepted a BB IBD FT generalist offer and would be starting this summer.
I'm thinking of doing a short internship with an unknown boutique (with links to China) before starting training. The dealflow is not that great and they probably spend lots of time pitching to tech and media companies.
Alternatively, I could focus on working for free for a tiny tech-focused PE fund (around 50 mil) doing mezzanine financing in China.
Much appreciated if you could comment on the value of these internships in getting into the groups I want. Or would I be better off concentrating on CFA level 2 exams?
Thanks!
I really don't see either of these internships making much difference in your group selection. Take it easy and spend your summmer relazing and studying for the CFA. Your group selection will have more to do w/ networking and alumni than w/ whatever you're doing before training.
Internship at boutique PE firm (Originally Posted: 09/27/2011)
I secured a fall PE internship at a small, boutique PE firm. I am a junior. The PE firm has under five bankers, all from top business or undergraduate schools working there.
The position I got involves maintaining a database they use to keep current information on clients, however, they did say there would be exposure to the PE industry because the firm is so small.
1). How can I get the most out of this internship? I come from a non-target, have a good GPA, and would like to work in banking after school.
2). If I end up doing nothing that is related to PE, how can I best spin this on my resume?
Thank you for any tips and help.
Mention to your manager that you want to get involved in at least one deal. That way you can quantify something on your resume opposed to "maintained excel database while thumbing myself and getting coffee".
Make sure you build good relationships with the people there. Whenever you do a research (doesn't matter if it's in-depth or not), excel editing, or any kind of documentation work, you can safely say you contributed to the transaction, or assisted on a deal. You "built financial model" so to speak. Speaking from a personal experience, you'll get a lot out of the working experience even if you don't get to do any technical stuff, although I am positive you will get to do those things.
Godspeed
Is this database Salesforce.com by any chance? We use them all the time and it's fairly tedious (albeit necessary).
I would practice your excel skills (specifically modelling) so that you can work without your hand being held. A 5 guy shop will need some backup on analyst functions, but it's not worth it to them if they have to go back and redo it. If you can teach yourself how to build a basic LBO model, they could end up loving you for it.
HealthcareAnalyst, yes, I believe it is Salesforce.com.
I think they are fairly common and might be something you could put on your resume.
Definitely try to teach yourself the modelling still. You'll have to learn it eventually anyways.
They're going to want you to prove yourself before letting you do any real work. Bust your ass working on the database, do a good job, and prove to them that you deserve a shot at some challenging work. Always be willing to do anything for them, never turn work down, etc.
You've put yourself in a great position. Now take advantage!
should i take a boutique pe internship this summer? (Originally Posted: 01/19/2012)
Dear WSO monkeys, I now wondering whether I should take a PE internship this summer at a boutique pe shop.
My backgrounds: - mathematical finance major(as the title of the program indicateds, my course work focus more on the s&t/quant side, instead of the corporate finance/pe side) - have BB IBD summer intern experience - currently a senior year student graduating this summer.
My objective: break into a pe shop right out of college if possible. if not, try again after MBA program.
My choice right now: I am confident of getting a boutique pe internship this summer, but wonder whether it is worth the time and effort.
My concern: 1. boutique pe shop is known for the small dealflow, which means i will have little deal exposure 2. pe firm is known for the lack of training. As a non-wharton kid, not even finance major strictly speaking, I don't have very in-depth knowledge of pe, m&a modeling, valuation, although i picked up some of these knowledge during my normal reading on forums/books. So will it be the case i will end up doing nothing or just menial work during the internship?
My expectation: The takeaway I hope/expect from the boutique pe internship is as following: learn about modelling(m&a, lbo), get a big picture of the deal process from the PE side perspective.
Do you think it is likely that my expectation can be met?
Other queries: We know that pre-mba experince is almost a pre-requisite for breaking into pe post MBA.
So, What is the exclusive experience/knowledge you can get in your pe experience that set you apart from a ibd analysts? Please be specific. (i.e. is it the modelling is more advanced? the deal process you get familiar with at a pe shop which cannot be learnt at ibd)
Any thoughts are welcome.
If it all you have then I would go for it. I would def. shoot for IB (even if it is a small boutique, I would take it over a small PE shop). You will learn more in ibanking right out of ugrad than you would in PE right out of ugrad, ceteris paribus
From what you said, it looks like you will be doing a lot of deal sourcing, maybe a lot of cold calls too. It is better than nothing. I bet you will have a lot of downtime. It would be a good opportunity for you to invest in some advanced modeling training programs. I'd start now, so you can be ready to network your ass off over the summer. In fact i would start networking now too.
does deal sourcing normally means the whole life of junior intern at boutique pe?
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