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I worked for a search fund last summer and was able to get a lot of valuable experience. I've heard the other way around, so I think it depends who the person you're working under. I lucked out as the guy I worked for helped me network through his connections and prepped me a lot for interviews. It was also one of the key talking points in my interviews and networking.
While I haven't done a PE internship, I would imagine that it would be a good talking point in interviews regardless and perhaps get some good connections out of it. Better to have something going on during your freshman year summer rather than nothing and this sounds like a solid freshman opp.
It's a great gig. I landed many interviews since I have that search fund internship on my resume.
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