PE vs. M&A for internship
Trying to get into M&A long-term, what would be better for an internship, a boutique PE internship or a boutique M&A shop?
Trying to get into M&A long-term, what would be better for an internship, a boutique PE internship or a boutique M&A shop?
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Depends on the quality of the firm, type of work you'll be doing, and the people you work with. If people at the PE firm are all ex-bankers, you could ask them for people to talk to. If the M&A shop has quality people and good work, take it but honestly you could spin either of those experiences into the "Why X" story.
Good to know, thanks. I got rejected from an M&A role and the feedback was that my experience (capital markets) was "non-target experience" (I'm at a target school, the recruiter said it's bc they wanted someone with M&A experience). So would PE fall under this, or would a boutique M&A be the safe choice?
I've interned at both so can give some insight:
1. by boutique PE do you mean a search fund? I'd avoid a search fund in this case because you won't learn as much as a boutique IB internship. Interned a search fund and hated it. Only take this if you have no other choice.
2. if boutique M&A IB have you do 0 modeling or marketing material stuff then it's not a good IB internship. I'd argue this is better than a search fund since getting in M&A is your goal.
3. If it is actually a boutique PE shop (with 10+ people and have done various deals) then take that.
Ranking: "actual" boutique PE > boutique IB M&A > search fund.
Not a search fund lol I have no interest in those. Just genuinely small, unheard of PE shops
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