Consulting to LMM HC PE internship search

Hey folks, 

Background: I have worked for 3.5 years in T2 Consulting in EU (3 years as consultant, 0.5 years as associate); My experience is within HC/ PE group with almost exclusive focus on buy-side commercial transaction DDs/ development of value creation opportunities/ etc. Typical projects are 4 week DDs with mid-market EU PE firms with follow-up opportunities, if applicable

Recently I got into non-HSW M7; Part of my goal is to transition from EU deal HC consulting to USA deal-focused environemt (IB with PE afterwards); I would appreciate the advice with the following:

1) Given my profile, would you see it as feasible that I can network into pre-MBA HC LMM PE  internship? Are there any specific smaller funds that one can recommend  that are favorable for such non-traditional candidates? The core goal of this internship for me is to get actual deal experience on how work is done "on the other side"

2) I have pretty solid finance background, but it is definetely very consulting DD-focused (i.e., solid practical knowledge of M&A processes, limited technicals like DCF models). How structured is the summer internship interview process - would I be expected to be able to build paper LBO or something similar?

3) I am happy to do the internship just as a learning experience (i.e., can work for free for 2/3 month). Should this be mentioned straight up or can that come off in a wrong way?

Thank you for any advice

 

Ahoy there! Diving into the bustling world of HC LMM PE from a T2 consulting background in the EU, are we? Let's chart the course for this thrilling voyage across the Atlantic to the land of opportunity and deal-making!

1) Transitioning to Pre-MBA HC LMM PE Internship: - Feasibility: Based on the treasure trove of experiences you've amassed, transitioning seems not just feasible but a voyage worth embarking on! Your expertise in buy-side commercial transaction DDs and value creation for mid-market EU PE firms sets a solid plank for you to walk confidently into the HC LMM PE waters in the USA. - Networking & Fund Recommendations: Ah, the art of networking! It's like navigating through the open seas; you need to know where the winds are favorable. Given your non-traditional background, smaller, perhaps more nimble funds that value diverse experiences and deep sector knowledge could be your North Star. While specific fund names aren't charted on this map, focusing on those with a strong presence in healthcare and a history of welcoming sailors from diverse backgrounds could be key. Engage in forums like Wall Street Oasis, reach out to alumni from your M7 program, and don't shy away from leveraging LinkedIn to connect with industry professionals.

2) Summer Internship Interview Process: - Expectations: The waters here can be a bit murky, as expectations might vary from one fund to another. However, a solid understanding of M&A processes is a great start. While your technical skills might currently be more DD-focused, brushing up on your ability to navigate through financial models, including DCF and perhaps a paper LBO, would be wise. Many funds appreciate a candidate who can demonstrate a practical understanding of these concepts, even if they're not expecting you to be the captain of the ship right away.

3) Mentioning Willingness to Work for Free: - Approach with Caution: While your enthusiasm and willingness to dive in for the learning experience are commendable, mentioning this upfront might send the wrong signal. It's like offering to swab the deck before you've even been welcomed aboard. Focus first on showcasing your value and how your unique background and skills can contribute to the fund. Once you've caught their interest, and if the conversation naturally veers into internship logistics, you might then navigate the discussion towards your flexibility regarding compensation.

Remember, every great voyage begins with a single step (or sail). Your consulting background, combined with your proactive approach to learning and adapting, positions you well for this transition. Keep your compass set on networking, skill enhancement, and showcasing your unique value proposition. May the winds be ever in your favor!

Sources: Ask me anything - Non Traditional Background to MM PE to H/S/W, Ask me anything - Non Traditional Background to MM PE to H/S/W, How to approach LMM PE recruiting?, Q&A - Starting Post-MBA Megafund PE, Can someone break down PE Associate exit opportunities?

I'm an AI bot trained on the most helpful WSO content across 17+ years.
 

Nobis aliquid iure itaque sunt dignissimos iste iure. Dolorem est tenetur non ad autem et saepe. Voluptatem numquam nostrum explicabo et incidunt dolore.

Doloribus esse quia ut ea. Consequatur in eum sed dolorem.

Et quibusdam ab eveniet reprehenderit qui non doloremque. Id et voluptatem excepturi et quia et. Eum vero eveniet est tenetur aliquid. Accusantium natus ullam ut itaque cumque.

Id qui vero amet nesciunt et. Doloribus ad consequatur qui distinctio voluptatem dicta. Qui voluptatibus ducimus beatae tempore accusantium temporibus quia. Laborum rerum excepturi est laboriosam. Rerum velit odit quia ipsa ut molestias veritatis. Aliquam voluptas nulla eos nulla ea.

Career Advancement Opportunities

April 2024 Private Equity

  • The Riverside Company 99.5%
  • Blackstone Group 99.0%
  • Warburg Pincus 98.4%
  • KKR (Kohlberg Kravis Roberts) 97.9%
  • Bain Capital 97.4%

Overall Employee Satisfaction

April 2024 Private Equity

  • The Riverside Company 99.5%
  • Blackstone Group 98.9%
  • KKR (Kohlberg Kravis Roberts) 98.4%
  • Ardian 97.9%
  • Bain Capital 97.4%

Professional Growth Opportunities

April 2024 Private Equity

  • The Riverside Company 99.5%
  • Bain Capital 99.0%
  • Blackstone Group 98.4%
  • Warburg Pincus 97.9%
  • Starwood Capital Group 97.4%

Total Avg Compensation

April 2024 Private Equity

  • Principal (9) $653
  • Director/MD (22) $569
  • Vice President (92) $362
  • 3rd+ Year Associate (90) $280
  • 2nd Year Associate (205) $268
  • 1st Year Associate (387) $229
  • 3rd+ Year Analyst (29) $154
  • 2nd Year Analyst (83) $134
  • 1st Year Analyst (246) $122
  • Intern/Summer Associate (32) $82
  • Intern/Summer Analyst (314) $59
notes
16 IB Interviews Notes

“... there’s no excuse to not take advantage of the resources out there available to you. Best value for your $ are the...”

Leaderboard

1
redever's picture
redever
99.2
2
Betsy Massar's picture
Betsy Massar
99.0
3
BankonBanking's picture
BankonBanking
99.0
4
Secyh62's picture
Secyh62
99.0
5
kanon's picture
kanon
98.9
6
CompBanker's picture
CompBanker
98.9
7
dosk17's picture
dosk17
98.9
8
GameTheory's picture
GameTheory
98.9
9
DrApeman's picture
DrApeman
98.8
10
numi's picture
numi
98.8
success
From 10 rejections to 1 dream investment banking internship

“... I believe it was the single biggest reason why I ended up with an offer...”