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?

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