How to convert a PE internship
Hi, I’m an Off-Cycle Analyst in the infra team at a PE shop and would love some advice on how to convert to a full-time role.
Few points of context
- I was told at the beginning of the internship there was no scope of converting (I have a full-time M&A Analyst 1 role at a BB starting in a few months hence the idea was that I work for two months in this team, have a rest, and then start my M&A gig)
- Graduated from a target university and have completed two M&A summer internships (one elite boutique and one BB)
- Absolutely love this infra job since A) love the way the team think about the infra product (high degree of potential exposure to the energy transition, which I’m v. interested in, and early-ish stage funding) B) the people on the team are really nice!
After having some initial casual conversations re a full-time role, team are saying that while they think I’ve been doing great work and am a good cultural fit, there are simply certain intangibles I can’t learn without working in M&A for +1 years e.g. think learning how to help coordinate lawyers, accountants, and other learnings from going through an entire deal life cycle.
How on can I make my case to join as a PE Analyst (which the team have never hired before)?
Here are some thoughts I’ve had
i) I can be the ‘energy transition’ guy; passionate about this; have been reading a lot for +3 years, founded a a hydrogen-based startup at university
ii) I can sit a modelling test/ do the case study meant for Associates and hopefully show that my technical standard is higher than a ‘typical’ pre Analyst 1
iii) M&A Analysts are essentially execution machines, spending a lot of time working on logistical tasks (e.g. updating futures decks from Factset), hence I could, theoretically, pick up more by given more responsibility on the buy side
What Infra fund is it if you don't mind me asking ? Lots of people I've talked to in London told me the culture what a bit too grindy in this space. Happy to hear you're fitting well !
Not to be pessimistic, but they've made it clear both before and during the internship that converting isn't an option. Personally, I wouldn't waste your time and seem desperate / pushy. Instead, keep doing what you're doing and leave a long-lasting impression; maintain those relationships when you're at the BB and then when a role opens you're in going to be one of the first people they will call / invite to interview etc.
I feel like your answer is pretty obvious… you don’t convert to FT because they told you that you couldn’t
Any updates boss?
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