Internship Dilemma: LMM IB vs MF Infra PE
Hi all, I recently received 2 internship offers in the last week, one from a local LMM IB bank and one from a MF Infra PE firm, and am in a bit of a dilemma of which to accept. For some context I am a rising junior and this would be a 5-months off-cycle internship. My ultimate goal is to get into infra PE, but I understand that PE is notoriously difficult to get into straight from undergrad and hence am considering the safer route of LMM IB Intern --> BB IB Intern --> BB FT --> Infra PE, as opposed to directly MF Infra PE Intern --> Infra PE FT.
LMM IB Internship:
At a reputable local bank doing M&A as well as ECM, though it is only LMM it has had quite a few interns going into BB right after and hence is quite competitive (>550 applicants for a job posting 2 days ago). Would seem like quite a waste to reject this offer especially if I have to eventually get into IB to break into PE.
MF Infra PE:
Not the infra arm of a MF, but a fund that specializes in infra and has some of the largest fundraises and investments in the industry (think more GIP, SP, MIRA). Honestly I would take a full time offer from this place but from what I know they do not hire fresh out of undergrad. It is difficult but there are some fresh grad buyside infra jobs in my country such as at BlackRock, BlackStone, SWFs, and AM arms of some BBs, but there are definitely more IB jobs going around hence taking this internship and trying to break in directly to infra PE would be more risky.
Would love any and all opinions, and feel free to ask about the recruiting process for these internships if you guys have any questions as well.
If your goal is to get into Infra PE, it would be silly to throw away an opportunity to work in MF Infra PE to go to some LMM bank that doesn’t even guarantee you a shot at a reputable Infra shop down the road. I would first of all definitely confirm that there’s no chance to get a return offer from the MF, but even then, see where their interns end up. I’m assuming it will be much better aligned with your ultimate career goals than where the LMM interns go
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