LMM PE Return Offer
Hey guys,
Need some perspective here.
I’m Italian, about to start my final year of a MSc in Finance. Right now I’m doing a summer internship at the Milan office of an American LMM PE fund ($5–10B AUM). The firm is pretty niche – they’re a leader in a specific vertical, mostly doing club deals, co-investments, and minority positions.
They just gave me a FT offer starting Sep ‘26, conditional on extending my internship until February (I’ve got no classes next semester). I’m getting a lot of exposure, I'm currently on 2 live deals already and working directly with the partners. The team is very small and it's a “learn by doing” setup.
I also have another offer on the table: a 6-month internship (Sep–Feb) at a larger, better-known MM PE fund ($30–50B AUM), also US-based and in Milan. No FT opportunity there, but having the name on my CV would likely boost my chances for an IB internship in London next summer (I’d be down to postpone graduation for that — London has always been my goal).
A few doubts I’d love feedback on:
- Am I screwing myself long-term by skipping the IB “training”? I know the reps, the grind, and the learning curve in IB are a solid foundation – is going straight to PE from school too limiting?
- How realistic is it to lateral into London PE/IB from a FT role in Milan? Is it much harder to break in after you’ve started in Milan vs. going through a more classic IB internship > IB FT > PE path directly in London?
- Am I trading long-term upside for short-term comfort? The FT offer is solid and the exposure is great, but is this a long-term trap vs. doing IB > MM/MF PE in a bigger financial hub like London?
Would really appreciate any takes.
Cheers
Good luck champ!
F**k IB! If the goal is PE, why would you waste time on something that will get you to the exact same spot you’re in today?
Now, if you don’t like your fund/vertical/geography and wants to broaden your prospects, than you can argue IB might give you that.
Thank you for the take. And being in IB yourself don’t you think giving up on the more formal training / networking opportunities of IB will hurt me in the long term?
Follow the path to greatness my lil chimp ❤️
I'm doing the same thing except I'm in the U.S. at a very small LMM fund, which matches the Milan internship you are doing. I think the most important part is to learn and show what you have learned when you exit. If the team in Milan is great and ur always getting exposure, then I would recommend staying for the security. You can always recruit again in the future with the skills you learned on the job. I understand your desire to take the more known internship offer, but there's no guarantee that you will get a FT offer elsewhere despite the bigger name.
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