London Off-Cycle Tier List
Keen to hear thoughts on how London off-cycle internships compare as they seems increasingly popular with undergrads recruiting directly to the buyside. Some programmes that stand out to me below.
——-——-——-——-——-——-——-——-——-——
Megafund: - Apollo Hybrid Value - Blackstone TacOpps / PC - CD&R PE - Cinven PE - CVC PC - Silver Lake PE
——-——-——-——-——-——-——-——-——-——
Upper Mid-Market / Large-Cap: - Ardian PE / PC - Astorg PE - Bridgepoint PE - Hg PE - IK Partners PE - PAI Partners PE - Rothschild Five Arrows PE - TowerBrook PE - Triton PE
Based on the most helpful WSO content, here's a detailed look at the London off-cycle internships and how they compare, especially for undergraduates aiming to recruit directly to the buyside:
Megafund:
Upper Mid-Market / Large-Cap:
Key Points to Consider:
Additional Insights:
For more detailed discussions and personal experiences, you can explore the following threads on WSO: - https://www.wallstreetoasis.com/forum/investment-banking/opinions-on-bb…</a">Opinions on BB IBD Off-Cycle internships London - https://www.wallstreetoasis.com/forum/investment-banking/advice-for-lon…</a">Advice for London applicants - https://www.wallstreetoasis.com/forum/investment-banking/2018-ftoff-cyc…</a">2018 FT/Off-cycle London Recruiting Timeline Megathread
These resources provide valuable insights and can help you navigate the competitive landscape of London off-cycle internships.
Sources: Opinions on BB IBD Off-Cycle internships London, 2018 FT/Off-cycle London Recruiting Timeline Megathread, Advice for London applicants, Investment Banking Off-Cycle Internships London-Amsterdam-Madrid Fall 2020, London Off-Cycle 2024
Its nice that you compiled it but pointless thread
Roughly speaking:
Convertible? If yes, goes to top of list by default
Usually only large funds convert
Then we go to usual PE debate where brand name is less important and returns matter more. On top of that how much responsibility you would have.
Strong fund returns and non-convertible trump good brand name
If you’re at a bigger fund but you never work on live deals and they just give expert calls and origination work, then that’s worse experience than a MM where you actively contribute to IC papers or do real portfolio work
That said, for exits its still better to get bigger fund name on CV because your colleagues will be ex-BB whereas smaller mid market shops might have background in tiny banks where you wouldn’t be happy to end up.
In practice, few people get multiple PE internship offers and it’s obvious which one to take. They’re super competitive and have 1 spot every 6 months so a ranking is pointless
A grand total of 2 convertible mega fund off cycles. Wow, how riveting.
How would GS AM fits into it? Have an offer for one of the tier 1 you mentioned but also in the process for GS which I understand converts to FT
Unless it's GSAM Corp PE, would strongly advise to take the MF. Recruiting with a CVC/Apollo/Silver Lake on your CV will be easy and you'll likely be able to return in 2 years even if you don't get the immediate offer.
Can confirm GSAM REPE/Infrastructure are laughable and would have no respect if they didn't have the GS brand. Corp PE is more legit so would be more of a toss-up.
Whys GS RE / Infra bad?
Cinven and CVC Pc should be in tier2. Cinven not hard to get and Ardian one tier below rest
Ok sure, so what would you say is the most comprehensive plain buyout internship of the MFs?
I looked on LinkedIn and ex/current interns at cinven and CVC have a very strong profile
When does Jan 2025 offcycle internship start recruiting?
At some places it has already started...
Such as?
What firms out of these give out return offers for ft?
Tell me you are a LSE hardo south-asian without telling me you are a LSE hardo south-Asian
Go back to Real Estate Acquisitions please
accel kkr in london
Qui nihil rem eveniet odit sed quo dicta. Aliquid eum culpa maxime iure nesciunt qui modi. Error alias fugit qui quos et nam necessitatibus. Autem enim quam qui iure consequatur temporibus provident. Aut dolores accusantium animi quia non fugit id. Ut consequuntur quaerat nam expedita eum.
Voluptatem et est qui. Quos numquam quas numquam ab alias consequatur. Dolore quo veniam ut et error consequatur.
Recusandae aut beatae aut expedita cupiditate et libero. Exercitationem eum qui fugit occaecati impedit. Error voluptatem modi non qui qui enim. Quas odio sunt molestiae et quia non. Ut et at quo.
Neque cum sunt nisi ducimus non dolor. Recusandae culpa facilis nulla et nihil non.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...