PE internship as an Ugrad? Which Internship?
I heard that private equity firms rarely hire interns and especially not junior Ugrad interns. So anyways, I received an offer from Valstone Partners which is a private equity firm with a bunch of Ross MBAs and alums. They seem like a very small lean firm. I am now worrying if perhaps the internship is just because they wanted a coffee-getter or someone to go and do all the busywork.
My other choice for an internship is UBS Ibanking which I would usually take over Valstone but since UBS Ibanking is currently not doing so well and I recently read this article on Valstone: http://www.crainsdetroit.com/apps/pbcs.dll/articl…
I just don't know what to do. Will I learn more at Valstone or will they make me do secretary type work? Will I be unqualified for Private equity analyst work since I'm just a Ugrad? Is UBS Ibanking better? Any help is greatly appreciated as are comments and feedback. I heard that UBS interns don't do anything atm so I want the experience that will help me learn the most about the industry. In the future I do plan to go into private equity. I also dislike Ibanking a bit due to my sophomore experiences but I'm willing to give it another shot if Valstone is just smoke and mirrors.
Depends. I've only seen the website, but Valstone is primarily distressed real estate.
If you like REPE, or are considering it, it's worth a shot. But if you'd rather not, UBS is safer. Go to UBS if you like the people.
second the above. I was considering working there for a bit so did a bit of research/talking to people (ended up going elsewhere)
If you REALLY like repe or just distressed investing in general, go with valstone. Otherwise, ubs is clearly the way to go.
Valstone's all great people and good at what they do (very small distressed, mostly RE deals) and it should be a great experience if you're into that sort of thing. However, it would likely be fairly limiting long term. They're a small and young firm so exit ops are hard to say from that place, but i think of their last few (and maybe only) people to go through the program from ugrad and then leave their detroit office, from what i remember all that went to bschool got into top schools (i think all those i know of went on to wharton mba?) or very good distressed HF's or REPE firms. As you can see, solid IF distressed and/or REPE is the field you want to be in. Otherwise, very limiting.
other considerations - 1.) its in detroit, which sucks and 2.) fulltime conversion - when i was talking to them last year, they had like 4 or 5 interns the previous summer and took one on for full time, though honestly ubs might not have a better conversion rate this year either
I worked at a small PE firm during the summer before my senior year. It was a great experience due to my level of responsibility. If you are going to have real work to do or someone is willing to take you under their wing and show you the ropes than it could be a great opportunity. Also, if you already have some IB experience and didn't like it check out the PE world. It is definitely something I hope to get back into in the future.
However, the only problem with PE has to do with what aardvarkaa had to say. You are sort of limited long term because the likelihood of you getting FT offer out of undergrad is slim to none. Nevertheless, it could be a great experience.
Who knows what FT recruiting is going to be like. I would say SA to FT possibility should be taken into consideration when you make your decision. I would personally pick UBS.
If you go with UBS, you can network with other firms during the summer. This may not be possible if you are in Detroit.
Thanks for the comments everyone! Yea I don't know whether I want to stay there long term and I don't want to do my third option which is Citi Ops (unless you guys think I should?)
I just want to get some experience under my belt and walk away with a great internship and be able to proudly display it on my resume for next year when I go jobsearching and hopefully the market is a bit better by then.
I think exit ops are better with UBS like you guys said but I'm not expecting a fulltime offer from either of these firms, though it would be nice. So are there any more pros/cons to either?
Take UBS over PE. You will not get the same exit opportunity if you take the Valstone offer. That PE internship is not as a big deal as you are thinking right now. A PE internship is probably only comparable or above the UBS internship if it's at a mega fund like TCG, BX, etc. However, you could consider Valstone internship if you are specifically interested in REPE, have previous investment banking experience, or know specifically what you want to do.
I do have previos Ibanking experience. I guess I'll see what happens after this week. Thanks guys.
I'd just ask what you will be doing very specifically. Good Luck
can you guys start a thread listing the PE firms in each major city, similar to the thread on the ibanking section? I am looking for all the PE firms in LA/SD/SF/Irvine areas
Thanks guys
Why don't you start that thread champ? It'd actually be nice to have, I have extensive lists for a few regions that I'd put up if it got going
Did you ultimately choose the Valstone offer?
Undergrad intern in PE firm (Originally Posted: 11/23/2008)
Im currently an undergraduate, majoring in finance & accounting. I was offered for an internship on wall street at a PE firm and a boutique ibank at chicago.
is it a good choice for an undergrad to work on an internship and learn something from a PE firm? or should i just go for the boutique ibank?
im just worried that im not good enough for the work at the PE firm and will end up learning nothing!
im worried that the boutique wont be doing any business and u wont learn anything.
thats what im worried too.
well the only concern i have is whether i can handle the stuffs that is in a PE firm. is it too tough for an undergrad?
No, it's not too tough. Just make sure you keep working hard and ask questions when you need to. Try to figure out things for yourself but don't waste time if you have questions, and you'll be fine.
which internship would be best for me if i am currently an undergrad junior who will apply for FT positions in fall:
thanks guys
pe firm, hands down
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